Not so long ago in these columns, I sang the praises of the Co-operative Bank for staying mutual and avoiding the financial crises that had afflicted other banks through greed, stupidity and dodgy property deals. The ethical bank has suffered a financial crisis through, er, greed, stupidity and dodgy property deals. It is set to post £2bn losses, according to reports, one of the largest annual losses banking history. The Co-op will have to undergo another asset fire-sale. It is hard to see how the co-operative philosophy can survive.