I like the idea because it would be a serious deterrent to these companies seeking government bailouts.
I actually agree, however, that governments should not be involved in the free market whatsoever. I think government bailouts should be made illegal. Sometimes failure is the best source of inspiration and ingenuity, so our big corporations need to be allowed the freedom to fail. If the government takes away a business' freedom to fail, then it also takes away its freedom to succeed.