There may have been a few executives who thought of the TARP as a life saver. Indeed, Citi probably wouldn't have survived without it, same goes for Bank of America. But it's clear that the price of TARP is very steep. While full-on nationalization isn't likely in the cards, the top banks are suffering from a kind of de facto nationalization.

Forbes puts it this way: "With the acceptance of TARP funds, apparently banks can no longer exclusively seek profits. They must use the money of depositors to forward the desires of a new and very intrusive shareholder: The federal government." Most people assume that Citi CEO Vikram Pandit can no longer make major decisions (or even minor marketing ones) without first clearing it with his government handlers, same goes for Bank of America CEO Ken Lewis. 

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