Co-op got done New York mafia style

I thought perhaps that Co-op has been having problems
because the British oligarchs set them up. I'll explain in
a sec. The other side of this take-down is the fact that
the Co-op and the Britannia Building Soc used
NY banks as consultants.
It's now well known that those banks collude when
it comes to scamming muppets.

So, when the Co-op was to buy the Britannia, Goldman
Sachs and JPMorgan were the consultants.
That's another strong reason why the bank deal went
through even though Brit was in sorry shape.
The Co-op Board: RUBBERSTAMP. all good, cuz
JPM and Goldman said so.

However, I stand by the belief that Flowers was put in
place at Co-op by the oligarchy to take Co-op down,
just in case JPM and Goldman couldn't fleece them
badly enough.

So, they had a guy in their dungeons name Flowers
who had indecent exposure claims against him, pedo
file accusations, a record of wasting expenses and
knowing nothing about banking.
And yet he was fresh as a mountain lily when he was
presented to the Co-op to be rubberstamped.

checkit: theguardian.com,
Eight questions the Co-operative Bank needs to answer
Patrick Collinson

Monday 17 June 2013 19.05 BST
Co-op Bank inherited a mountain of bad debts from its merger with Britannia building society.
1. What were the commercial loans that caused so much misery?
Co-op Bank has been laid low by 12 big loans which together account for £900m of the £1.7bn of 'impaired' loans on its books. But who were these loans to? Small investors who have lost half the money in their PIBS (permanent interest bearing shares) rightly want to know where their money has gone. Defunct shopping centres? Collapsed property developers? Co-op Bank has never revealed the recipients of its loans, although other 'ethical' banks such as Triodos make much of the transparency of their lending decisions.
2. Were the problems really just at Britannia, the building society the Co-op Bank took over in 2009?
Co-op Bank inherited what turned out to be a mountain of bad debts as a result of its merger with Britannia building society in 2009. Apart from the dodgy commercial loans, it is also suffering arrears on its £7.5bn-worth of "Optimum" mortgages that a subsidiary of Britannia known as Platform sold through intermediaries. But is it convenient for the management of Co-op Bank to distance itself from problems at the group by blaming the Britannia rather than themselves?
3. Who at Britannia was paid to oversee lending and risk controls?
The chief executive of Britannia was Neville Richardson, who went on to become chief executive of Co-op Bank. He quit the group in 2011, and a year later it was revealed that he was paid a total of £4.6m, including £1.4m as "compensation for loss of office" and a lump sum pension of £2.1m.
The non-executive chairman of Britannia in 2009, Rodney Baker-Bates (paid £101,000 a year), proclaimed in the society's 2008 report and accounts: "We remain financially strong during these difficult times." In the same report, Richardson said the Platform loans, even the 'self-cert' type, were "low risk" with the "right risk profile and right pricing".
The group finance director at the time was David McCarthy, who was previously finance director of Bank of Ireland UK. He joined halfway through the year and was paid a basic salary of £128,000 for six-and-a-half months' work. The accounts for Britannia were audited by PricewaterhouseCoopers.
Savers whose permanent interest bearing shares have now been all but wiped out must now be asking why these highly paid officers of the society were unable to see the impending impairment risks, especially as by the time of the merger, Northern Rock had already collapsed and the financial crisis was deepening.
4. The merger took place in 2009, with the financial crisis in full swing. Couldn't the advisers spot the problems then?
The risks were virtually invisible among the back-slapping statements in the press release issued by City PR firm Brunswick at the time of the announcement in 2009. The merger would create a "super mutual" which would be "strongly capitalised and with scale and strength in product, distribution and service."
Citigroup Global Markets were the investment bankers who advised Britannia, led by Chris Williams, an ex Goldman Sachs banker who previously worked on RBS's takeover of NatWest. Co-op Bank's advisers were JP Morgan Cazenove (JPMC), led by Tim Wise, who is now the company's chairman. In 2008, JPMC paid bonuses of £85m to senior staff, but after it was fully acquired by JP Morgan in 2009 its bonus figures are subsumed under the group's overall figures. The fees paid to advisers have not been disclosed, although Co-op Bank's report and accounts include a figure of more than £50m for 'strategic change initiative' costs in 2009 and 2010....