AIG - Necessary Bailout Or "PASS-THRU" Scam?

Now that the smoke is cleared, the "shock" wearing off of the mid-September meltdown of the financial industry (alleviated by heroic, if painful 'bailouts') to the point where informed people can analyze actions and consequences, it's painfully clear that the initial Paulson-Bernanke TARP bailouts where skewed to the will of an ultra-insider Fed-Goldman-Sachs clique. In retrospect Goldman seems to be on 3 sides of the bailouts at once, as adviser (Blankfein was allowed to oversee the negotiations which produced the initial AIG package), receiver of bailout funds, of course, and the recently revealed $12 billion counterparty paid off by AIG. Wow, GS, what's in your wallet? Oh, the President, the Treasury Secretary, the Fed Chairman, etc., etc.
My big question is since we now come to own 80% of it already, what if the government would have nationalized AIG? No "bonuses" controversy to obscure the real issue of tens of billions of dollars "passing through " AIG on their way to Societe' Generale, Deutsch Bank, Goldman, UBS (where the 'architect', Phil Gramm resides), and many more. Of course, none of these charity cases were paying taxes; the IRS during the Bush years would never prosecute them. And if AIG was in Federal receivership, the counterparties wouldn't get 100 cents on the dollar either.
This all goes round and round and costs the taxpayers more and more money with an ever-expanding bread line of "too big to fail" debtors. With the Fed now devoted to creating trillions out of thin air to single-handedly (no risk to investors) revive credit and lending, "pass-thru"gate probably won't have much of a shelf life; AIG's initial TARP money is long gone, and baring incredibly progressive "clawback" legislation that demands retroactive taxes on counterparties in the end it's just more of a tax burden on our grandkids.