It does hold up. "rawr, my tax money was used to prop up a failed business distorting the market, damaging more successful players, and decreasing market efficiency, along with increasing real and perceived corruption of the government."
It's not like those banks were protected with no external consequences. What would have been an industry wide boon to mid and small cap banks instead turned into the ugliest type of market intervention conceivable. The only reason those tax dollars were paid back with interest is because no one can compete with the 800 pound gorilla who when he falls out of the tree because he got drunk on his own power, the government picks him back up and places him back on top.
It's not like those banks were protected with no external consequences. What would have been an industry wide boon to mid and small cap banks instead turned into the ugliest type of market intervention conceivable. The only reason those tax dollars were paid back with interest is because no one can compete with the 800 pound gorilla who when he falls out of the tree because he got drunk on his own power, the government picks him back up and places him back on top.