So how do you want to regulate the "shadow banking system" and the world of derivatives? What kind of reserve requirements should there be for traditionally of

So how do you want to regulate the "shadow banking system" and the world of derivatives? What kind of reserve requirements should there be for traditionally off-balance-sheet derivatives? What kind of reporting requirements? If I come up with a new kind of funding structure -- something like a CDO, a SIV, whatever -- do I need to explain everything to the Fed first before going ahead with it? Who gets regulated: just the large non-depository investment banks? Smaller derivatives dealers and hedge funds? I'm definitely sympathetic to the idea that regulators were asleep at the wheel. I just haven't yet seen any regulatory proposals that, if implemented, could have prevented the current crisis.