image_pdfimage_print

When vultures cooperate

Rather to my surprise, the Co-Op Bank has had a reprieve – well, perhaps more like a stay of execution. Even more surprisingly, this has come from what many would regard as a most unlikely source. The American hedge funds that rescued the bank back in 2014 are about to rescue it again, with a little help from their friends and relatives. “Vulture funds” are behaving most unlike vultures. Four months ago, the Co-Op Bank put itself up for sale. Unable to comply with the capital plan agreed with the Prudential Regulatory Authority, and apparently unable to persuade its hedge […]

Read More