081204 Obama Says Government 'Asleep At The Switch'

CHICAGO - 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."

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