Supposedly BSC was bailed out to prevent the dreaded "counterparty risk". Yet now a mere 6 months later, suddenly that risk is not really that big a deal, and the markets are capable of handling it? Either letting LEH hang is a disastrous mistake (which it isn't), or bailing out BSC was totally unnecessary. In any case, events will now demonstrate that their is nothing special about investment banks - they can go broke without causing the system to go down. The neo-socialists will be revealed as alarmist scaremongers.