Where is the taxpayer equity in all these bank bailouts? NYT details how little is being lent from the new capital infusions, and how the banks are treating it as a "windfall." But it can't be a windfall so long as Uncle Sam -- i.e. all of us --gets equity stakes in these banks commensurate with the taxpayer money we've poured in. That way, at least, once the economy recovers and the banking system is on a sounder footing, we'll get some return for these extraordinary moves. But if government has given these firms sweetheart deals it's intolerable. Yet that's what it looks like Paulson & Company have been doing. Citigroup looks like exhibit A -- we've put $45 billion in capital into the reeling bank, and guaranteed $300 billion in toxic assets, yet so far as I can tell the government owns only 8% or so of the company. How can this be when the capital we put in exceeds the market value of the firm? Once we get the fine print on the Bank of America bailout this week the same is likely to be true. How can it be that Warren Buffet drives a harder bargain than the US government? Obama has to alter all this somehow or the devastation wreaked by these reckless banks and their greedy leaders will be compounded by government incompetence in assuring that the unavoidable rescues only deepened the ripoffs.