Home > Uncategorized > Co op woes continue

Co op woes continue

co-operativebank_2266974b

http://www.bbc.co.uk/news/business-26965375

The co-op group certainly does appear to be in a shocking condition with some pretty catastrophic errors of judgement weighing heavily on its current and future prospects

So whats new and what do we learn from this sorry saga?

Firstly the biggest error does appear to have been made with the appointment of senior directors. Simply put they did not have the requisite experience or simple straight forward know how. In fact it would appear that in many cases and one in particular, they didnt have a clue about the market they were involved in

An obvious mistake? Sure but whilst it is hard to defend much top executive pay there is no doubt in my mind that the right people more than pay their way. Bob Diamond would have cost the Co op at lot more than their hapless executives but would he have made such dismal errors of judgement. And weigh that up against the reported losses

Yes we can retort with Fred Godwin but ultimately you will get what you pay for. 

 

Advertisements
Categories: Uncategorized
  1. No comments yet.
  1. No trackbacks yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: