In 2013 after seemingly surviving the financial crash of 2008, the Cooperative bank imploded. This crisis was caused by what amounted to mismanagement and incompetence within the bank.
Much of the banks assets were then taken over by a group of US hedge funds. Dubbed as vulture funds, these firms pick up the scraps from countries and companies in severe financial dire straits.
Recently the bank suspended the account of pro Palestine organisations on the basis that these Groups no longer satisfied the banks 'risk appetite'.
The lack of transparency and suddenness of this move rather suspiciously coincides with the consolidation and control of the vulture funds. This has sent out clear alarm bells regarding the future of the banks ethical policy.
In this article I'll examine just exactly who these firms are and what sort of legacy the cooperative bank has become.