Will the US Bail Out Deutsche Bank?

The Bush administration is proposing a massive $700 billion nationalization of the US banking industry in a "Hail Mary" effort to avoid a global collapse of the capital markets.  Reading the fine print, however, it is clear that the bail-out will also apply to non-US banks:

"In a change from the original proposal sent to Capitol Hill,
foreign-based banks with big U.S. operations could qualify for the
Treasury Department’s mortgage bailout, according to the fine print of
an administration statement Saturday night.

The theory, according to a participant in the negotiations, is that if
the goal is to solve a liquidity crisis, it makes no sense to exclude
banks that do a lot of lending in the United States.

Treasury Secretary Henry Paulson confirmed the change on ABC’s "This
Week," telling George Stephanopoulos that coverage of foreign-based
banks is "a distinction without a difference to the American people.""

I think what a lot of people have not realized is that Deutsche Bank is even more highly leveraged that Lehman Brothers, and was using guarantees provided by AIG to circumvent European capital regulatory requirements.  In fact, AIG had written over $300 billion in credit insurance policies for European banks, so a bankruptcy of AIG would have created an immediate crisis in Europe.  The Web site Vox has examined the implications:

Thus, a formal default of AIG would have
exposed European banks’ large gap of regulatory capital, with possibly
devastating effects on their ratings and market confidence. Which
explains why AIG’s problems had sent shock waves through the share
prices of European banks. Thus, the US Treasury has saved, inter alia, the European banking system. However, as AIG is to be liquidated, European banks will have to quickly shore up their regulatory capital.

In fact, the situation at Deutsche Bank is pretty alarming and requires immediate attention from BaFin and officials in Berlin:

The key problem on this side of the
Atlantic is that the largest European banks have become not only too
big to fail but also too big to be saved. For example, the total
liabilities of Deutsche Bank (leverage ratio over 50!) amount to around
2,000 billion euro, (more than Fannie Mai) or over 80 % of the GDP of
Germany. This is simply too much for the Bundesbank or even the German
state to contemplate, given that the German budget is bound by the
rules of the Stability pact and the German government cannot order
(unlike the US Treasury) its central bank to issue more currency.

So the question for US Treasury Secretary Paulson is: WIll US taxpayers have to bail out Deutsche Bank for its reckless mismanagement of its balance sheet?