Another greedy banker on the gravy train.

[Bigthumb]

I'd hardly call Hazel Blears a champagne socialist - she never tired of telling people that her brother is a bus driver, as if somehow that bolstered her credibility.

I'll never forget hearing her hard line approach to 'welfare scroungers' while she brazenly claimed maximum expenses, 'flipped' her home 3 times in one year, then when found out, then waved the cheque she wrote to pay back the money on television. http://www.leftfutures.org/2014/02/a-dishonourable-discharge-for-hazel-blears/

 

It seems the Cooperative bank is run by a set of total amateurs. They made a loss of a couple of billion pounds in 2012. The chairman at the time had no more qualifications than to have been a labour councillor with a drugs habit. Despite the losses the bank still bankrolled around 40 Labour MP's, made donations tp the Labour party and paid for Ed Balls office. This despite the fact that these folks were paid as MP's and the offices were funded by the taxpayers.

I just googled Cooperative bank and found they had been warned several times about needing someone on the board with some form of banking experience. They have ignored this prefering to pay ex MP's £60 grand for a few hours work. One financial expert gave warnings about the long term viability of the bank. I have a smile account but I won't have by tomorrow.

[Berberis]

I've just read that Hazel Blears, who stood down as an MP a few days ago is to become a director of the Co-op Bank.

Her salary is said to be £60,000 for which "Ms Blears will be expected to work a minimum of one to two days a month".

 

I spot a green eyed monster!

[Mister M]

It seems the Cooperative bank is run by a set of total amateurs. They made a loss of a couple of billion pounds in 2012. The chairman at the time had no more qualifications than to have been a labour councillor with a drugs habit. Despite the losses the bank still bankrolled around 40 Labour MP's, made donations tp the Labour party and paid for Ed Balls office. This despite the fact that these folks were paid as MP's and the offices were funded by the taxpayers.

I just googled Cooperative bank and found they had been warned several times about needing someone on the board with some form of banking experience. They have ignored this prefering to pay ex MP's £60 grand for a few hours work. One financial expert gave warnings about the long term viability of the bank. I have a smile account but I won't have by tomorrow.

 

I'm so glad that other banks such as Barclays which bankroll the Tory Party have a sparkling record when it comes to things like the Libor scandal

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9361646/Barclays-Libor-scandal-as-it-happened-June-28-2012.html

Ooh look, they're at it again:

http://www.msn.com/en-gb/news/money/banks-fined-%c2%a336bn-for-rigging-foreign-exchange-markets/ar-BBk070K?ocid=iehp

[L00b]

Could we perhaps have some links, if only to check whether it's £60k for "1 to 2 days a month" or whether it's £60k pro-rata for "1 to 2 days a month" (which is a very common practice: most non-exec directors, even in big firms, are on £15k or less actual)?

 

I'm certainly not out to defend Ms Blears or the Co-op (they deserve one another), but as noted by ECOn00b above, £60k is chump change in the big corpo sphere, and has long been so, well well before 2008. All this hooting and tooting so far just reeks of 'shiny @rse' -type envy.

Edited May 21, 2015 by L00b

[davebrmm]

£60k isn't a big salary for a director of a large financial institution. But working 2/3 days a month, well that'd be nice wouldn't it.

 

She was a shadow minister on the labour front bench.Snouts in the trough comes to mind

 

---------- Post added 21-05-2015 at 10:21 ----------

 

Ok, lets put a little context to your post.

 

Firstly, £60,000 may well be a lot of money to us, but for company directors are board members in the big wide world, its a snip. Most Executive Board Members are on millions a year. Take a look at what most executive directors are on and that really would make your eyes water. Barclays Banker Bob earned 18.1 million recently, even concession for working full time, it still puts Hazel's part time salary as pocket change in fact 19x her amount if he choose to work the same amount of days.

 

Secondly, the members voted for her and they would have been in agreement to her salary.

 

Thirdly, its a private company funded by shareholders. Its no longer the wonderful membership union utopia it once was. In the big bad commercial world they pay market rate for who they want.

 

If they want some useless ex labour party chump on their board to allegedly "...hold the chief executive and higher management of the group to account..." they are free to do so.

 

Where is the "gravy train" here.

mm sounds good to me brother

[Bigthumb]

Could we perhaps have some links, if only to check whether it's £60k for "1 to 2 days a month" or whether it's £60k pro-rata for "1 to 2 days a month" (which is a very common practice: most non-exec directors, even in big firms, are on £15k or less actual)?

 

I'm certainly not out to defend Ms Blears or the Co-op (they deserve one another), but as noted by ECOn00b above, £60k is chump change in the big corpo sphere, and has long been so, well well before 2008. All this hooting and tooting so far just reeks of 'shiny @rse' -type envy.

 

 

http://www.thisismoney.co.uk/money/news/article-3055447/The-op-doesn-t-banker-board-hiring-self-styled-boat-rocker-Hazel-Blears.html

 

http://www.bbc.co.uk/news/uk-england-manchester-32804261

 

Former Salford and Eccles MP Hazel Blears has a new job as a £60,000 a year director of the Co-operative Group.

 

Ms Blears, 59, has been a member of the Co-op for more than 20 years, stood down as an MP at this month's general election.

 

She said the group was a "great worthwhile mission".

 

Ms Blears will be expected to work a minimum of one to two days a month holding the chief executive and higher management of the group to account in her new role, the group said.

Edited May 21, 2015 by Bigthumb

[L00b]

http://www.thisismoney.co.uk/money/news/article-3055447/The-op-doesn-t-banker-board-hiring-self-styled-boat-rocker-Hazel-Blears.html

 

http://www.bbc.co.uk/news/uk-england-manchester-32804261

Thanks for taking the time, but the links are silent about whether the pay is actual or pro-rata.

 

I also note that the appointment is (allegedly) for a minimum of 1 to 2 days (missed that in your OP, apologies). In practice, I'd expect that to increase quite significantly. Not to a full week month-in month out, of course - but you don't get much done, however symbolic the appointment may be, in 1 to 2 days a month.

Edited May 21, 2015 by L00b

[RonJeremy]

I don't like Hazel Blears. I don't like the set up, the politics, the power, the former directors, the parsimony or anything about the co-op. They are allowed to appoint who they want and who they feel serves a purpose.

I don't begrudge her the money and feel they deserve each other.

[InigoMontoya]

Will she be able to sign off her own expenses?

 

----

 

Ha! Everybody else has already said that, haven't they?

[geared]

This is the same Co-OP that lost a ton of money recently, but still decided to keep pouring money into the pockets to 'further their objectives'??