Can't Government Kick Out Bad Management W/O Nationalization?

 I've been reading, almost daily, Krugman and Matt Yglesis's various criticisms of the Obama bank plan and started out supporting nationalization as described by Krugman:  take over the bad banks, get rid of current stakeholders (shareholders and bondholders), divide into good and bad assets, and sell what you can.  In a purely hypothetical world, it seems to be a simple, elegant solution that would put the whole problem behind us quickly.