Co-op: moral hazard reversed

It’s a sad day when a so-called ethical bank is found to be on the brink of going bust. It’s an even sadder day when it loses the co-operative ownership that set it apart from others in its field and made it loved by so many. But it’s an even sadder day still when it turns out that, in trying to build a competitor to challenge the hegemony of the big four, the government may have played a role in hastening its demise.