When was fred goodwin knighted

But four years later, he led the bank to ruin with a multi-billion dollar takeover of the Dutch bank ABN Amro just as the credit crisis was starting to bite. Goodwin resigned in October as the bank was failing, provoking the public's ire by leaving with USD 25 million in pension benefits. A report on RBS published last year by the Financial Services Authority blamed the RBS debacle on bad decisions, rather than dishonesty or any violation of regulations. Prime Minister David Cameron welcomed the move and called it "the right decision.

Thehe forfeiture committee said: "The scale and the severity of the impact of his actions as chief executive officer of RBS made this an exceptional case. Fred Goodwin was the dominant decision maker at RBS at the time.

The CBI said: "The business community will understand the Queen's decision to take away the knighthood awarded to Fred Goodwin for services to banking in Such an annulment is exceptional but unsurprising, given all of the circumstances. Normally an honour is withdrawn if someone is guilty of a criminal offence, and it will be asked whether other knighted bankers should also see their honours withdrawn. The forfeiture committee is chaired by Sir Bob Kerslake, the head of the civil service.

Ed Miliband told Sky News he welcomed the move. But he added: "I think it's only the start of the change we need in our boardrooms. The Queen has the sole authority to rescind a knighthood, after taking advice from the government. Profile: Fred Goodwin. Douglas Fraser: A very British humiliation. Who else has lost an honour? RBS woes caused by poor decisions. Mr Goodwin was in charge of RBS in the run-up to its near collapse in Pay based on use.

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