Story of the day...is nationalization so wrong now?

So from what the American public is being told, after bailing out financial supernova AIG to the tune of 170 billion dollars, if we don't let them pay out bonuses to their employees in the division that totally fucked the company in the first place, they would be in some sort of default and the company would be under attack from any creditor and in kind putting customer taxpayers at risk for tens of billions more. This is crazy. We should just take over the damn thing and treat it like a possession. Spin off those shits into a division that will go bankrupt, and let them see if an unemployment check is better than not getting a bonus. And it's coming out worse and worse every day, with not even a promise to pay us back for the money we've siphoned in. Why isn't the government just going in and firing every single one of those executives. What value are they to the company, after being responsible for the largest quarterly loss in history.

Extra credit: a good recap of how we got into this mess.