AIG, Fannie, and Freddie

On a serious note, our federal government now all but owns Fannie Mae, Freddie Mac, and AIG. How are these companies now going to be run? Arguably, Fannie and Freddie were always quasi government agencies and should not have been privatized at any point. But AIG has always been a private company. I understand an executive that worked for All State is taking over but I still don't understand how it's going to work.

Once again, it is the privatization of profits and the socialization of risks.

UPDATE: John Cole asks the right question, if they are too big to fail, why aren't we breaking them up?