Citi, Bank of America, and GM

If we are going to own Citibank and Bank of America, can't we just nationalize them and sell them off?  It seems part of the mess we are in is the convergence of allowing institutions to become to "too big to fail" and also failing to regulate them adequately.  Why don't we address the whole "too big to fail" issue when it presents itself, namely, as Citibank and BofA appear to be failing and are asking the taxpayer to prop them up?  We can nationalize them and sell them off into little tiny pieces.

And GM is apparently getting ready to ask for yet more money.  Chapter 11 time, yet?