Politicians have voiced their disgust that the man who was knighted by former PM Gordon Brown 'for services to banking' still retains his title after the Financial Services Authority (FSA) published its damning assessment of the collapse of the bank in December 2011.
Cross-party MPs lined up to unleash their frustration. Tory MP Matthew Hancock was quoted as saying: "No-one has ever presided over a bigger corporate disaster that has implications for every single family in Britain than Fred Goodwin."
Labour shadow attorney general Emily Thornberry said "honours are supposed to be for people who deserve them, and he doesn't", while Liberal Democrat peer Lord Oakeshott condemned his credentials. He told the Daily Mail: "We all know the cost of his services to banking. If ever there was a case for someone to be stripped of his knighthood, it is Sir Fred Goodwin who ran RBS into the ground and cost every taxpayer in this country £40bn and counting."
PM David Cameron and the Coalition will be haunted by RBS's legacy again in coming weeks when the final decision on this year's round of bonuses at RBS will rear its head. Stephen Hester, the current RBS chief executive, is expected to receive a bonus worth between £1.2m-£1.5m based on the six million share allocation for 2011.
This is a 25% drop from the £2.04m he accepted last year, but with the bank still 83% owned by the state and its share price down 41% in the past 12 months, the public may expect him to waive any award or face yet more fury.