Pundits weigh in on reform

As the old adage goes, "a new broom sweeps clean", and people are lining up with suggestions to help President Obama sweep away the old, broken Wall Street. Dealbook's Andrew Ross Sorkin commented in his blog yesterday with several of the challenges facing the new US leader as he begins to deal with a banking crisis that appears far from over. Today, the Deal Professor (Steven Davidoff) continues the thought by addressing what shape reform should take. Davidoff testifies today (1/21/09) at hearing in front of the U.S. Senate Committee on Homeland Security and Governmental Affairs called, "Where were the watchdogs? The financial crisis and the breakdown of financial governance". Davidoff presents seven key points that he feels should shape the regulatory framework going forward. Text of Davidoff's full written testimony is available here.