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I would think moving from preferred stock to common stock would raise more eyebrows because it means taxpayers are less protected, which is bad.
As far as nationalizing the banks, they might should have done that from the beginning, at least until everything is under control. If they have common stock, they have a big say in what is going on, and since the banks aren't doing what they were supposed to be doing with all the stimulus money they received, then I say good for Obama for making a tough choice. Someone needs to be protecting our interests, and if that is the only way to do it then bankers only have themselves to blame, right? After all, all those highfalutin wall streeters brought this hell down on the rest of us.
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