No, not all global banks, and not even all the banks in the U.S. failed. Many smaller banks failed, and some large ones were failing as well, but each case was different and it was all due to system wide chain reactions. Many U.S. banks were fine and even refused to take TARP funds. The difference is that the FDIC is poised to counter small banks failing, but not behemoths like AIG, where (taxpayer) gov. funds are the only answer.
