A well known result of B. Osofsky asserts that if R is a left (or right) perfect, left and right selfinjective ring thenR is quasi-Frobenius. It was subsequently conjectured by Carl Faith that every left (or right) perfect, left selfinjective ring is quasi-Frobenius. While several authors have proved the conjecture in the affirmative under some restricted chain conditions, the conjecture remains open even if R is a semiprimary, local, left selfinjective ring withJ(R)^3=0. In this paper we construct a local ring R withJ(R)^3=0 and characterize when R is artinian or selfinjective in terms of conditions on a bilinear mapping from a D-D-bimodule toD , where D is isomorphic to R/J(R). Our work shows that finding a counterexample to the Faith conjecture depends on the existence of aD -D-bimodule over a division ring D satisfying certain topological conditions.