Was Fred the Shred the victim of a witch-hunt? Lord Jones of Birmingham, and former Labour chancellor Alistair Darling, both think so.
Anger at the undoubted arrogance, incompetence and greed of the investment banking industry was directed towards one individual when he was, arguably, no more to blame than many other people.
It’s unlikely that anyone is going to feel any sympathy for Fred Goodwin, the former Royal Bank of Scotland boss who was stripped of his knighthood.
But Lord Jones, who doesn’t exactly defend Mr Goodwin, raises a fair point when he says Britain is known for respecting the rule of law and due process – and that this is an advantage when it comes to doing business abroad.
Mr Goodwin does not appear to have broken any rules governing knighthoods. Neither was there any sign of a process to ensure he as treated fairly.
Britain wants compassionate and, perhaps most of all, competent capitalism. But let’s not kid ourselves that one man is to blame if we haven’t got it.
