Great question Daniel! Personally I believe too-big-to-fail could almost qualify as an oxymoron!
Companies who has been designated as such by our government have, if you think about it, acquired a "get out of jail free card". This is not only wrong it goes against all norms of business practices 101. The consequences of doing these "bail outs" are still unknown.
Business must be subject to it's own folly and should always be held accountable for their actions. Having a "bail out" in you back pocket can and does introduce foolish and dangerous practices that the vast majority of businesses can never try....and ,in my opinion, would never want to.
We do ourselves and our economy untold damage that , in some instances, will not come to the surface for years. These practices will come back to haunt us and the scary thing is we don't appear to be any closer to knowing what to do to protect ourselves.
Too-big-to-fail is a dangerous concept and, depending on how it is applied, is open for corruption on a grand scale by our business leaders, our political class and of course the government. It should be an interesting 18 months or so until the next "bubble" burst.