Carpet Baggers

Here is a thought: -
A few years ago the “carpet baggers” went around the mutual financial institution, forcing or at least encouraging them to become commercial operation. Building societies became banks. Savers, mortgagees and other account holders got some money depending on their stake in the company.
Some of the organisations management got pay and status increases and the companies changed there paradigm from a non-profit making organisations run for the benefit of their account holder to profit making organisations run for the benefit of the management and the shareholder.
The vast majority of the people went along with the change, either actively for, or passively led. A minority actively opposed. I have to say that I was in the passive mode.

One of the results of this is that come the “credit crunch” none of the remaining mutual societies have made even the slightest noise about financial difficulty. None of the account holders is withdrawing their money or having their house repossessed because they are worried or they had their mortgage over sold.

A part of me hopes that those that actively pursued and gained from the demutualisation craze have reaped their just deserts.