SHAMED RBS boss Fred Goodwin has been stripped of his knighthood by order of Her Royal Majesty The Queen. The Cabinet Office said the award given to the RBS chief executive in 2004 had been 'cancelled and annulled'.
Mr Goodwin received his knighthood for "services to banking" and subsequently led the Royal Bank of Scotland to the brink of collapse leaving the Great British public to rescue to bank with a £45bn bailout.
The Cabinet Office said the knighthood had been removed on the advice of the Forfeiture Committee because Mr Goodwin had brought the honours system "into disrepute".
A statement read: The severity of the impact of Fred Goodwin's actions at RBS made this an exceptional case.
"In 2008 the Government had to provide £20bn of new equity to recapitalise RBS and ensure its survival and prevent the collapse of confidence in the British banking and payments system. Subsequent increases in Government capital have brought the total necessary injection of taxpayers' money in RBS to £45.5bn."
Express
