What The Papers Say: The feeling was mutual for the Nationwide.

Never before has so much been written about demutualisation and windfall gains. Nor has a pressure group lost so much credibility so quickly.

Never before has so much been written about demutualisation and

windfall gains. Nor has a pressure group lost so much credibility so

quickly.



Only after ballot papers went out to all Nationwidemembers did the

self-appointed ’Members for Conversion’, headed by a former freelance

butler, Michael Hardern, suddenly recant in favour of management’s

preferred status quo.



Although hungry for rich payouts, somehow Hardern seemed convinced that

Nationwide could still reward members for remaining a building

society.



The mud splattered not only on the individual and Nationwide itself, but

also on other building societies, new plcs and greedy carpet-baggers

everywhere.



With threats of legal action, sighs of relief were audible, notably from

the Portman, hoping to avoid similar hijacking. But questions remain

about the future of building societies and according to the times’ Anne

Ashworth: ’the biodiversity of savings and borrowing sphere’ in

general.



Evaluation and analysis by CARMA International.



Cuttings supplied by The Broadcast Monitoring Company. ’What The Papers

Say’ can also be found at: http//www.carma.com/carma.



Have you registered with us yet?

Register now to enjoy more articles and free email bulletins

Register
Already registered?
Sign in

Would you like to post a comment?

Please Sign in or register.