01/18/2009 05:12 am ET Updated May 25, 2011

Obama Uses Madoff Scandal To Make Oversight Point During Press Conference (VIDEO)

President-elect Obama spoke out about the Madoff scandal today at a press conference to introduce more additions to his financial team, including his choice for SEC Chair, Mary Schapiro. See the video below:

"In the last few days, the alleged scandal at Madoff Investment Securities has reminded us yet again of how badly reform is needed when it comes to the rules and regulations that govern our markets. A massive fraud that was made possible, in part, because the regulators who were assigned to oversee Wall Street dropped the ball. And if the financial crisis has taught us anything, it's that this failure of oversight and accountability, doesn't just harm individuals involved. It has the potential to devastate our entire economy and that's a failure we can't afford."