""Obama picks new SEC chief and other regulators" from AP reports that as embattled SEC Chairman Christopher Cox who has been castigated for some of the worst oversight of Wall Street since the Great Depression, Barack Obama unveiled his Securities and Exchange chief and other regulators that will now surely usher in an era of new regulations, thanks to the wealth destroyers on Wall Street who have crashed the system, walked off with bonuses and left the taxpayers with the bill.
Obama blamed regulators for the financial debacle, saying they "dropped the ball." Regulators, he said, "have been asleep at the switch."
American people, watching their investments tank, are frustrated that "there's not a lot of adult supervision out there," Obama added.
At a Chicago news conference, Obama named Mary Schapiro to chair the Securities and Exchange Commission, Gary Gensler to head the Commodity Futures Trading Commission and Daniel Tarullo to fill an empty Federal Reserve seat. All three will need to be confirmed by the Senate next year.
"Banks lent Billions to Madoff 'feeder funds'" from the Financial Times
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