Beggars and the Co-op

[Ger_onimo 20,488]

Well this has made my day lets see what the scottish media do with this. Ah probs nothing but at least it's getting noticed elsewhere.

Main story on MailOnline yet NOTHING on the BBC, not even in the financial or Scotland sections. How are they gonna spin this one....

[bilko89 507]

Main story on MailOnline yet NOTHING on the BBC, not even in the financial or Scotland sections. How are they gonna spin this one....

Celtic in land deal masterstroke??

[silverback 77]

not sure if anyones posted this yet from the mail (aye i know its the mail but theres some good points in it)

The Co-operative Bank has come under fire for dishing out £33.2million in cheap loans and overdrafts to Celtic Football Club, which was chaired by former Labour home secretary John Reid.

MPs last night demanded an explanation for the rock bottom interest rates and accused the mutual of using the ‘hard-earned cash of millions of savers for political gain’.

It is the latest twist in the row over the troubled lender’s links with the Labour Party.

Own goal: The Glasgow-based football club has long-established links with the Labour Party

Glasgow-based Celtic was chaired by Lord Reid, the former home secretary under Tony Blair, between 2007 and 2011.

Labour’s former energy minister Brian Wilson joined the Celtic board in 2005 and remains a director.

Insiders said the loan pre-dates both Wilson and Reid’s arrival at the club.

More...

• Co-op finance boss faces tax questions
  
• Beware the fixed-rate savings trap: Britannia refused to let us get our cash and cost us our hope of a new home
  

But Celtic has long-established links with Labour, which has controlled Glasgow City Council since the 1970s.

The latest company accounts for Celtic show it has a £12million overdraft facility charging an average of 1.5 per cent over the year to June 30 2013.

This is based on one percentage point above the Bank of England’s base rate, which is currently 0.5 per cent.

The remainder is made up of a £21.2million long-term loan, with an average rate of 1.65 per cent. This makes even Labour’s recent £1.2million cheap loan at 4 per cent – or 3.5 per cent above Base Rate – look expensive.

Co-op’s hugely generous terms once again highlight the close links between the scandal-hit lender and the upper echelons of the Labour Party.

The political connection has come under the spotlight after former Labour councillor and former Co-op Bank chairman the Reverend Paul Flowers was caught out allegedly organising drug-fuelled orgies with rent boys.

Mark Garnier, the Conservative MP and member of the Treasury Select Committee, said: ‘The questions about Labour’s influence over the management of the Co-op knows no limit. It now seems that cheap loans are available to organisations where Labour ministers have significant influence as well as directly to the Labour Party itself.’

He added: Why were Labour and their friends receiving cheap loans? What political outcomes was the Co-op trying to buy? Were the millions of savers at the Co-op bank told their hard-earned cash was being used for political gain? Have any of the Labour-related soft loans contributed to the £1.5billion black hole in the Co-op balance sheet?’

The first deadline to vote on a rescue package to plug a £1.5billion black hole in the lender’s finances falls at 4.30pm on Friday.

The Co-operative Party, the political wing of the Co-op, is the sister party of Labour.

In order to help shore up its finances Co-op Bank stopped lending to small firms in May.

Read more: http://www.dailymail.co.uk/money/markets/article-2514682/Co-op-Bank-slammed-cheap-loans-Celtic-Football-Club.html#ixzz2lwMtvPpb

[Ger_onimo 20,488]

http://www.thisismoney.co.uk/money/markets/article-2514628/ALEX-BRUMMER-Feisty-Moya-Greene-deliver-Royal-Mail-service-shareholders.html

This bit's pretty sexy:

One expects the new Co-op Bank will be calling in the money or at very least pushing up the cost of borrowing to commercial rates.

That won’t help bolster thwarted European ambitions.

[nachothelegend 1,932]

http://www.thisismoney.co.uk/money/markets/article-2514628/ALEX-BRUMMER-Feisty-Moya-Greene-deliver-Royal-Mail-service-shareholders.html

This bit's pretty sexy:

One expects the new Co-op Bank will be calling in the money or at very least pushing up the cost of borrowing to commercial rates.

That won’t help bolster thwarted European ambitions.

Oh this is getting good.

Yipee.

