Standard Life Demutualisation - David Stonebanks

carpetbaggers ahoy!

I entered "David Stonebanks" in Google and at the top was

I'm amazed at how lacking in basic commonsense most people seem to be!

Excuse my ignorance? wat are Carpetbaggers?

I entered "David Stonebanks" in Google and at the top was

I'm amazed at how lacking in basic commonsense most people seem to be!

In this context, people who place a small amount of money in a Building Society etc with the hope of obtaining a windfall should renounce its mutual status.

I have never understood "carpetbagging". If these people want their financial services to be provided by a bank rather than a building society, there are already plenty to choose from.

Some might think that they do it because they are nasty money-grabbing w****rs, but I find it hard to believe that the British would stoop so low. After all, the Sun is the best selling newspaper in Britain, and I think that shows the caliber of person who lives here!

Baa!

One Building Society insists that you sign, when opening a new account, that any windfall gained from any takeover, merger, etc. within five years of your opening an account is paid to charity.

I think the Nationwide (among others) does this. Not sure about its enforceability.

AFAIR Nationwide have no time limit, anyone who became a member after the cut-off date is covered forever. However, the obvious question is, *who* would enforce it? I.e. if Nationwide itself decided to demutualise, or a bank offered to buy it, who would or could compel people not to take the money?