The Day the Co-operative Bank Stopped Co-operating.

Once upon a time there was a bank that did not exist to make a profit for its shareholders. Instead, it was owned by its members and shared its profits with them. It did not sell products that its staff didn't really understand and it wasn't concerned with taking over as many other banks as it possibly could to grow its market share. Unspectacular banking - and it was ethical too: it refused to lend to businesses that were involved in the arms trade or in tobacco products, for example. But then it bought a building society. That was also a mutually-owned business (we used to have a lot of those, but most converted to become banks, and turned out to be run by people with about as much idea of banking as I have about football or brain surgery). Unfortunately, the building society, in order to compete with the bad banks that used to be mutually-owned, had made some spectacularly bad lending decisions and they sank the bank that co-operated with its members and its lenders and borrowers. And no amount of hiding behind spurious arguments, such as it was actually a 'plc' all along, just owned by a mutual organisation, will change the fact that ethical considerations and member dividends have now been sacrificed: we just lost another of the few mutuals, and in spite of the need to open up banking and increase competition, that everybody agrees on in principle, we now have one less alternative to choose from.