November 4th, 2013

Labour Owe Troubled Co-Operative Bank £3,391,000

The Co-Op bank’s £1.5 billion black hole will see 50 branches closed after the ‘ethical’ bank went cap in hand to hedge funds rescuers.

In 1999 the Labour Party borrowed £3,580,000 from the bank and only £189,000 has been repaid.

Miliband and Balls owe the troubled lenders £3,391,000. How many jobs could they save if they paid it back?


98 Comments

  1. 1
    Prime Minister David Cameron says:

    How do we expect millionaire MP’s to heat their mansions if not for the generosity of the tax payer?

  2. 2
    Ed Balls says:

    Too far too fast

  3. 3
    Huhne. Chris - D Wing says:

    Hob nobs anyone?

  4. 4
    Andy Burnthem (1200 deaths and counting) says:

    Labtard bankrupted Britain; let’s hope the Co-op now bankrupts them.

  5. 5
    Kebab Time says:

    Did the Co-op take advantage of any of the bailout bungs handed out by the government?

  6. 6
    Steve Miliband says:

    Perhaps they are paying back with ‘points’

  7. 7

    Please Lord, let the receivers in and foreclose the loan…..

  8. 8
    What a plonker. says:

    The Labour party did not think that they would ever have to pay the money back .
    Now it will be different .The new owners should send in the bailiffs .

  9. 9

    I hope those nice hedge fund people make them repay the loan, every little helps ….

  10. 10
    Casual Observer 3 says:

    Labour will probably not pay the debt.

    Labour is a criminal organization.

  11. 11

    The spectacle of the millionaires’ row on the opposition front bench divvying up to keep the Looting Party solvent would allow me to die happy.

  12. 12
    Len McCluskey says:

    It will be paid back when I say so.

  13. 13
    What a plonker. says:

    Do not forget that Labour are not known for their business acumen .
    Remember the clever way they sold our gold for peanuts .

  14. 14
    well there's a surprise says:

    How many people will lose their jobs?
    Thanks to Labour, they’ll all be suffering a
    cost of living crisis.

  15. 15
    Liam Byrne says:

    But there is still no money left.

  16. 16
    Ed Millionaireband says:

    Fuck ‘em.

  17. 17
    Trustie- D Wing says:

    I’d prefer a chocolate starfish.

  18. 18
    mad, swivel-eyed loon says:

    Yep, straight to the courts, get a CCJ and then (because it’s unsecured and over £750) apply for a bankruptcy order.

    I’ll be glad to serve the papers.

  19. 19
    mad, swivel-eyed loon says:

    Yep, straight to the courts, get a CCJ and then (because it’s unsecured and over £750) apply for a b’ankruptcy order.

    I’ll be glad to serve the papers.

  20. 20
    Red Bank in the Pink says:

  21. 21
    Pete Gosling says:

    Labour can’t even manage their own finances.

    Until they get their house in order they must be barred from holding public office.

  22. 22
    Owen Jones says:

    Blood orange.

  23. 23
    Casual Observer 3 says:

    To be fair that was G’ordon B’rown who is demonstrably mental.

    Selling Gold to cover a bullion bank which had put itself in such a position that it could meet its delivery requirements is more the question that should be asked on that level.

    It was a fraud to perpetuate a much deeper fraud.

    The 2007/8 financial collapse was the final straw breaking on this matter.

  24. 24
    EU Funded Pro-EU Troll says:

    Vote UKIP

  25. 25
    What Labour Does with Money says:

  26. 26
    Ed Miliband and Ed Balls says:

    You can trust us to manage the economy. We believe in good borrowing.

  27. 27
    herewegoagain says:

    Get Blair to pay the debt, he can afford it.

  28. 28
    i don't n eed no doctor says:

    Labour launder the economy.

  29. 29
    Chuka Balls says:

  30. 30
    What a plonker. says:

    But Ed Balls was his advisor and bag carrier .

  31. 31
    widescreen2010 says:

    Maybe by borrowing more they can pay down the debt.

  32. 32
    Casual Observer 3 says:

    The Co-Op is a local and relatively small problem.

    Eyes should be kept on Bank of America and C’itibank.

    The Co-Op problem is a part of this.

    Where is Cameron going to find his funding for HS-2 ?

    He perhaps should drop that plan for now.

  33. 33
    Anonymous says:

    Taken all but emergency money out of UK banks.

    Neither they, nor the government can be trusted. Without a functioning legal system, why trust another with anything of value if they provide no services and only abuse your privacy.

    It is simply idiotic to continue the traditions they rely on. Banks as they are today, were an after thought in the system, when money was made worthless. They are only essential to mitigate for the remoteness of the companies we have to interact with. They have just become the way to pay bills, instead of the old method of paying directly. It is time we considered them worthless.

  34. 34
    Casual Observer 3 says:

    Ed Balls was Gordon’s handler.

    He developed Brown’s economic ideas and wrote some of his speeches. One would not be surprised if Balls procured other things for Brown also.

    Look at where Balls studied. He works to a foreign agenda.

  35. 35
    Stella Creasy - A depreciating asset says:

    But the money has more than been repaid through the activities of the 40 MPs the Co-op bank owns.

