February 7th, 5:00 am
In Britain, they do not joke around. The former chief executive officer of the Royal Bank of Scotland, Fred Goodwin, was stripped of his knighthood by Queen Elizabeth II Wednesday as punishment for his role in the 2008 financial crisis.
The title was originally given to the banker in 2004 for his services rendered to the banking world. He will be the 35th person to be deprived of the title Sir since 1995.
The RBS, which had to receive 45.5 billion pounds worth of aid during 2008 and 2009, has been identified as one of the main drivers behind the 2008 financial crisis. Throughout the crisis and the events leading up to it, Goodwin was the bank’s primary decision maker.
During the crisis of 2008, the RBS and Lloyds TSB received billions of pounds in taxpayer money from Her Majesty’s Treasury. In exchange, the British government was given shares in the two troubled banks.
By the end of 2008, the RBS had lost a record 24.1 billion pounds, with Goodwin announcing in October of that year that he would be stepping down as CEO. In 2009, losses – though still significant – dropped to 3.6 billion pounds.
In Britain, they do not joke around. The former chief executive officer of the Royal Bank of Scotland, Fred Goodwin, was stripped of his knighthood by Queen Elizabeth II Wednesday as punishment for his role in the 2008 financial crisis.
The title was originally given to the banker in 2004 for his services rendered to the banking world. He will be the 35th person to be deprived of the title Sir since 1995.
The RBS, which had to receive 45.5 billion pounds worth of aid during 2008 and 2009, has been identified as one of the main drivers behind the 2008 financial crisis. Throughout the crisis and the events leading up to it, Goodwin was the bank’s primary decision maker.
During the crisis of 2008, the RBS and Lloyds TSB received billions of pounds in taxpayer money from Her Majesty’s Treasury. In exchange, the British government was given shares in the two troubled banks.
By the end of 2008, the RBS had lost a record 24.1 billion pounds, with Goodwin announcing in October of that year that he would be stepping down as CEO. In 2009, losses – though still significant – dropped to 3.6 billion pounds.
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