BAC already has 45B invested in BAC. If they just took control of the entire institution, wiped out the equity and started clean, they could restructure the company and then do an IPO in about 3 years and probably triple their investment to approx 150B. Get rid of the garbage. Start cleaning house. They have to start looking at things from the prospective of the tax payer and screw Wall St. Or we are going to have a very hefty defecit in about 4 years.
Do all the bad assets magically disappear when the Government takes control? Sounds like Lucky Charms. Taxpayer not off the hook, just no longer have any visibility about how the assets are getting paid for. I would take my chances that a company like BAC in private hands would have a chance to manage the company back into profitability instead of handing it over the JV Basketball Coach looking guy (Timmy G.).