  36. 36
    Witty Moniker says:

    Grauniad readers’ favourite bank is now owned by American hedge funds?

    Ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha !

    Pfft.

    Ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho.

  37. 37
    Stella Creasy - A depreciating asset says:

    The Co-Op bank’s MPs did what they were paid for.

  38. 38
    Stella Creasy - A depreciating asset says:

    I am not a criminal. Stupid, maybe, but butter wouldn’t melt in my Co-Op bank mouthpiece.

  39. 39
    Casual Observer 3 says:

    Wise move, but the cash should be converted into easily negotiable products as the currency is not safe.

    Physical bullion would be wise.

    The problem with the legal system is that it is now legal for deposits in the UK (and across much of the rest of the Western world) to be stolen by the state under the auspices of a ‘bail in’.

    The banks are no longer safe places to store money. The government guarantees for deposit insurance do not help when one has to wait a few years for settlement.

  40. 40
    Stella Creasy - A depreciating asset says:

    Yes, they bought and paid for 40 MPs directly in order to support that.

  41. 41
    Tony Blair says:

    And eventually, out will come the results of the Chilcot Inquiry.

  42. 42
    andy crapp says:

    the caring sharing BILK

  43. 43
    Peter Hain's 7000 litres says:

    I am hoping Guido that you will shine a light on the just reported 12 month Heating Bill of the upright Peter Hain at £4750 .It would be instructive to have a photo of his 2nd home for unless it is a mansion, I cannot see how he could spend this sum on oil which he say is the heating system he uses. I live in a 5 bedroomed large house in one of the coldest places in Scotland, and live warmly for £2700.
    And I am there all year. Surely when hain isn’t he has frost stats and heat trace on his pipes.Oil is around 60p a litre so 7000 litres for an occasionally used 2nd home. Receipts, delivery dates and sq metres and times occupied and by whom may be fascinating.

  44. 44
    Julia Middleton CEO Common Purpose says:

    A couple of lefties go to participate in a multinational lovefest whose aim is our absorption into their one world government.
    More power to their elbow, I say.

  45. 45
    Jimmy says:

    You mean how much better would he bank be doing if people didn’t keep borrowing their money?

    Do you work for Gideon by any chance?

  46. 46
    Hedge Fund Boss says:

    That’s 4million you owe us. Pay up please.

  47. 47
    Sue Doughty says:

    I heard their Co-op overdraft was £42 million and rising.

  48. 48
    Anonymous says:

    So when are you Right Wing Nuts going to blame the Labour Party for the recent storms?

  49. 49
    Spiv says:

    (Reuters) – The Co-operative Group will hand control of its banking arm to investors including U.S. hedge funds to plug a 1.5 billion pound capital shortfall, it said on Monday.

    http://uk.reuters.com/article/2013/11/04/uk-coop-rescue-idUKBRE9A304W20131104

    the irony of it/uk socialists party bank is bankrupt and has to be bailed out by the “evil capitalists – it started in america”

    if you look at the lending practices of the coop bank you will find details of loans made at below market rates to dubious organisations which do not have the capacity to repay the loans

    I doubt the new owners are going to continue allowing the generous loan repayment terms to such dubious organisations.

  50. 50
    Mitch says:

    It seems the problem isn’t the borrowing, but the paying back. I think that’s how it’s supposed to work?

  51. 51
    Anonymous says:

    But the powers-that-be always use “Inquiry” then they mean whitewash.

  52. 52
    kronos says:

    Please can i have an overdraft there. Interest doesn’t seem be charged…

  53. 53
    Displaced Brummie says:

    That’s well over £678,000 per branch.

    How many jobs have Labour cost? Utterly useless.

  54. 54
    Wonga dott kom says:

    We wouldn’t touch these dodgey chancers with a barge pole.

  55. 55
    George says:

    me too

  56. 56
    George says:

    Yes they did supporting corrupt unions likr Unite.

  57. 57
    bergen says:

    His constituency has some of the mildest weather in the country. It rains buckets but it is rarely frozen. Presumably with a tan like his, he feels the cold.

  58. 58
    George says:

    defintily ‘yes they did everything else wrong

  59. 59
    geordieboy says:

    Don’t shop at the co- op it is too fucking expensive because you are contributing to Labour Party Funds. Probably the funeral service as well, just robbing the dead.

  60. 60
    axe the telly tax says:

    They have cost more jobs than they ever created

  61. 61
    geordieboy says:

    His heating claims pays for his holidays in South Africa.

  62. 62
    HEARDITALL says:

    He sold the gold for euros by order of the ECB.

  63. 63
    HEARDITALL says:

    Bank sponsored buggery you couldn’t make it up!!

  64. 64
    ed says:

    I can’t see the point of saving the jobs of some modestly paid bank staff when doing so might endanger those of some very important London based Labour Party people.

  65. 65
    Jack Ketch says:

    No, that is taken care of by the South African Communist Party.

  66. 66
    Flat-lining on debt repayment says:

    Too fat to last.

  67. 67
    Rochdale CoOp-boy says:

    Red Ed is the Co-Op divvy.

