Barack Obama: Wall Street to get 'adult supervision' (12/19/2008):
President-elect Barack Obama on Thursday said he will force "a shift in ethics" on Wall Street and argued for new, aggressive controls on markets as he named his financial regulatory team.
"We have been asleep at the switch -- not just some regulatory agencies but some of the congressional committees," Mr. Obama said at a press conference in Chicago, also blaming "a White House that started with the premise that deregulation was always good."
Mr. Obama promised to release a detailed regulatory plan as "one of my earliest initiatives" and said it will force the kind of "adult supervision" of markets Americans are yearning for now, in the wake of Bernard L. Madoff's $50 billion Wall Street financial fraud. But he said new rules aren't enough.
"Everybody from CEOs to shareholders to investors are going to have to be asking themselves, 'Not only is this profitable, not only whether this will boost my bonus, but is it right? Does it conform to some higher standards in terms of how we operate?'" Mr. Obama said.
"Adult supervision." Everything about the man is juvenile.