appreciate the commentary, however i was really only using the individual market cap example as a way to calculate an estimated value for the overall asset clas

appreciate the commentary, however i was really only using the individual market cap example as a way to calculate an estimated value for the overall asset class... in all likelihood, the financial instrument in question would likely be for an aggregate group, not for one individual. (see my updated clarification) that said, i'm sure there are ways to limit moral hazard in the individual case, and most certainly there would be a regulatory if anything like that ever came about that would not allow anything approaching slavery -- or at least no moreso than credit card debt and/or personal bankruptcy. (seriously: it's an imaginary financial engineering exercise, not a moral liberty question. you folks can now get your panties unbunched & proceed with the discussion ;) ahem.