I think this is what you're looking for:
http://en.wikipedia.org/wiki/Crony_capitalism
Providing banks with state guarantees reduces the cost of working capital. That in theory makes the cost of capital for buinesses that borrow from banks lower. Banks without state guarantees can't compete as they would have to pay a higher price for their working capital than banks that do get state guarantees. So, the bank bailouts are inevitable - its how capitalism works.
Crony capitalism is a whole other problem. The big "no bid" contracts you see in the public sector and the big "privatisations" of monopoly goods like water and electricity are fine examples of crony capitalism. Bank bailouts are just part of plain old capitalism - no cronies needed and certainly not a "socialist" thing.