Robert Shiller, teaching Yale's Financial Markets course, defines investment banking by contrasting it with consulting, commercial banking, and securities trading. He works through principles laid out by John Whitehead, former chairman of Goldman Sachs, using them to discuss the outsized power investment bankers hold and the social role that power implies. The lecture then turns to regulation, tracing why oversight of these firms has remained contentious for decades and why the 2000s financial crisis intensified the debate, including a section on shadow banking and the repo market. The back half of the class hands off to guest speaker Fougner, a former student, who describes his path from ECON 252 to Wall Street, practical steps for breaking into finance, his later move to Silicon Valley and Facebook, and a closing question and answer session with students.