Another Labour loans scandal brewing August 25, 2006
Posted by CamdenKiwi in : Politics , trackbackWhen opposition and government merge into one, and the mainstream media seem reluctant to challenge established power, a blogger like Guido Fawkes can be essential to keeping the government honest. I doubt our political opinions coincide, but he’s been ahead of the papers on the loans for peerages scandal and others, so he’s worth reading.
And if this is true, I and many other Green customers of smile, and the Cooperative Bank should be worried. Unity Trust Bank is a small bank, owned by the Cooperative Bank and trades unions, catering to the needs of charities, unions, credit unions and similar organisations, including at least one prominent environmental charity to which I regularly donate.
According to Fawkes, this tiny bank has lent rather more than 10% of its capital to the Labour Party – a loan which, in purely commercial terms, must be risky at best.
When I signed up with smile (part of the Cooperative Bank), it was because of its ethical policy and insistence on ensuring that its commercial customers were not up to anything I’d consider dubious, such as arms manufacture. I suppose if I’d thought about it, I’d have realised that the Labour Party was likely to bank with them, but I certainly wouldn’t expect a subsidiary of that ethical bank to be lending such large amounts of money to the Party given its financial state and the controversy surrounding its loans programme.
Technorati Tags: Cooperative Bank, Labour, Loans
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