NEW YORK (TheStreet) -- Dallas Federal Reserve President Richard Fisher -- a longtime critic of "Too-Big-To-Fail banks" and ultra-loose monetary policy-- says banks that require taxpayer assistance in the future will have to face harsh, non-negotiable consequences.
In a presentation building his case for breaking up the big banks on Tuesday, Fisher said taxpayer aid will be provided to banks with strings attached, such as requiring the removal of the CEO and top executive team, replacement of the board of directors and making all employment/compensation and bonus contracts "null and void."
He also said the top management team should be made to return any bonus compensation paid out in the two years prior to the bailout.
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