Obama & team are BLOWING it by shielding the following boards and shareholders of pain and loss they should have to face by not restructuring thru the FDIC (alternative to nationalization) BoA, Citigroup/bank and any other huge zombie banks.
The mistake he makes is to call Obama's team "fresh" and "unconnected from the making of the mess" - Even in Britain someone like Wolf would know their role under Clinton and Robert Rubin - it's actually fishy that he would say that, unless he HOPED they would restart their consciousnesses and beliefs. I think it's fishy that Obama appointed Summers and Geithner - smells of being puppets of the big banking interests. We will see what the stress test is like, and if it weeds out zombies however big, i.e. BoA and Citigroup.
See video of Martin Wolf being intvwed. by F. Zakaria on CNN this morning (090103) (Mar 01 09) -