what is carpetbagging

downs523

seen it on a thread on here, whats it mean lol

Aegis

Essentially it's the art of keeping just enough money in a building society to snag the windfall if/when it demutualises.

greenface

a person who collects accounts from different banks and building soc..hoping for mergers and buy outs to get themselves a bit of dosh. While we are here anyone care to mention who has ?? in accounts .I have 5 accounts in 4 different places

jauntyangle

It's where you open and maintain an account with a building society in the hope that they'll turn into a PLC and give you shares in the new company.

downs523

what will happen if it demutualises?? how much do you need in each for it to work?

****just read above, thanks

is it actually worth it though? will applying to have plenty of savings accounts affect your financial status in anyway

pizzagirl

Probably too late to start bagging. 2 societies went the other day and no windfall from either.

baby_boomer

It costs you money if societies don't merge together (because you give up interest you'd have otherwise got from saving with an Icelandic bank).

And now it costs you money if they do merge!

A lose/lose bet if ever I saw one!

If a society is in trouble the FSA gives it to the Nationwide for nothing.

And if it's not in trouble the directors keep it going for their own benefit until it is in trouble or until the reserves have dwindled to the minimum.

Steer clear of carpetbagging! Put your hard earned savings where they earn the best interest.

Speculator

carpetbagger

In US history, derogatory name for any of the entrepreneurs and politicians from the North who moved to the Southern states during Reconstruction (1865-77) after the Civil War, to exploit the chaotic conditions for their own benefit.
With the votes of newly enfranchised blacks and some local white people (called scalawags), they won posts in newly created Republican state governments, but were resented by many white Southerners as outsiders and opportunists. The term thus came to mean a corrupt outsider who profits from an area's political instability, although some arrivals had good motives. They were so called because they were supposed to carry their ill-gotten gains in small satchels made of carpeting.

http://encyclopedia.farlex.com/carpetbagging
hut(2)

baby_boomer

A "corrupt outsider" as opposed to the southern friendly Ku Klux Klan .

A southern "gentleman", by contrast, would carry a proper leather bag, earned on the back of centuries of slave exploitation.

The most successful carpetbaggers today are the building society directors. There are currently 59 sets of directors making up half the sector - with Nationwide's directors managing the other half, and the imbalance is about to get more ludicrous when the Nationwide swallows the 9th and 11th largest societies.