Never before has so much been written about demutualisation and
windfall gains. Nor has a pressure group lost so much credibility so
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
The mud splattered not only on the individual and Nationwide itself, but
also on other building societies, new plcs and greedy carpet-baggers
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
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.