Too Big To Fail - Deterring Risk Taking
The government should create legislation now to reduce risk taking behaviour by banks and other businesses that may need to be bailed out in the future. We propose that Directors, senior managers and other decision makers who earn a bonus, should have a large proportion of their renumeration seized by the state if their business is bailed out with tax payers' money. To ensure fairness there should be a judicial process that considers the culpability of each defendant and their ability to re-pay over a period of time. The purpose of this legislation is to deter risk taking behaviour by those institutions that are too big to fail and who are therefore not affected by competitive capitalism's ability to destroy bad businesses. It may also have the effect of enhancing the credibility of big businesses headquartered in the UK.
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