I mean... yes it is. I'm against zeroing depositors of failed banks, because (for better or worse) we've decided that banks should work like restaraunts and you shouldn't have to do a complicated risk assessment about how safe one is before deciding to do business there. But shareholders are a different story. If you invest in a company and they do dumb things and lose your money, that's at least somewhat on you - you're supposed to know what the company is doing before you invest, and potentially push for management changes if they're doing stupid things. Insulating shareholders from the bad decisions of their companies is an utterly unacceptable degree of moral hazard.