Going bankrupt? Good. More proof that Labour couldn't identify a healthy balance sheet even if it whacked them over their heads repeatedly.
The Labour party stands on the verge of bankruptcy. We are more than £20m in debt, facing a long-term decline in membership and a crisis in funding.
We are only kept alive by the Herculean work of party staff and volunteers, trade union contributions, high value donations and the goodwill of the Co-op bank.
The article is clearly a pitch by Prescott to be the party's treasurer, but the ultimate outcome of these financial difficulties must be that the Labour party will remain in the union's iron grip more and more. In policy terms it'll be like New Labour never happened. Amusingly Prescott partly blames Brown for the party's financial mess it finds itself in:
This would be the same man who attempted to defend Brown with this in 2008:
We need to strengthen the role of treasurer – not only to hold the leadership to account in unnecessarily spending money we don't have, but also to make sure we have the campaign capacity to deliver.
For example, the so-called "election that never was", in 2007, cost the party £1.5m in preparation costs which could have been spent on funding the disastrous 2009 European and local elections, for which Labour ran no real campaign.
To ACLB who talked about the "Tory sea", "rearranging deckchairs" and "getting a new captain", I always find it interesting when people use maritime analogies when they talk about leadership.
But it wasn't the captain that sank the Titanic - a ship they claimed was unsinkable - it was the iceberg. The best way to avoid disaster is to manage your way around the problem.
And speaking as someone who's served on a ship and in a leadership, the best person to steer us through is a captain with the experience to navigate through these stormy financial global seas.
For me, it's all about setting the right course. That's why I've always favoured policy over personality and why I believe Gordon's the right captain.
And who voted for him to be PM despite having worked with him for years.