  68. 68
    DNA tester says:

    You must hate Britain too. Is it a genetic flaw?

  69. 69
    MayfairMagFan says:

    They also owe 14 years’ worth of interest.

    Unless the Co-op were stupid enough to let the Labour Party borrow interest-free. In which case they deserve everything they get.

  70. 70
    Displaced Brummie says:

    Sadly, that’s true.

    Though they are very good at creating jobs for the boys and for the right kind of posh toff, like Tristram Hunt.

  71. 71
    Displaced Brummie says:

    Jimmy, do you work? At all?

  72. 72
    Anti Fabian says:

    They give millions of quid to Labour and call themselves ‘ethical’.
    That’s like describing Sally Bercow as chaste.

  73. 73
    This may help says:

    She is chaste. Problem is she usually seems to get caught too!

  74. 74
    GoldybugSox says:

    We have been saving your gold especially for this programme.

  75. 75
    This may help says:

    … apart from constant training to be the ultimate lefty fuckwit of course.

  76. 76

    Well it’s top Marx for these two mathematical drongos.

  77. 77
    What a plonker. says:

    Yes, another clever move.

  78. 78
    Anonymous says:

    Unfortunately I think if they send the bailiffs in, all they will get is a Cameron.

    Shiny gloss on the outside. Nothing on the inside.

  79. 79
    Anonymous says:

    Did you say Ed Balls (co op) MP

  80. 80
    Anonymous says:

    Very strange why the lib dems and labour were so supportive of the co op lloyds merger… Project Verde…

    Surely they didn’t want taxpayers cash in LloydS to prop up their busted flush ethical coop bank did they ?

  81. 81
    Anonymous says:

    CoOp robbing the dead.

    Burnham calls that completing the circle…

  82. 82
    The Labour Party says:

    From cradle to grave.

  83. 83
    Tanfield says:

    It goes beyond the grave with the Co-Op legal services doing cut price wills and probate

  84. 84
    broderick crawford says:

    i would not hob your knob even if i were that way inclined and you were the last gay trougher on earth .

  85. 85
    Pick litter for bennies says:

    Is that referring to the lenders or the borrowers?.

  86. 86
    nick says:

    And this is why Labour ruined this country-and Balls ache and Millitwat will keep ruining us.

  87. 87
    The Central Scrutinizer says:

    Agreed. They don’t have a plan they can stick to for keeping their party solvent – and yet they have the cheek to expect people to vote for them to manage the UK economy.

    It’s like putting an alcoholic in charge of a pub.Within 5 years the pub is run down, bankrupt, and he is either divorced, dead on skid row – or all three.

    Ed Balls couldn’t run a chip shop – let alone our economy. Can we have some competency based interviewing in the run up to 2015? Not likely….

  88. 88
    Working For Uncle Sam says:

    You lot can spin this all your like, but cannot hide the fact that this goes deeper than your simple-minded hate for all things left-wing. All this cheering, when yet another UK firm will be forced to hand over full control to overseas investors – including U.S. hedge funds. Is no one here concerned about the danger to both British customers and local job of likely US asset striping? Also, do not any of your British readers have any involvement with the Co-op Bank?

  89. 89
    Working For Uncle Sam says:

    Asset Stripping:

    “A fictional example of asset stripping can be found in the 1987 film Wall Street. In this film, the ruthless investor Gordon Gekko, played by Michael Douglas, purchases the failing airline Blue Star, under the pretense that he will restructure the company and return it to profitability. However, we later learn that he intends to liquidate all of the company’s assets.” Wikipedia

    And, as with the film Wall Street, the outcome of this sorry tale is not just that “Greed Is Good” – it is king!

  90. 90
    Anonymous says:

    What kind of person would use the mean-minded term, “robbing the dead”? For this total hate for the Labour Party is blinding you to what is reasoned or resonable comment. Have you tried asking for help?

  91. 91
    Anonymous says:

    Now, now, is that anyway to talk about Tory Boy?

  92. 92
    Anonymous says:

    Not so fast with the “funny” comments. For it is possible that a number of this site’s supporters work for, or are customers of, the Co-op bank.

  93. 93
    Anonymous says:

    “…Oh, Howard Hughes
    Did your money make you better?
    Are you waiting for the hour
    When you can screw me?
    `Cos you’re big enough
    To do the Wall Street Shuffle
    Let your money hustle
    Bet you’d sell your mother
    You can buy another…”

    Wall Street Shuffle

  94. 94
    Anonymous says:

    That said, did not the banks try to bugger the country?

  95. 95
    NE Frontiersman says:

    Plenty of paying back in LB Waltham Forest, who gave the Coop £1.5 million last year to put on firework displays.
    ‘It’s party time, send for the Coop!’ is a cry never far from our lips up here.

  96. 96
    Anonymous says:

    The Co-Op bank are in trouble because they had to pay billions into the Financial Services Compensation Scheme fund to bail out the commercial banks that engaged in risky investment practices.

  97. 97
    Private_Schultz says:

    Just what I was thinking! The outstanding amount should surely be over £4m by now…

  98. 98
    John Tandy says:

    Labour is effectively bankrupt in more ways than one…..


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