[mabawsa 888]

Not just the loan rates. It is what was put up as security and how was it valued? How where these land deals authorised. Where the people involved at GCC at risk of "conflict of interest" due to being regulars or even shareholders at the company they are selling land too? It's like letting Dracula look after a blood bank!

[Band of Brothers 10,303]

Not just the loan rates. It is what was put up as security and how was it valued? How where these land deals authorised. Where the people involved at GCC at risk of "conflict of interest" due to being regulars or even shareholders at the company they are selling land too? It's like letting Dracula look after a blood bank!

Plus all the investment for commonwealth games I hope they are found out for the bheasts they are and publicly shamed the lot of them!

[OlegKuznetsov 10,816]

Calm down lads. This might look like corruption but I bet it's "good corruption", like the SFA implied when talking about another Glasgow club's EBTs.

[iang2911 423]

Calm down lads. This might look like corruption but I bet it's "good corruption", like the SFA implied when talking about another Glasgow club's EBTs.

Its already started, these facilities predate Ried/wilson being on the board etc....nothing to see here....

[SeparateEntityMyArse 53,729]

Fucksake Silverback, a wee warning needed before you subject us to that tainted badge and images of the great unwashed.

Fuckin good article tho.

[mabawsa 888]

Its already started, these facilities predate Ried/wilson being on the board etc....nothing to see here....

But not Liewell or Mosson or Lord McConnell...... Also the loan rate is far way below the base rate back then. That is hard to explain no matter the time period. Again, it is not so much the loan rate but the security that was put up. How was this public / council land acquired at submarket pricing and without any other developer getting as much as a sniff at it? Sounds like the Robroyston land deal that an exa-CFC director got before the Bunnet told him to sling his hook. What was the rumour? Greater Glasgow Health board or GDC back then gifted the Robroyston land for the obligatory pound and then it was the offered by the director to CFC for their new stadium at six million ....does anyone remember if that was the rumour back then (20 years ago).

[Zulu 981]

As usual this will go nowhere another sweep sweep.

[The Mongoose 1,007]

http://www.thisismoney.co.uk/money/markets/article-2514628/ALEX-BRUMMER-Feisty-Moya-Greene-deliver-Royal-Mail-service-shareholders.html

Here is the paragraph that is interesting

It is not proving the best of weeks for Celtic. On Tuesday night the Scottish club was unceremoniously dumped out of the European Cup after being roundly beaten by Milan in a group of death that included Barcelona.

Now, as we report today, it looks as if the club’s finances have been substantially improved by some sweetheart loans from the Co-operative Bank. The ‘ethical’ bank made loans and granted overdrafts of £33million to the Glasgow football club at subsidised interest rates most of us could only dream of.

A relationship with the Labour Party probably helped, with former Labour ministers Lord Reid and Brian Wilson among those who have adorned the boardroom.

One expects the new Co-op Bank will be calling in the money or at very least pushing up the cost of borrowing to commercial rates.

That won’t help bolster thwarted European ambitions.

[silverback 77]

Fucksake Silverback, a wee warning needed before you subject us to that tainted badge and images of the great unwashed.

Fuckin good article tho.

sorry - had to include the pic in there and here i thought that they didnt have any debt

[OlegKuznetsov 10,816]

Call in the loans immediately and hit them for a bill for the combined differences between value at the time of sale for these land lots and the actual selling price. Also, commence a criminal investigation into all three bodies.

This is Craig Whyte still corruption, but that club benefited from the fraudulent activities when we were the victim of them.

We were punished for the google-eyed ransacker's misdeeds, in a series of rulings which strongly resemble the logic of "third world morality" where rape victims are stoned to death. They benefited and must therefore be punished more heavily. This is much closer to "match-fixing" and is therefore worse- far worse- than our transgressions, or rather, those of Whyte.

Will YellowFang and his media chums be so scathing of their beloved ring when it comes to outright cheating? It will be like Martin O'Neill's performance when putting the boot into us for songs he simply didn't like, then went all biscuit-ersed when questioned about his own side's continual hate-fest. Make no mistake. This is cheating.

Justice must be served.

[Ger_onimo 20,488]

Call in the loans immediately and hit them for a bill for the combined differences between value at the time of sale for these land lots and the actual selling price. Also, commence a criminal investigation into all three bodies.

This is Craig Whyte still corruption, but that club benefited from the fraudulent activities when we were the victim of them.

