Dunfermline's collapse is the fault of its executives

Another one bites the dust. Scotland's largest building society, the Dunfermline, has collapsed amid the usual cries of betrayal, London perfidy and financial obfuscation. I have a scintilla of sympathy for the combative chairman, Jim Faulds, who genuinely seems to believe in the mutual principle - but why, then, did the Dunfermline abandon it in favour of speculation? He and his executives will be reaching for their golden parachutes this morning and filling their pension pots, so save your concern for the 500 employees. And for the taxpayer - the bank of you and me - which gets handed the bill for Dunfermline's toxic assets.