There seems to be an interesting misconception floating around that bailout => equity holders don't lose their investments. In the GFC, there were companies that got bailed out (GM, Chrysler) and after that failed, the Gov't (US and CA) wound up owning them. Equity went to 0.
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When you say "bank bailouts in the financial crisis didn't zero out equity holders" are you saying the bailout of the banks or the bailouts from the banks to other industries didn't zero out equity holders? My understanding is that equity holders in Citi etc. didn't get zeroed
because they didn't go bankrupt, whereas GM and Chrysler did. Would like to sort out the specifics as this is an important point that I'd rather not be wrong about!
