Sir Fred’s knighthood was fair at the time
No-one would give Fred Goodwin a knighthood now, but that’s not a reason to take away the one he’s got. If the ex-banker loses his gong, then a lot of athletes, actors and artists should be ready to return theirs too.
Some people think honours should go only to the brave and gallant who perform acts above the call of duty – not be given to people for doing a day job for which they are already well rewarded. Some reckon bankers should be last in the queue for titles and medals. But in a world where successful businessmen do receive honours, then there was nothing intrinsically wrong with the knighthood given to Sir Fred in 2004.
The Royal Bank of Scotland chief executive had taken-over NatWest, a tired and failing English bank unloved by its customers, and rejuvenated it. He had turned his company from a Scottish bank into a national – indeed, international – player. Its success provided tax income for the Treasury and produced invisible earnings that offset Britain’s trade deficit. Goodwin looked a clever banker and was thus honoured.
Subsequent events suggest he might have been more lucky than clever. When he repeated the trick with ABN Amro, Royal Bank overstretched itself and had to be rescued by the UK government.
But if Goodwin is to be stripped of his honour because he later became a bad banker, what about those athletes rewarded for their success on the track or field? If at some subsequent Olympics or World Cup they do disastrously, should they return their medals? What of the actor honoured for his performances who then goes downhill? Should he or she hand back their title?
What of the person honoured for their work to charity who, later in life, stops donating or doing good deeds?
Twice a year, when the New Year and Queen’s birthday honours are announced, are we to have a further list of those honoured in previous years who are now deemed no longer deserving? Sir Fred’s knighthood was a fair honour when it was given: if the lynch mob now looking to dishonour him intends to proceed it requires a more logical argument than hindsight.
January 23rd, 2012 at 5:06 pm
Fred Goodwin should be stripped of his knighthood because he gambled with ABN Amro and lost. His decision has subsequently put thousands of people out of work. If an Olympic athlete wins a gold medal and then performs badly it doesn’t cost anybody anything. Trying to make a comparison is just silly.