According to the Guardian, the chief US inspector/watchdog with respect to the TARP program is ready to release a report calling for the ouser of several executives of the largest financial institutions that have received bailout money. I agree it is time (see, for example, GM), and well past time for outright nationalization.

Elizabeth Warren, chief watchdog of America’s $700bn (£472bn) bank bailout plan, will this week call for the removal of top executives from Citigroup, AIG and other institutions that have received government funds in a damning report that will question the administration’s approach to saving the financial system from collapse.

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She said she did not want to be too hard on Geithner but that he must address the issues in the report. “The very notion that anyone would infuse money into a financially troubled entity without demanding changes in management is preposterous.”