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Fast Social: news in/for the Social economy – week 43

In Uncategorized on October 28, 2013 at 5:55 pm


If the Social Economy were an animal, this week it would be an existential cat, staring out of the window, wondering what it’s all about.

At the beginning of the week, it may have said something like “Man is condemned to be free; because once thrown into the world, he is responsible for everything he does”. This is because former Chief Executive of the Cooperative Group, Peter Marks, got a grilling in front of a Treasury Committee this week, after news broke that the Co-operative Bank has an almighty black hole in its balance sheet of £1.5 billion, thanks to its merger with the Britannia Building Society. The Chairman of the committee exclaimed:

Being owned by a mutual, the Co-op Bank differed from most of its competitors. But on today’s evidence, its shortcomings did not…a lack of personal accountability at senior levels, ineffective corporate governance and insufficient…

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