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Former Royal Bank of Scotland boss stripped of knighthood

Written By Ivan Kolev on Tuesday, January 31, 2012 | 9:32 PM


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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