In this Blog yesterday our article clearly posed the Question of who was responsible for the appointment of the Reverand Paul Flowers as Chairman of the CO-OP Bank. (read "CO-OP BANKING DISASTER : WHO'S FAULT IS IT ?).
It has now been reported that Len Wardle, the Chairman of the CO-OP GROUP and leader of the Committee which finally selected and appointed Paul Flowers, has today resigned with immediate effect as Chairman and with the intention of retiring in May 2014 !
He states that the CO-OP Group needs to update its procedures and that it is time to leave his post.
The absence of normal due diligence procedures aimed at vetting the candidature of Paul Flowers and any Internal Financial checks on the way he operated is inadmissable !
Did the CO-OP Group get a clean Audit Certificate on is accounts ?
Did no one on the Board of Directors, at any time before the scandal recently broke, ever notice that he, the Reverand Paul Flowers, was in fact a Drug Addict ?
This is the latest Banking Scandal and there will probably be many others ! Alas it is also rare that anyone guilty of neglect and responsible for huge losses, does not get a Golden Handshake "Goodbye" !
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