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Windfalls may return for carpetbaggers

Carpetbaggers may be in for a treat if a local plumber has his way. After a successful attack on the Bradford & Bingley, Stephen Major will stand for election to the board of the Nationwide building society. If successful, Mr Major plans to challenge Nationwide's system of forcing new customers to sign-away their right to a windfall if the society de-mutualises.

Many building societies have at some point experienced a rush of new business from windfall hungry carpetbaggers, who open accounts speculatively in the hope of gaining when a mutual converts to a bank. Mr Major has already secured the 250 signatures required for a candidate to stand and his challenge has obviously caused a stir. A spokesman for the Nationwide admitted a vote on the issue was likely next year.