Page last updated at 17:10 GMT, Thursday, 18 December 2008

Obama names new SEC boss

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President-elect Barack Obama has named the next head of the US financial watchdog as he promises to "crackdown on the culture of greed".

Mary Schapiro will take charge of the Securities and Exchange Commission.

It is facing growing criticism for its failure to protect investors - particularly over its role in the alleged $50bn fraud by Bernard Madoff.

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