We were punished for the google-eyed ransacker's misdeeds, in a series of rulings which strongly resemble the "third world morality" where rape victims are stoned to death. They benefited and must therefore must be punished more heavily. This is much closer to "match-fixing" and is therefore worse- far worse- than our transgressions, or rather, those of Whyte.

Justice must be served.

Impossible to argue against them having had an unfair sporting advantage for many years. Due to political interference no less. Throw the book at them.

[Teamgers 1,214]

How, as fans, do we pursue this so that it comes out in the Scottish media, do we write to our respective MP's demanding an investigation?

[Ger_onimo 20,488]

How, as fans, do we pursue this so that it comes out in the Scottish media, do we write to our respective MP's demanding an investigation?

If your MP is not Labour then yes, definitely.

[JäGERmeister 33]

How, as fans, do we pursue this so that it comes out in the Scottish media, do we write to our respective MP's demanding an investigation?

Mark Garnier, the Conservative MP and member of the Treasury Select Committee

Like I said earlier, this is the boy we want to make sure is aware of all the details. I'm sure the Torries would take any opportunity they could to get torn into the Labour run GCC and associated benefactors.

[Ger_onimo 20,488]

Mark Garnier, the Conservative MP and member of the Treasury Select Committee

Like I said earlier, this is the boy we want to make sure is aware of all the details. I'm sure the Torries would take any opportunity they could to get torn into the Labour run GCC and associated benefactors.

I'm sure there's a few Rangers-supporting Tory MPs out there. They really shouldn't need much encouragement to run with this.

[harlands plater 16,986]

If your MP is not Labour then yes, definitely.

Hard not to have a Sellik supporting MP for most of us. FFS until recently mine was John Reid.

[We Will Follow Rangers 12,921]

history may well remember this period as the time Rangers fell victim to the criminal actions of one man and, unjustly, suffered the severest of consequences.

wonder how history would remember ceptic should a robust investigation, similar to the one Rangers have faced being sprung upon them by celticstateaid.com, alex thomson and mark daly?

wont happen of course, sweep sweep and all that.

the tories are onto this like a tramp at a jumble sale it links labour to dodgy banking practices and goes to the heart of their funding, ceptics bit part will be ignored by the media in scotland who instead will fill their front pages with smears innuendo and downright lies about Rangers.

saddest of all is that it will be as told by so called Rangers men

[nachothelegend 1,932]

Wonder if they will have a Debate at Glasgow Uni the way they did about us?

And Breath.

[JäGERmeister 33]

history may well remember this period as the time Rangers fell victim to the criminal actions of one man and, unjustly, suffered the severest of consequences.

wonder how history would remember ceptic should a robust investigation, similar to the one Rangers have faced being sprung upon them by celticstateaid.com, alex thomson and mark daly?

wont happen of course, sweep sweep and all that.

the tories are onto this like a tramp at a jumble sale it links labour to dodgy banking practices and goes to the heart of their funding, ceptics bit part will be ignored by the media in scotland who instead will fill their front pages with smears innuendo and downright lies about Rangers.

saddest of all is that it will be as told by so called Rangers men

I fear you may be correct, but at the same time, one of the simplest rules in criminal investigation is 'follow the money.' I would hope at some point, somebody has to ask who benefited most from all these deals.

[Helicopter Sundae 5,999]

Call in the loans immediately and hit them for a bill for the combined differences between value at the time of sale for these land lots and the actual selling price. Also, commence a criminal investigation into all three bodies.

This is Craig Whyte still corruption, but that club benefited from the fraudulent activities when we were the victim of them.

We were punished for the google-eyed ransacker's misdeeds, in a series of rulings which strongly resemble the logic of "third world morality" where rape victims are stoned to death. They benefited and must therefore be punished more heavily. This is much closer to "match-fixing" and is therefore worse- far worse- than our transgressions, or rather, those of Whyte.

Will YellowFang and his media chums be so scathing of their beloved ring when it comes to outright cheating? It will be like Martin O'Neill's performance when putting the boot into us for songs he simply didn't like, then went all biscuit-ersed when questioned about his own side's continual hate-fest. Make no mistake. This is cheating.

Justice must be served.

Wonder if Ally will be ripping the piss out of THEM at his next press conference. like they did about us?