This paper explores the advantages of a new financial charter for large, complex, internationally active financial institutions that would address the corporate governance challenges of such organizations, including incentive problems in risk decisions and the complicated corporate and...

Introduction : our message and methods -- What is the problem? -- Why protection is costly -- How pervasive is TBTF? -- Why protect TBTF creditors? -- The growth of TBTF protection -- Testing our thesis : the cases of not too big to fail -- Can the problem be addressed? -- Creating the necessary...