It’s not that long ago since Comrade Ed Miliband was pushing the Co-Op bank as the template for all banks. Naturally time has proven him to be disastrously wrong and this morning comes the news that the Co-op Bank has lost £1.3 billion. It has also paid its CEO £2.9m pay package and £1.2m bonus. And yet, had you tuned into the TODAY programme on BBC Radio 4 this morning just after 7am. you would have heard a surreal attempt to play this catastrophic state of affairs down. Evan Davies (I think) repeated the idea that this scale of loss “had been pretty much as expected” and that the CEO’s massive payout can’t be attacked because he was not in charge when the losses were made. It was an incredible sanitisation of Miliband’s preferred banking model which contrasts so strongly with how the BBC deal with banks such as Barclays. Bias? You can bank on it.
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