David Prosser: Comeuppance for carpetbaggers
Thursday 28 May 2009
Outlook Despite their travails with the FSCS, there were some wry smiles to be seen in Nationwide's Swindon head office yesterday. The building society says it doesn't feel smug about the fate of three building societies with which it once did battle, but their disappearance certainly vindicates its own decision to stay mutual.
For several years in the late Nineties, it was a close-run thing for Nationwide, which narrowly defeated a number of attempts by members to have the society demutualise. Those members were tempted by the windfalls received by customers of societies such as Bradford & Bingley, Alliance & Leicester and Abbey – all of which, Santander said yesterday, will now be subsumed into the Spanish bank's brand – as well as pay-outs to Halifax customers and, of course, those of Northern Rock.
There's no need to dwell on what has happened to each of the organisations that did decide that conversion to banking status was the right decision for them. Suffice to say that these days, the argument of the time, demutualising would give the societies access to more flexible business models – securitisation, anyone? – and enable them to expand and diversify, rings somewhat hollow.
Nationwide, on the other hand, dismissed such arguments and the venal instincts of some of its members, many of whom were carpetbaggers who joined the society purely so they could cash in if it converted. Britain's biggest building society has had the last laugh.
- 1 Humans of New York image of crying gay teen receives best response yet from Ellen DeGeneres
- 2 What supermodels really think about posing in the nude
- 3 People all over the world are getting semicolon tattoos to draw attention to mental health
- 4 Black teen in critical condition after store employee 'shoots him for stealing 79-cent pack of cookies'
- 5 Chris Moyles reportedly set to make radio comeback with new breakfast show on XFM
Humans of New York image of crying gay teen receives best response yet from Ellen DeGeneres
Swedish minister gives strongest case yet on why EU should stop turning away asylum seekers
North Korean defector flees to Finland 'with evidence of chemical testing on humans'
Isis schoolgirl Amira Abase who fled London to join terrorists in Syria mocks victims of Tunisia massacre
Father faces deportation to Thailand after 27 years in Britain for two 'stupid crimes'
More Britons believe that multiculturalism makes the country worse - not better, says poll
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Greece crisis: IMF was pushed around by Angela Merkel and Nicholas Sarkozy – and now it is being humiliated
Osborne to cap family benefits at £23,000 – announced ahead of his post-election Budget
Forget little green men – aliens will look like humans, says Cambridge University evolution expert
Girl, 7, stares down hate preacher at Ohio festival with pro-LGBT rainbow flag gesture
iJobs Money & Business
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...
£15000 - £16000 per annum: Recruitment Genius: Customer Service Advisors are r...
£20000 - £25000 per annum + OTE £45K: SThree: SThree were established in 1986....
£40000 - £60000 per annum: Recruitment Genius: A Compliance Manager is require...