I’m angry that the Co-op group is in a mess.
As somebody who has advised them on many issues I have been let down.
As a customer of the bank they’ve failed me. Not in any real financial sense, of course, I’m thankfully not a bondholder!
As somebody who has recommended the bank as a model of a business which didn’t need bailing out, the Co-op has embarrassed me by needing to be bailed out.
As somebody who has praised the bank for being run by trustworthy individuals who were singularly qualified to run a bank due to their lack of knowledge of banking, the Co-op has shown me up by using individuals who were singularly unqualified to run a bank due to their lack of knowledge of banking.
I am annoyed that a single individual who obviously was operating in area outside of his area of expertise can be allowed to do so much harm by being such an influence on the Co-op and the Labour Party and the unions.
The lesson is a simple one: sticking to areas of competence is vital.
That’s the lesson here. So now I’m going to move on completely and carry on blogging about tax and law.
I think I will perhaps write another piece on how the GAAR panel should be completely made up of non-tax experts.