The 14th century solution to moral hazard

Just looking something up in Peter Spufford's -Money and its Use in Medieval Europe-. Came across the following passage, which seems to have relevance to the modern day:

-In Barcelona, from 1300, book entries by credit transfer legally ranked equally with original deposits among the liabilities of bankers. Those who failed were forbidden ever to keep a bank again, and were to be detained on bread and water until all the account-holders were satisfied in full. In 1321 the legislation there was greatly increased in severity. Bankers who failed and did not settle up in full within a year were to be beheaded and their property sold for the satisfaction of their account-holders. This was actually enforced. Francesch Castello was beheaded in front of his bank in 1360.-

Nowadays, we don't even sack them, we seek their voluntary agreement to leave the failed institution, and pay them hundreds of thousands of pounds a year to do so. I think they had it right in the 14th century, don't you?