carpetbaggercar·pet·bag·ger /ˈkɑːpətˌbægəˈkɑːrpətˌbægər/ noun [countableC] informal disapproving1British EnglishBrEFINANCE an investor who puts their money into a LIFE INSURANCE COMPANY or a BUILDING SOCIETY, hoping that it will DEMUTUALIZE (=become a company with shares) and that they will get a WINDFALL (=money paid to members if they agree to the change)It has opened eight times the normal number of accounts, partly because of activity from carpetbaggers.
—carpetbagging noun [uncountableU]carpetbagging which brought record cash inflows
2American EnglishAmE a politician who is active in an area that is not their home because they think they have more chance of being successful there than at homeSome branded them carpetbaggers for the long period they had spent in exile abroad.