President-elect Barack Obama says the government has been "asleep at the switch" when it comes to overseeing the nation's financial system.
He says Americans are "feeling frustrated that there's not a lot of adult supervision."
Obama spoke in Chicago as he announced appointments to head the Securities and Exchange Commission and to other regulatory agencies.
Obama called for a "shift in ethics" on Wall Street.
He says everyone involved — from CEOs to shareholders to investors — needs to consider not only whether what they're doing will make them money but also whether it's right and whether it conforms to "higher standards." AP
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Copyright 2008 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
He says Americans are "feeling frustrated that there's not a lot of adult supervision."
Obama spoke in Chicago as he announced appointments to head the Securities and Exchange Commission and to other regulatory agencies.
Obama called for a "shift in ethics" on Wall Street.
He says everyone involved — from CEOs to shareholders to investors — needs to consider not only whether what they're doing will make them money but also whether it's right and whether it conforms to "higher standards." AP
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Copyright 2008 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
