Dead end for Lord Myners' road map
James Moore is the Independent's Associate Business Editor and writes the Outlook City comment column from Tuesday to Friday. He also has a keen interest in disability issues and when not attempting to further injure himself playing wheelchair basketball.
Thursday 08 May 2014
COMMENT: Lord Myners has, in poker parlance, gone "all in" by daring the Co-op to take on his review and threatening it with a revolt by bankers if it doesn't cave in.
Said review is not without merit, and doesn't quite envisage Co-op as the plc lite critics fear.
The problem is that in couching it in the terms he has, and by eviscerating just about everyone connected with the institution outside of himself and his allies, he's made it just about impossible for the Co-op to follow his "road map". Having been in government, he ought to realise this.
As for the bankers, while they will be leery of what's going on, they may also be chary of doing his dirty work.They may be more willing than he is to accept a compromise.
If that goes wrong, this report will allow Myners to say: "I told you so". Which would be a shallow victory.
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