Financial Glossary what is carpetbagger


Carpetbagger

Someone who becomes an account holder with a building society in the hope of benefiting from a windfall handout when the building society demutualises (turns itself into a public company). Originally an American term for a northerner who went to the south after the Civil War for political or financial advantage and, more generally, a term for an outsider, especially a politician, who seeks a position or success in a new locality.
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