However, this time it looks like the government failed, not the banks. If you look at the US government (bonds) as just another business the bank can invest in,

However, this time it looks like the government failed, not the banks. If you look at the US government (bonds) as just another business the bank can invest in, you can't help but notice that the business had not been very well managed. It promised that bonds will keep their value, but they did not (currently at market price and in the future, due to their yield suffering from inflation). We still don't have a clear message on the situation with government debt as well, but we are probably headed towards more inflation and/or some (hopefully soft) default(s). And as always, fewer people will have more assets/control and the rest of us will pay the bill.