I completely agree. If executives can't regulate their own behaviour and continue to award big bonuses with impugnity, using public money, then the state has to step in and take control. Nanny state or not, this was the right decision.

And the message to such businesses couldn't be clearer: you have a choice, we bail you out with taxpayer money, or you can go into administration and see if you fare better with the dogs tearing you apart. If you choose the former, we have a say in how you use our money.

(Of course, on this side of the pond, when a business goes bust it goes bust, none of this 'pretend' going bust CHapter 11 malarkey.)