Good for bankers and bad for banks. Bankers who took more conservative, longer term views during the bubble would have been more likely to lose their jobs, beca

Good for bankers and bad for banks. Bankers who took more conservative, longer term views during the bubble would have been more likely to lose their jobs, because their short term profits would not have been as large as their peers' who engaged in groupthink/stupidity. So this pay structure effectively weeded out bankers who actually looked out for the long term health of their banks. Simply making banks privately held companies, so the bankers have their own capital on the line in their trades, eliminates this moral hazard. Banks do not have some natural right to be publicly traded companies.