The latest Treasury brainstorm will retard a banking recovery

More on the adventures of little Timmy Geithner:

Just when you think the political class may have learned something in months of trying to fix the banking system, the ghost of Hank Paulson returns to haunt the Treasury. The latest Beltway blunder -- and it would be a big one -- is the Obama Administration's weekend news leak that it may insist on converting its preferred shares in some of the nation's largest banks into common equity.

See Timmy run: A Backdoor Nationalization