, ▁banks ▁received ▁part ▁of ▁a ▁$ 7 0 0 ▁billion ▁T AR P ▁intended ▁to ▁stabil ize ▁the ▁economy ▁and ▁th aw ▁the ▁fro zen ▁credit ▁mark ets . ▁Event ually , ▁tax p ayer ▁assistance ▁to ▁banks ▁reached ▁nearly ▁$ 1 3 ▁tr ill ion , ▁most ▁without ▁much ▁scr ut iny , ▁l ending ▁did ▁not ▁increase ▁and ▁credit ▁mark ets ▁remained ▁fro zen . ▁ ▁The ▁crisis ▁led ▁to ▁question ing ▁of ▁the ▁business ▁model ▁of ▁the ▁invest ment ▁bank ▁without ▁the ▁reg ulation ▁im posed ▁on ▁it ▁by ▁G lass – Ste ag all . ▁Once ▁Robert ▁Rub in , ▁a ▁former ▁co - ch air man ▁of ▁Gold man ▁Sach s , ▁became ▁part ▁of ▁the ▁Cl inton ▁administration ▁and ▁der eg ulated ▁banks , ▁the ▁previous ▁conserv at ism ▁of ▁under writing ▁established ▁companies ▁and ▁seeking ▁long - term ▁g ains ▁was ▁replaced ▁by ▁lower ▁standards ▁and ▁short - term ▁profit . ▁Form er ly , ▁the ▁gu idel ines ▁said ▁that ▁in ▁order ▁to ▁take ▁a ▁company ▁public , ▁it ▁had ▁to ▁be ▁in ▁business ▁for ▁a ▁minimum ▁of ▁five ▁years ▁and ▁it ▁had ▁to ▁show ▁profit ability ▁for ▁three ▁consecutive ▁years . ▁After ▁der eg ulation , ▁those ▁standards ▁were ▁gone , ▁but ▁small ▁invest ors ▁did ▁not ▁grasp ▁the ▁full ▁impact ▁of ▁the ▁change . ▁ ▁A ▁number ▁of ▁former ▁Gold man ▁Sach s ▁top ▁execut ives , ▁such ▁as ▁Henry ▁Paul son ▁and ▁Ed ▁L idd y ▁ ▁were ▁in ▁high -