Fred the Shred, as he became known after he was knighted for services to banking in 2004 on the recommendation of Tony Blair, the then Prime Minister, has been stripped of his knighthood.
His claim to fame as a banker came when he reorganized the Royal Bank of Scotland. Afterwards, RBS made losses of more than 21 Billion pounds sterling. This obliged the Government to invest 45,5 Billion pounds for a 83% stake to save the Bank !!!
The decision to strip Fred Goodwin of his Knighthood is based on common sense !!! When anyone is honoured by the Queen for meritorious achievements, they are in fact elevated to a rank where they become examples to others to be copied !!! They should inspire others to surpass themselves.
Accepting an Honour implies also accepting Obligations !!!