copper crutch Posted March 20, 2009 Share Posted March 20, 2009 Who is next. http://thescotsman.scotsman.com/latestnews...n-to.5092242.jp Quote Link to comment Share on other sites More sharing options...
Bjørn Posted March 20, 2009 Share Posted March 20, 2009 A staff of just 240 have somehow "lost" £26,000,000 in just 12 months? Why the hell is anyone even considering bailing them out with taxpayers' money? Surely they could do much less harm to the economy if they were to be retrained as hairdressers or car valets or burger-flippers? Where was the regulator? Why the hell were these numpties allowed to gamble members' funds on something as flakey as the commercial property sector? If the society cannot stand on its own feet then it should be allowed to fall. The depositors are fully insured for the first £50k anyway and if they gambled more than that on daft sillinesses like the commercial property sector then they will have learned a very valuable lesson. The very worst thing we can do is throw public money at them. Quote Link to comment Share on other sites More sharing options...
copper crutch Posted March 20, 2009 Author Share Posted March 20, 2009 (edited) A staff of just 240 have somehow "lost" £26,000,000 in just 12 months?Why the hell is anyone even considering bailing them out with taxpayers' money? Surely they could do much less harm to the economy if they were to be retrained as hairdressers or car valets or burger-flippers? Where was the regulator? Why the hell were these numpties allowed to gamble members' funds on something as flakey as the commercial property sector? If the society cannot stand on its own feet then it should be allowed to fall. The depositors are fully insured for the first £50k anyway and if they gambled more than that on daft sillinesses like the commercial property sector then they will have learned a very valuable lesson. The very worst thing we can do is throw public money at them. Agreed no bank is safe, except Ukio Bankas, stick your doe there and sleep well. Edited March 20, 2009 by thecrutchster Quote Link to comment Share on other sites More sharing options...
cashinmattress Posted March 20, 2009 Share Posted March 20, 2009 Won't be the first or last building society to go down. They've gone and left their covenants back in 2005. Sorry, but I say fvck them and no bailout. Quote Link to comment Share on other sites More sharing options...
erat_forte Posted March 20, 2009 Share Posted March 20, 2009 Started a thread on this in the main area... everyone ignored it Is it real or is the Scotsman stirring up rumours? Quote Link to comment Share on other sites More sharing options...
copper crutch Posted March 21, 2009 Author Share Posted March 21, 2009 Started a thread on this in the main area... everyone ignored it Is it real or is the Scotsman stirring up rumours? Unfortunatly they loaned heavily in the commercial market, this market has been hammered and is down a lot more than the residential market, plus lots of shops and businesses going under leaving over valued, highly geared commercial units, worth a quarter of what they were at peak bubble. If you look at the amount of empty shops for sale and to let around the city it is frigtening, all the same if HBOS, And RBS, are saved why not the Dunfermline, just nationalise it and be done with it. Quote Link to comment Share on other sites More sharing options...
cashinmattress Posted March 21, 2009 Share Posted March 21, 2009 Talks breakdown leaves SNP targeted over DBS The UK Treasury is abandoning Dunfermline Building Society (DBS) in its hour of need to embarrass the Scottish government, it was claimed last night.Insiders accused it of dragging its heels over the ailing institution to show the SNP cannot handle such a financial rescue. “There is frustration and real anger within the Dunfermline Building Society at the way the Financial Services Authority and the Treasury have been handling this,” said a source. If it cannot raise the capital needed in the next two weeks, it has a limited chance of surviving as an independent institution. In that event, it would need to seek a merger — or else be wound up or nationalised. Will be any independent banks in the UK at the end of all this? Quote Link to comment Share on other sites More sharing options...
mikeymadman Posted March 22, 2009 Share Posted March 22, 2009 Q: Where is Dunfermline BS based? (Clue is in the name) Q: How far is this from Gordon Brown's constituency? (Clue: It's about 5 miles) I doubt the Treasury is abandoning DBS in it's hour of need in order to embarrass anyone! I imagine the truth is more like that after LTSBs shotgun wedding to HBOS, people are no longer daft enough to fall for Treasury requests to bail out financial institutions that employ staff in or very near to Gordon Brown's constituency. I've had £1000 in there since a long time ago, that I'd left in the hope it might demutualise and give a nice payout. How times change. I wonder if it'll instead be my first claim to the FSCS. Quote Link to comment Share on other sites More sharing options...
Bjørn Posted March 22, 2009 Share Posted March 22, 2009 Will be any independent banks in the UK at the end of all this? There are no independent banks in the UK, but that is irrelevant to a building society like Dunfermline. All of the former building societies which became banks have ended in tears before bedtime and have had to be bailed out by other banks or even by the gumment. No exceptions. Dunfermline Building Society's incompetent management tried to take a shortcut and start behaving like a bank, such as by gambling on the commercial property market. They deserve to fall. They do not deserve a penny of the fake money from the gumment's 'printing' scheme. Quote Link to comment Share on other sites More sharing options...
copper crutch Posted March 22, 2009 Author Share Posted March 22, 2009 There are no independent banks in the UK, but that is irrelevant to a building society like Dunfermline.All of the former building societies which became banks have ended in tears before bedtime and have had to be bailed out by other banks or even by the gumment. No exceptions. Dunfermline Building Society's incompetent management tried to take a shortcut and start behaving like a bank, such as by gambling on the commercial property market. They deserve to fall. They do not deserve a penny of the fake money from the gumment's 'printing' scheme. Brown will save this bank id guess. Quote Link to comment Share on other sites More sharing options...
Bjørn Posted March 22, 2009 Share Posted March 22, 2009 It's not a bank! It's a building society. He should leave it to the Building Societies Association to sort out. If they decide to let their feckless brother go to the wall, then the taxpayer should not be expected to intervene. Thus far, but only thus far, no building society has ever needed to be propped up from collapse by the gumment. Some, including one or two quite recently, have needed to be saved from collapse, but that has always been done inhouse within the building society community by a healthier society taking over the cripples. If the leper is so diseased that none of its cohorts will touch it, then it should be buried asap for the good of us all. The only gumment intervention right now should be an immediate delivery of a couple of truckloads of cash, in exchange for instant electronic payment of course, so that every DBS branch in the country can show all withdrawing customers piles of cash in bundles of £20s and that there's oodles of boodle and there's no need to join in a 'run'. Make all outgoing payments in £10s and if the punters do the Fife whine, then tell 'em that the £20s that they can see are dosh that's been deposited by other customers and isn't yet "processed". Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.