As shown by the intervention of the government when Bear Stearns, AIG, Fannie Mae, and Freddie Mac were failing and by the repercussions from the bankruptcy of Lehman Brothers, the universe of financial firms that appeared too big to fail by 2008 included more than the insured depository institutions subject to prudential regulatory requirements.
It is noteworthy that, prior to the start of the crisis, relatively few market observers would likely have identified Bear Stearns as so systemically important that it could not be permitted to fail in a "disorderly" fashion. Indeed, some observers counseled letting the firm enter bankruptcy.