I've been up and down on Geithner, but the truth is that we just don't have any idea what the guy is doing. And I don't mean that in a bad way. He could be in the grips of an ideology that causes him to be unduly helpful to bank executives. Or not. Since the path he's taken so far is the way you'd go whether you wanted to run big giveaways or nationalization, there's really no way to tell.
I'm impressed by the argument that we have to get legitimate prices for all the securities prior to nationalizing banks if we want to do it without a tremendous lawsuit. The only way to do that is to actually have some of the securities be bought and sold. If banks are insolvent according to those prices, then we can shut them down.