Should Sir Fred Goodwin take all the blame for the RBS collapse?
As Sir Fred Goodwin gets ready to take the stand at the Treasury select committee grilling next week there is a feeling that the government witchhunt has succeeded in ruining the reputation of one of the U.K.'s most respected bankers. While much of the government's anger has been directed at Sir Fred Goodwin for his role in expanding and building the Royal Bank of Scotland empire it is worth remembering that this is a man who was regularly consulted by the government and was knighted for his services to the UK banking sector.
As more and more UK MPs step forward to criticise Sir Fred's role in the rise and fall of the Royal Bank of Scotland there is a feeling that he has been made a scapegoat for the regulatory environment in the UK. The Bank of England and financial services authority have already indicated they have made mistakes but as yet they have not been called to give evidence at the Treasury select committee grilling next week.
There is even talk that Sir Fred's knighthood could be taken away although this is highly unlikely to happen. The fact that one man, even though he was supported by a board of directors, has had the blame laid fairly and squarely at his door smacks of desperation from the UK government and regulatory authorities.
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