"Please explain how they were bailed out, which my comment was in reference to?" Maybe they weren't directly bailed out but their counterparties got bailed whi

"Please explain how they were bailed out, which my comment was in reference to?" Maybe they weren't directly bailed out but their counterparties got bailed which then saved them. For example, I bet if the AIG counterparties had had to accept a massive haircut (which they should have) then a lot of companies would have gotten in trouble. The whole mantra "creative destruction" got suspended when it reached the financial industry.