On the eve of Barack Obama’s inauguration as president of the United States Wharton finance professor Richard J. Herring discussed with Knowledge at Wharton some of the advice offered to the new chief executive by the Shadow Financial Regulatory Committee a group of economists former regulators and lawyers of which Herring is a co-chair. Among the recommendations: As quickly as possible unwind federal investments that helped keep U.S. banks afloat. Herring also assessed the deepening woes at Citigroup which this week named board member Richard Parsons as its new chairman a move intended to provide stronger leadership at the troubled bank.