Former Co-Operative Bank Chairman Caught Buying Cocaine

Former-Co-Operative-Bank-Chairman-Caught-Buying-Cocaine

Paul Flowers was the chairman of Co-Operative Bank, one of the largest retail banks in the U.K., for nearly three years. He is also a Methodist minister who formerly headed up a drug and alcohol addiction charity. However, he apparently had a secret side that no one knew about.

According to a report by the The Daily Mail, Flowers was anything but the mild-mannered minister people thought him to be. The report cites Stuart Davies, an acquaintance of Flowers, as its source.  It goes on to say Davies was “disgusted” by the hypocrisy of Flowers.

According to the report, Flowers was a member of Grindr, a gay dating app, which seems somewhat out of place for a minister. However, this was not his biggest shortcoming, as the report unfolds a tale of deceit and drug usage.

He was filmed by Davies making a deal to purchase cocaine worth approximately £300. This event allegedly took place just a few days after Flowers appeared before a committee of U.K. politicians to explain why the proposed merger between the Co-Operative Bank and Lloyds fell through. Reportedly, the film also contains places where Flowers talks about taking crystal meth and ketamine.

Lloyds & The Co-Op Bank

The Co-Operative Bank was involved in a plan to purchase hundreds of Lloyds’ Bank branches, but the deal fell through in April because the Co-Op Bank was forced to pull out of the purchase. The bank blamed the poor economic environment when it pulled out of the deal, but since then has admitted that it suffered a £1.5 billion shortfall. Shortly after the deal fell through, Flowers left his post as chairman.

Flowers’ Inexperience

When Paul Flowers took the position as chairman of the Co-Operative Bank, he had very little experience in the financial world. This was made painfully clear during his appearance before the Treasury Select Committee earlier this month. This incident prominently featured errors on the bank’s balance sheets that should have been caught. These errors included the massive mistake of noting that the bank had £3 billion in assets, when the number was actually supposed to be £47 billion. Flowers also told the committee that he did not know how much money the bank had lent out to borrowers.

Andrew Tyrie, the head of the Treasury Select Committee, said the performance was just “further evidence that the chairman of a bank must have a good deal of financial expertise.”

Flower’s Apology

Paul Flowers, the one-time figurehead of a drug and alcohol rehab charity, apologized for his actions in a statement that said, “This year has been incredibly difficult with a death in the family and the pressures of my role with the Co-Operative Bank. At the lowest point in this terrible period, I did things that were stupid and wrong. I am sorry for this, and I am seeking professional help, and apologize to all I have hurt or failed by my actions.”
Flowers is not available for comments, as it appears he has gone into hiding to avoid the media for a time. He has also been suspended from his work as a minister in the Methodist Church.