Are Banks Already Nationalized?

We have spoken about Citigroup, which for all practical purposes is being run by the government. BOFA, Wells, and other banks have preferred stock issued to the Government, that will most probably be converted to common equity, increasing the Governments stake.

But the burning questions to ask are the following:

If a previously "private" commercial bank has sold equity to the US government (TARP) and, more important, relies upon government guarantees (TLGP) to issue debt and deposits, is that bank already nationalized?

Are all banks that participate in the TARP now really just government sponsored entities like Fannie Mae and Freddie Mac and the other GSE's?

The Answer to both questions is YES. With JP Morgan and Goldman Sachs issuing debt the past month that is backed but not guaranteed by the government, both of these institutions are indeed nationalized. Technically they are considered GSE's.
They were able to issue debt at cheaper levels then taking money from TARP.

A few nuggets from accross the pond:

There is intelligent life forms on this planet...somewhere.

"The United States is solely to be blamed for the financial crisis. They are the cause for the crisis, and it is not Europe and it is not the Federal Republic of Germany."

Peer Steinbrück
German Finance Minister
September 25, 2008

"Excessively cheap money in the U.S. was a driver of today's crisis… "I am deeply concerned about whether we are now reinforcing this trend through measures being adopted in the U.S. and elsewhere and whether we could find ourselves in five years facing the exact same crisis."

Angela Merkel
German Chancellor
November 27, 2008