When private equity funds took control of the Co-op Bank with its £1.5bn debt problem, attempts were made to bridge the gap by scalping investors and bondholders. This was stopped and other means were negotiated through the best efforts of Euan Sutherland and Mark Taber. There was talk of calling in the Labour Party loan and it was clear that Labour's funding was at risk.
The BBC and other news media make no mention of the Labour Party's links to the Co-operative Movement (funded by the Co-operative).
Ed Balls, the Shadow Chancellor, received a donation to his office of £50,000 arranged by Paul Flowers, disgraced Co-op Bank Chair. He seems to have helped Flowers into post during his time in the Treasury. Eds Milliband and Balls have spoken approvingly of the Co-op and maintained a resolute silence during the troubles, when hard working pensioners were about to lose their savings to fill the funding gap.
It was Tory MPs who took up the challenge and questioned those involved closely during Treasury Select Committee hearings. I've written before about the courteous style of Jesse Norman and how he managed to obtain much more information than his bullying and sarcastic colleagues. I've also written about the life and accomplishments of Norman and his father, who have done much for the poor and disadvantaged both here and abroad. Eton educated Jesse Norman spoke up on behalf of pensioners who were about to be scalped by the Co-op Bank.
I wrote to Eds Balls and Millibands repeatedly when the Co-op Bank crisis was at its height (as did many others who supported Mark Taber's unpaid efforts).
AND ANSWER CAME THERE NONE
I wonder why?
Could it be that turkeys don't vote for Christmas and a Labour Party dependent on funding from the Co-operative Movement won't comment on their part in the £2.5bn loss just announced by the Co-op Group?
Here's a list of current Co-op funded Members of Parliament and roles:
Without the Co-op funding we wouldn't have a shadow cabinet.
1997 - present
- Adrian Bailey, West Bromwich West, 2000–present Chairman of Business Innovation and Skills Committee
- Ed Balls, Normanton, 2005–2010; Morley and Outwood, 2010-present Shadow Chancellor
- Luciana Berger, Liverpool Wavertree, 2010–present Shadow Minister for Public Health
- Geraint Davies, Swansea West, 2010-present (previously sat as Labour MP 1997-2005)
- Jim Dobbin, Heywood and Middleton, 1997–present
- Stella Creasy, Walthamstow, 2010-present
- Stephen Doughty, Cardiff South and Penarth, 2012-present
- Gemma Doyle, West Dunbartonshire, 2010–present
- Louise Ellman, Liverpool Riverside, 1997–present Chair of Transport Select Committee
- Chris Evans, Islwyn, 2010-present
- Tom Greatrex, Rutherglen and Hamilton West, 2010–present Shadow Energy Minister
- Mark Hendrick, Preston, 2000–present
- Meg Hillier, Hackney South and Shoreditch, 2005–present
- Cathy Jamieson, Kilmarnock and Loudon, 2010-present
- Mark Lazarowicz, Edinburgh North and Leith, 2001–present Shadow Department for International Development Member
- Chris Leslie, Nottingham East, 2010-present (previously sat as Labour MP 1997-2005) Shadow Chief Secretary to the Treasury
- Andy Love, Edmonton, 1997–present
- Seema Malhotra, Feltham and Heston, 2011-present
- Sarah McCarthy-Fry, Portsmouth North, 2005–2010
- Meg Munn, Sheffield Heeley, 2001–present
- Lucy Powell, Manchester Central, 2012-present
- Steve Reed, Croydon North, 2012-present
- Linda Riordan, Halifax, 2005–present
- Andy Sawford, Corby, 2012-present
- Gavin Shuker, Luton South, 2010–present
- Gareth Thomas, Harrow West, 1997–present (Labour Co-operative from 2003, previously just Labour) Shadow Department for International Development Member
- Stephen Twigg, Liverpool West Derby, 2010-present (previously sat as Labour MP 1997-2005) Shadow Foreign Office Minister
- John Woodcock, Barrow and Furness, 2010–present Shadow Minister for Transport