If Wall Street Investment Banks want to be treated as Free Enterprise during this bailout then they need to act the part and treat the bailout as a large loan from the public that will be repaid in the future. They need to met the requirements to attain the loan which includes that they will cap all CEO salaries if they receive the loan until such time as it is paid back to the American people. They will put up the debt instruments and they need to release documentation as to what the investments current market value is and how they came to that amount. They must prove that management can and is willing to run the corporation in such a manner as to turn a profit in the future by providing financial statements and documentation in report form on a timely base for the duration of the loan.
If they want this to be social welfare then all they have to do is hand over ownership of their corporation to the federal government.
The choice should not be a difficult one either for the government or the corporations in question. I don’t understand why this should be a hard plan to work out in the first place. If it was a family member that you were loaning money to then would you not demand the same?