Interesting data point from Yahoo Finance: 14 out of 17 public companies that took government money during the crisis are now trading below where they were the day after the deal was announced.

This is a good reminder that government bailouts aren't free money for shareholders. Dilution, restrictions, stigma, and the underlying business problems that required intervention don't just disappear. The companies survived, sure — but survival and shareholder returns are two very different things.

Worth keeping in mind next time people start celebrating rescue packages as bullish catalysts.