let me welcome deputy secretary neal wolin to the stage.er his comments and after each of the panels, we'll hopefully have some time for a couple of questions. and we'd like clients and students to please feel free to ask the question that the mike has provided. secretary wolin? [applause] [applause] >> good afternoon, everybody. thank you, mark, for that generous introduction. i'm delighted to be here at the conference. i'd like to thank dean daly for organizing the conference and giving me an opportunity to speak to you about financial reform. the financial crisis was caused not by one gap or breakdown in our system, but by many. firms took on risks they did not fully understand. regulators did not make full use of the authority they had to protect consumers and limit excessive risks. loopholes alarged them to operate without oversight, transparency, or restraint. policies failed to fix the situation. the president came into office not just to repair the damage, but to fix the system that allows the failures to have such devastate consequ