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Time Names Obama 'Person of the Year'

President-elect Barack Obama has won another contest: He's been named Time magazine's "Person of the Year" for 2008.

The magazine has named Treasury Secretary Henry Paulson, French President Nicolas Sarkozy, Gov. Sarah Palin and Chinese director Zhang Yimou as runners-up.

Last year's winner was Russian Prime Minister Vladimir Putin. Previous individual winners have included Bono, President Bush and Amazon.com CEO and founder Jeff Bezos.