White Wash Claims Over Rescue Deal for Cheshire ; Small Investors Say They Are Being Railroaded As the Fsa Pulls Out All the Stops to Rush Through the Takeover by Nationwide

Summary

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WHAT they lacked in numbers, they made up for in passion. The doughty members of Cheshire Building Society who turned up at Thursday's meeting over its proposed 'rescue' by the mighty Nationwide left the Financial Services Authority and Cheshire's chief executive, Karen McCormick, in no doubt about their grave concerns over the way the deal is being done and rushed through.

The meeting in Macclesfield Town Hall was convened by the City regulator to hear evidence from any of Cheshire's 440,000 members who felt their interests would be prejudiced by the Nationwide rescue - a deal announced two months ago after Cheshire plunged into the red due to heavy losses in commercial lending.

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White Wash Claims Over Rescue Deal for Cheshire ; Small Investors Say They Are Being Railroaded As the Fsa Pulls Out All the Stops to Rush Through the Takeover by Nationwide

It was held instead of a membership vote on the rescue, the usual process when one mutual is taken over by another. The FSA had deemed Cheshire's financial health too fragile for such a vote, a process that would have taken longer to organise and could, potentia...

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