SocGen’s Edwards: Mervyn King should be stripped of knighthood
Société Générale global strategist Albert Edwards has said Bank of England governor Mervyn King and former Federal Reserve chairman Alan Greenspan should be stripped of their knighthoods in light of the same fate befalling Fred Goodwin.
Former RBS chairman Goodwin was stripped of his knighthood last month, with the Cabinet Office saying the scale and severity of his actions while CEO of RBS made it an "exceptional case". Goodwin's tenure at the bank ended when it received a £46bn government bailout in 2008-9.
Perma-bear Edwards, however, maintains it was excessively loose monetary policy in both the US and the UK that was primarily responsible for the crisis, rather than lenders and borrowers overextending themselves.
"If knighthoods are being removed for those held primarily responsible for the debacle, shouldn't Sir Alan Greenspan and Sir Mervyn King, like the ex-CEO of RBS Fred Goodwin, be stripped of their honours too?" he said.
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