One of the major disadvantages I see is that the management team that created the problem in the first place remian in place to spread further mayhem.

Additionally I understand that billions of taxpayer's money will be tied up for a considerable time, not just months, but years.

which leads to a question : NR was a casualty of the sub-prime debacle. The question is that it's unlikely to be the only one working on the basis that as the US economy tanks sub-prime loan ratings will continue to deteriorate over time. So there is a lot of stuff to happpen even yet. Are the govt willing to repeat this level of market support to avoid the apparent ideological no-no of nationalisation again and again ? At what point might they begin to realise that chucking good money after bad is a deeply stupid thing to do ?

keep to the Fen Causeway