(Sir) Fred

The media is full of the news that Fred Goodwin, former head of RBS, or Royal Bank of Scotland as we used to know it, has been stripped of his knighthood.

I'm not particularly fussed one way or another, but it seems an act of petty spite rather than a considered decision.

What Goodwin did wrong was to bid too much in a takeover battle for a Dutch Bank ABN. I think criticism of his actions is quite interesting when it comes from people qualified to pronounce on the appropriate price/earnings ratio for a major continental bank. I'm probably one of them, and all I can tell you is that it's not easy.

With Goodwin in his decision were the banks who were joining his bid, and competing banks, including Barclays, who were also keen to snap up ABN at an inflated price.

Also in agreement were the board of RBS and of the other banks, and of course the regulator.

Goodwin didn't cause the recession, and in my opinion his bank dd not need to be nationalised.

So let's keep this sensible.