"Socialized losses", as far as I understand it, means that the group paying for the losses is the same one as the one which is/was the beneficiary. Does someone think that EU citizens were set to benefit from the Chernobyl plant?
The point of the phrase is that the people who are paying for the costs (tax payers) are not the ones who received any benefit or were going to benefit (profits, shareholders, CEOs, etc.).
My point is that such scam isn't specific to the degraded version of capitalism so common in our nations, which is in fact "crony capitalism".
We patently cannot tackle cronyism thanks to any powerful institution. In fact anything powerful nurtures it.