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| ==UK usage== | ==UK usage== | ||
| Carpetbagging was also used in the ] in the 1990s during wave of flotations of ] (mutuals), as a derogatory term for the advocates of these conversions. Investors in these mutuals would receive shares in the new public companies, usually distributed at a flat rate, thus equally benefiting small and large investors, and providing a broad incentive for members to vote for conversion-advocating (carpetbagging) leadership candidates. The word was first used in this context by the chief executive of one of the building societies under threat, who introduced rules removing new savers' entitlement to potential windfalls and stated in a press release, "I have no qualms about disenfranchising carpetbaggers". | Carpetbagging was also used in the ] in the 1990s during wave of flotations of ] (mutuals), as a derogatory term for the advocates of these conversions. Investors in these mutuals would receive shares in the new public companies, usually distributed at a flat rate, thus equally benefiting small and large investors, and providing a broad incentive for members to vote for conversion-advocating (carpetbagging) leadership candidates. The word was first used in this context by the chief executive of one of the building societies under threat, who introduced rules removing new savers' entitlement to potential windfalls and stated in a press release, "I have no qualms about disenfranchising carpetbaggers". | ||
| Major building societies which converted included |
Major building societies which converted included ], ], ] and ]. | ||
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Revision as of 09:58, 20 May 2004
American usage
In the United States, derisive term carpetbagger was a Northerner who traveled to the South after the American Civil War, through the late 1860s and the 1870s, during Reconstruction. They went south to exploit the power vacuum created by the Civil War, intending to gain political or financial advantage. The south was poor after the war.
Carpetbaggers are not to be confused with scalawags, who were southerners who were Republican sympathizers.
They were so named after the habit of carrying belongings in a carpet bag. Since many Southern business and political leaders were ousted from their positions as a result of the war, there was much personal gain to be found by travelling south, and many of these carpetbaggers became mayors, governors, and business leaders.
Certainly many carpetbaggers were corrupt, and the word forever has the meaning of "an outsider who moves someplace to exploit the natives and enrich himself at their expense," or "a politician who moves to another state for political reasons, such as ease of election."
UK usage
Carpetbagging was also used in the United Kingdom in the 1990s during wave of flotations of building societies (mutuals), as a derogatory term for the advocates of these conversions. Investors in these mutuals would receive shares in the new public companies, usually distributed at a flat rate, thus equally benefiting small and large investors, and providing a broad incentive for members to vote for conversion-advocating (carpetbagging) leadership candidates. The word was first used in this context by the chief executive of one of the building societies under threat, who introduced rules removing new savers' entitlement to potential windfalls and stated in a press release, "I have no qualms about disenfranchising carpetbaggers".
Major building societies which converted included Northern Rock, Halifax, Bradford and Bingley and Woolwich.
For the Harold Robbins novel, see The Carpetbaggers. Here, the word has the generic meaning of a presumptuous newcomer who enters a new territory seeking success. In this case, the territory is the movie industry, and the newcomer is a wealthy heir to an industrial fortune who, like Howard Hughes, simultaneously pursued aviation and moviemaking avocations.