Newspapers were recently filled with stories about former Royal Bank of Scotland chief executive being stripped of his knighthood. Goodwin was awarded the knighthood bank in 2004 by the then in power Labour government. The knighthood was awarded to Goodwin for services to banking while at RBS but following the knighthood a lot has gone wrong. There are two reasons why Goodwin might have lost his knighthood but whichever it was, did Goodwin deserve to be stripped of it?
The first contributing factor is that during the time that Fred Goodwin was in control of RBS the bank got into a terrible position which required huge bailouts from the UK government. Overall a staggering 45 billion has been paid to RBS from taxpayer's money to stop the whole banking system from collapsing. There has been much investigation into the situation at RBS and it has been found that Goodwin's actions as chief executive officer are largely the cause of the problems.
The bailouts received by the Royal Bank of Scotland played a large part not just in causing the financial crisis in the UK but also the entire recession. Goodwin's involvement has been known for quite a long time now though but only recently has he been stripped of his knighthood after once again taking newspaper headlines.
The other possible contributing factor is that while the problems were occurring at RBS Goodwin was having an affair with a senior colleague. Goodwin took out a super injunction to keep the other person's name a secret but for a man who is known as partially causing the UK's recession her name is just a minor detail.
If Fred Goodwin's affair did not have any negative effect on his work then it would be unfair for him to be stripped of his knighthood for that incident alone. Having been found responsible for the problems at RBS and partly the recession in the UK though, Goodwin absolutely deserves to be stripped of his knighthood.
The first contributing factor is that during the time that Fred Goodwin was in control of RBS the bank got into a terrible position which required huge bailouts from the UK government. Overall a staggering 45 billion has been paid to RBS from taxpayer's money to stop the whole banking system from collapsing. There has been much investigation into the situation at RBS and it has been found that Goodwin's actions as chief executive officer are largely the cause of the problems.
The bailouts received by the Royal Bank of Scotland played a large part not just in causing the financial crisis in the UK but also the entire recession. Goodwin's involvement has been known for quite a long time now though but only recently has he been stripped of his knighthood after once again taking newspaper headlines.
The other possible contributing factor is that while the problems were occurring at RBS Goodwin was having an affair with a senior colleague. Goodwin took out a super injunction to keep the other person's name a secret but for a man who is known as partially causing the UK's recession her name is just a minor detail.
If Fred Goodwin's affair did not have any negative effect on his work then it would be unfair for him to be stripped of his knighthood for that incident alone. Having been found responsible for the problems at RBS and partly the recession in the UK though, Goodwin absolutely deserves to be stripped of his knighthood.
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