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Mr Fred Goodwin loses his knighthood


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why did they knight him in the first place?

 

He made a series of acquisitions turning RBS from a small bit-part player into one of the largest banks in the world.

 

Everyone thought it was a brilliant strategy, and everyone wanted to pile as much money in as possible, until one of the acquisitions went wrong and bankrupted the company, at which point everyone has decided that he personally is to blame for the whole fiasco.

 

There was probably some similar guy that was held solely responsible for the bubble bursting in 1929 after untold millions of people had been borrowing money they couldn't afford to buy shares that were over-priced, in the fatuous belief that the prices could only ever go up. After all, the general public is never to blame no matter how stupidly it behaves.

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