Welcome, everyone, to the fourth week of our course about capital markets and financial institutions. In this short introductory episode, I will tell you what we will do throughout this week because it's kind of different in its structure. We will cover, not one major topic, but basically two topics that are just somewhat connected. Well, first of all, in our first part, we will discuss bank regulation. That is what follows from our discussion of the last week. And we will discuss, first of all, the trigger for the modern bank regulations. This was the S&L crisis of the 80s that sort of shows some details about how this moral hazard problem resulted in a large scale problem in capital markets that cost more than $0.5 trillion to US taxpayers. And then we see that ever since the regulatory bodies introduced some kind of a process by which banks started to be regulated. And this process is developing. It's sort of lagging behind new challenges. But it's when these challenges are recognized, then the process introduces new instruments, new requirements, new terms. And still the developing process is sort of adequate to what’s going on. That, unfortunately, does not prevent a major crisis from happening. But at least, to some extent, people do learn on the lessons of previous crises and they provide adequate measures to mitigate them in the future. And then we will change the topic a little bit. I will talk about something that so far seems to be, in the first place, not very much related to what we talked about before. Namely, at a first glance it seems to be far from problems caused by private information. But on the other hand, we will see that this is not so. But we will talk about the thing that for the majority of the people watching this course, and not only them, is the face of modern capital market and the face of a modern financial institution. We will talk about payment services and we will talk about modern banking in the era of the Internet and social media. So we will follow the very well-known book of the British specialist, Brett King, who published the book Bank 2.0 and then Bank 3.0. So that is all about this Bank 3.0. And we will see that although at a first glance, it's far from what we talked about before, but actually it's very much linked to that. And we will see that the things that we studied in this simple arithmetic, namely, monitoring private information and others. They, although are not on the surface of this recent development, but they have not disappeared from the scene. And we will wrap up the week by studying some other special services provided by banks, namely private banking, as a process by which when an individual starts being just a regular depositor at the bank. And then, hopefully, becomes much wealthier. And at some point in time, starts buying services from financial institutions that are, again, very seriously based on the need to cope with these private information problems. So we will see, again, that even if it seems at the first glance that we are far from that, but our good old friends, problems caused by private innovation, will catch up with us. And again, say [SOUND], please do not forget about us, otherwise you will be in trouble.