This makes my head hurt:
First, how much do the bondholders and counter-parties of the bankrupt banks take a hit? This is one essential question since it’s really a zero sum between how much they lose versus how much tax payers pay. Second, during the period of government receivership, are the banks run in such a way as to bring their management priorities into line with government policies? In other words, are they run in such a way as to minimize foreclosures for policy reasons? Or are they just run entirely on profit-maximizing goals? Perhaps a more granular question is whether the incentives are still in place which lead to excessive risk-taking.
The connections between the U.S. government and global capitalism are already vast, complex and often subtle. This process would make some of those connections more explicit, more contentious and, perhaps, more subject to direct political pressure.