*  *  Introduction 1  Ladies and Gentlemen, It is a great pleasure for me to be here in Ronda and participate in the Summer School of the University of Málaga.
So we must worry about excessive leverage and susceptibility to runs not only at banks but also at securities firms. To be sure, investment banks are still different in many ways from commercial banks. Among other things, their assets are mostly marketable and their borrowing mostly secured. Ordinarily, this should protect them from liquidity concerns.