I agree that governments shouldn't provide bailouts without receiving equity for that compensation. The idea that any company is too big to fail undermines the smaller competitors who are making better decisions and have a strategic advantage in surviving economic challenges.

Absolutely. But on the flip side I can also recognise that frankly, governments are terrible at running things. I think a Singapore style model is best - a giant holding company like Temasek that is wholly government funded and owned, but companies owned by the holding company are still beholden to the free market forces, are the best way to go for things like payment processors, airlines, utilities, etc.