PM must appear before DBS inquiry
April 21, 2009 2:50 PM
Originally published by Scottish Liberal Democrats
Originally published by Scottish Liberal Democrats
Gordon Brown must appear before the proposed Parliamentary Inquiry into the demise of the Dunfermline Building Society. MP Willie Rennie believes that the PM must provide evidence on his failure, as Chancellor, to implement an effective regulatory system which would have prevented the Dunfermline's management from making the decisions that led to its demise.
'Gordon Brown must provide evidence on his role in the collapse of the Dunfermline. We need to understand why he allowed casino style financial management to thrive.
'Gordon Brown's regulator, the FSA, knew about the decision to buy GMAC loans but chose to take no action. They knew about the extent of the growing commercial lending at the Society but failed to stop it.
'The PM needs to explain to a Parliamentary inquiry why all this was allowed to happen on his watch. Gordon Brown can see the head office of the Dunfermline from his back garden in North Queensferry. His failure to act led to the demise of an institution that has served the local community for 140 years. This is an act of financial vandalism - we need answers.'
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