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BAWAG (Score:2)
Sound a tiny bit like BAWAG [wikipedia.org], a union-owned bank in Austria, that exploded a few years ago after the management (or rather the son of the CEO (or something)) lost a lot of money in some off-shore banking/betting scheme...
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Re: (Score:1)
Reading that link, I think the difference here is that this bank isn't DIRECTLY owned by the unions. The unions "recommend" that their members join the Superannuation Funds, but don't own them. The members own the fund. And then the bank is owned by the funds.
So there's a largely intact direct control link from the bank back to the actual workers. The unions act as a trust broker in the relationship, but they don't have direct control over the assets of their members, so there's no conflict of interest at t