You could hardly think of a more embarrassing thing for Gordon Brown on the eve of the G20 than for his local building society to go under. But that's what has happened to the Dunfermline Building Society. From the BBC report HERE, it seems clear that the regulators, yet again, had taken their collective eyes off the ball. Yet more evidence that a single regulator is what is needed? And it's called the Bank of England.
Inevitably, the government is going to sink more money into rescuing the Dunfermline Building Society, and thereby saving Gordon Brown's face.
The worry thing is this. If it's the Dunfermline today, which one might next, because you can bet your bottom dollar it won't be the last.