- Fred Goodwin was the dominant decision-maker at RBS at the time. In reaching this decision, it was recognised that widespread concern about Fred Goodwin’s decisions meant that the retention of a knighthood for ‘services to banking’ could not be sustained.
- A British Cabinet Office spokesman • Remarking on the decision to strip Fred Goodwin, the former chief of the Royal Bank of Scotland, of the knighthood he received in 2004. Goodwin presided over RBS during its acquisition of the Dutch bank ABN Amro in 2007, during the height of the financial and banking sector crisis; a risky move that failed utterly. The British taxpayer was forced to fund a bailout of RBN thanks to Goodwin’s aggressive acquisition, to the tune of 45 billion pounds. Said Labour Party leader Ed Milliband: “…I think it is only the start of the change we need in our boardrooms. We need to change the bonus culture and we need real responsibility right across the board.” source