|1.||a politician who seeks public office in a locality where he has no real connections|
|2.||(Brit) a person who makes a short-term investment in a mutual savings or life-assurance organization in order to benefit from free shares issued following the organization's conversion to a public limited company|
|3.||(US) a Northern White who went to the South after the Civil War to profit from Reconstruction|
Northerners who went to the South after the Civil War to take part in Reconstruction governments, when persons who had supported the Confederacy were not allowed to hold public office (see Fourteenth Amendment). Some of them arrived, according to legend, carrying only one carpetbag, which symbolized their lack of permanent interest in the place they pretended to serve.
Note: Carpetbagger is still a general term for nonresident politicians who exploit their districts.