Run Crying to Mama

The funniest moment for me during the Great Panic was when the freewheeling global investment banks reverted to regular national banks.

Adding to questions about Mr. Paulson’s role, critics say, is the fact that Goldman Sachs was among a group of banks that received substantial government assistance during the turmoil. Goldman not only received $13 billion in taxpayer money as a result of the A.I.G. bailout, but also was given permission at the height of the crisis to convert from an investment firm to a national bank, giving it easier access to federal financing in the event it came under greater financial pressure.

As did the other big investment banks who years before had successfully lobbied the Clinton administration to repeal the "archaic"Glass Stegall Act.