LONDON – One of Britain's most high-profile former bank bosses is being stripped of his knighthood for presiding over the near-collapse of the Royal Bank of Scotland, Sky News reported Tuesday.
Sir Fred Goodwin -- now plain old Fred Goodwin -- was bestowed with the honor in 2004 for services to the British banking industry.
But he went on to preside over the near-collapse of the Royal Bank of Scotland in 2008 with the British government having to inject $71 billion of taxpayers' cash to keep it afloat.
His knighthood is being canceled and annulled, the broadcaster said.
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