Ban the bank chiefs?

ONE of the most fraught aspects of the state bailout of banks is the exposure of the taxpayer to the deeply adverse consequences of moral hazard.

This means that the taxpayer is exposed to a much more severe financial burden than would be the case if the bank concerned had to rely exclusively on the expectations of shareholders and other professional stakeholders.

Therefore, should directors and former directors of banks who are implicated in transactions that create a grave hazard for taxpayers not be automatically disqualified by law from serving as officers or directors of any public or private company in Ireland or elsewhere and suffer proportionate personal penalties?