Would Bank Nationalization Be So Bad?

One of the arguments against the nationalization of banks like Citigroup and Bank of America is that government officials can't manage banks:

So far the Obama administration has signaled that it is trying to avoid that day, and members of its economic team — among them Mr. Geithner and the president’s top economic adviser, Lawrence H. Summers — made the case during the Asian financial
crisis in the 1990s that governments make lousy bank managers.

But would "government bankers" really be worse than the current generation of major bank management which has lost hundreds of billions of dollars?

The answer to that is probably no.