I think it is naive to think that only selfless and competent people will take the role then. If properly competent you'd see the massive risk of jail and be highly discouraged to take the position. Noone in their right mind would risk jailtime for a job position.

On the other hand, billionaires, risktakers and gamblers would be more than willing to take such a role for the power it gives. They don't really care since billionaires manage their risks with all the money they have, and risktakers and gamblers simply just dont care about it untill it hits them.

So it solves nothing