Queen Elizabeth Knights Fed Chairman Greenspan

SCOTLAND - U.S. Federal Reserve Chairman Alan Greenspan received an honorary knighthood from Queen Elizabeth II on Thursday and said he would always cherish the honour.

The tranquil surroundings of Balmoral Castle, which was built for Queen Victoria in the 1850s, provided a serene backdrop for the investiture ceremony by Queen Elizabeth, reported Reuters.

They stood in symbolic contrast to the recent turmoil on world financial markets and the specter of recession stalking a U.S. economy over wh