While Ivy League universities continue to churn out a steady stream of finance professionals, Wall Street is no longer the beacon of high pay and innovation it once was, thanks in part to a raft of new regulations, including those that curb compensation.

WSJ: Late Shift: Foosball Over Finance

This reform will curb excessive risk-taking, reduce leverage, reform compensation, protect consumers, bring transparency and more competition to derivatives markets, address the problem of firms that are too big to fail, and make sure taxpayers do not bear the costs when firms do fail.

WSJ: Lawrence Summers and Timothy Geither: Our Agenda for the G-20