Have they actually stated what their turnaround strategy is? Like, the actual plan and not some mumbo jumbo about strategizing the synergies to overcome the past legacy issues while integrating an economic reform plan that aims to boost individual shareholder value and destroy WMC.
From the article, it seems like their only plan is to use the bail out money to pay off debt, so they can take on more debt.
Treasury keeps putting these conditions in place for bailouts, but the conditions are idiotic and meaningless. "Oh, you can't take out any more loans if we give you this money! - Okay then, I'll just burn through this money and ask for more later". Treasury need to ask for an actual business plan like any other bank would expect before handing over a business loan.