What does Carpetbagging mean?

planemad

As title!

I have no idea and google does not seem to be much help.

Thanks in advance

tigtag02

I *think* that it is opening accounts with building societies so that when they float on the stock market as plc companies you are given shares as a customer.

Sure its much more complicated than that if I'm right at all

terryw

Name originally given to northerners who moved to the beaten southern states after the American Civil War looking to obtain stuff at very low prices. Their only luggage was a "carpetbag". Nowadays applies to people who move in to an organization looking to buy at very low prices and make a profit if the organization is privatised. Popular in the eighties but rare nowadays.

bengal-stripe

The term was originally used in the aftermath of the American Civil War for Northern profiteers in the defeated South. “Asset stripping” you might call it today.
http://en.wikipedia.org/wiki/Carpetbagger

Here in this country it refers to people who invest in a building society, solely for the hope, the society might stop being mutual, but turn into a PLC.

Hence the associated windfall to all existing members, would be coming their way.

tradetime

I thought most, if not all building societies had some sort of clause that windfalls went to charity nowadays.