Has the Dunfermline Building Society been sold short?
Despite revelations that the Dunfermline Building Society is about to report a £20 million plus loss for the current year there would appear to be severe anger within the company's halls of power. While there is no doubt, if the financial information in the public domain is correct, that the building society has come under severe financial pressure of late, there are concerns about the actions of the UK Treasury.
Jim Faulds, the chairman of the Dunfermline Building Society, has been relaying the the thoughts of the company's board and their "extreme disappointment" with the Treasury's actions. It has been alleged that the Treasury have not been in contact with the directors of the building society since last October. If this is the case, there are serious concerns about how they can be fully aware of the financial status and financial well-being of the company.
Apparently there are plans to sell off the profitable areas of the business and leave the "toxic assets" to be taken on by the UK taxpayer. The chairman of the society has called it a "scandal" and it would appear that even though the building society is on the verge of collapse, there may be more embarrassing revelations regarding the Treasury and the UK government.
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