This seminar will examine the recent financial crisis's alleged causes and the regulatory response. Likely topics include: securitization; derivatives; credit rating agencies; bank capital regulation; investment bank supervision; repo financing and money market funds; executive compensation; interest rate policy; and housing policy. In class, we will ask if these are plausible culprits, and if the events confirm or challenge our prior understanding of markets. Students are expected to write a seminar paper examining the adequacy of the regulatory response to one particular alleged problem, and to discuss their preliminary findings in class in the second half of the semester. Doing so in teams of two students is encouraged.