As noted here, Obama's got plenty of leverage over the TARP banks to make them forget their fiduciary duty and screw the bondholders. Just like Paulson and Bernanke screwed over the Bank of America shareholders in the Merrill Lynch deal.
For some strange reason, the non-TARP investors don't feel obligated to take a total loss just so that the Administration can payoff their union supporters.
One of the unintended consequences of making the bondholders into bad guys is that when you've demonized the lenders, they stop lending money.
That's a sure fire way to unthaw the credit markets....