Quote:

...The idea, Paul explains, is twofold.
First, to remove the government from the
business of determining what is, or is not,
risky—really, the government doesn’t
know. Second, to increase the personal
risk of failure for senior management, but
stopping short of the sword of Damocles
of unlimited personal liability. If bankers
are venal, why not harness that venality
in the public interest? For the better part
of 100 years, and especially in the past
five, we have socialized the risks of high
finance. All too often, the bankers who
take risks don’t themselves bear them.
By all means, let the capitalists keep the
upside. But let them bear their full share
of the downside.