As many commentators have pointed out, if de-knighting and de-nobling are to become the order of the day than many people in addition to Fred Goodwin need to be considered for having their "honours" taken away.
Whatever the pros and cons of that I believe it would change our culture in a helpful direction if we were far more selective in to whom honours are given in the first place.
My exclusion list would include:
+ anyone who kept wealth offshore to avoid taxation, or whose company avoided or evaded tax in a similar way:
+ anyone who was paid more than 20 times the lowest paid in his or her organisation (this ratio to be gradually reduced over the years):
+ anyone who had, or whose company had, donated more than say £1 000 per year to a political party:
+ any civil servant paid at a commercial rate rather than a public service rate, or whose "remuneration package" included a bonus.
Further suggestions welcome.