Obama Says Government 'Asleep At The Switch'

CHICAGO (AP) - 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."

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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