Gartside said the way the rescue package was put together had brought the game into disrepute and created unfair competition by working against the interest of clubs who take a responsible attitude with their finances.
He said in the Bolton Evening News: "It's not illegal, but it is wrong and it is unfair."
Even though it was the plc of Leeds that went into administration and not the club itself, he still thinks what they did was wrong.
From next season, the Premiership and Football League will deduct points from teams going into administration. The penalty for top-flight clubs will be nine points, while Football League clubs will lose ten.
"I think it's unfair what Leicester did and it's unfair what Leeds have done and both avoiding strong penalties," the Bolton chairman added. "I'm not saying this against the current board or the current owners of the clubs, I'm merely saying that it's wrong that any club should be allowed to create an unfair competition by spending a lot of money and going into debt, then just writing it off.
"If we went out today and bought Ruud van Nistelrooy, then wrote off the debt tomorrow, it would be wrong. But that's effectively what Leeds have done, they've spent money they didn't have in an attempt to be successful and, when it hasn't worked, they've just written off their debts and carried on.
"I'm not too popular with Leeds, Leicester or Ipswich come to that, but I'm not bothered." he continued. "I'm only saying what other people are thinking."