Have just finished watching an angry Jim Faulds, the chairman of the Dunfermline building society, give an honest appraisal of the business situation since October last year, when he started communicating with the FSA. They didn't communicate with him of course, oh no, they're above such things and it appears they left the building society high and dry and ready for slaughter. How can a government sell off a mutual BS without the consent of the management and members? Surely the business belongs to the members. Yes I know I'm naive.
The decision to sell off the good bits and the Treasury will keep the bad bits seems ridiculous and surely the worse decision for the taxpayer. The Treasury are happy throwing billions at Northern Rock, Lloyds TSB, HBOS and RBS but refuse to give Scotland's largest building society a loan in the millions. I'm not going into the detail of all this because John Redwood and others will do the analysis far better, but I'm not in the least happy. The way it has been handled shows the arrogance of the Westminster government and this decision wasn't just taken yesterday, it must have been taken some time ago. Surely companies don't bid without seeing the structures of a business? That takes more than 24 hours.
Alex Salmond, on the BBC website, has clearly stated the Scottish government's offer is still on the table and that other building societies are operating with far larger debts than the Dunfermline. Jim Murphy doesn't have a clue as he's still pushing the American sub-prime mortgage excuse, even after Mr Faulds explained there was no connection. When will Jim Murphy stop lying to us, it's becoming so irritating listening to him pushing the Gordon Brown line.
My little bit of savings will be withdrawn this week and put into the Scottish building society, a small business right enough but one recommended to me by friends in the last couple of hours.
I wonder if Lloyds is one of the bidders for the Dunfermline?