Monday, August 22, 2011

S&P Board Fires CEO Deven Sharma Over US Downgrade

The FT reports tonight that the Standard and Poors board has canned CEO Deven Sharma over the US ratings downgrade. 
Reports indicate that Citibank's COO Douglass Peterson will take over as the new CEO.
Yup, that's right, Citibank.
Apparently if you assist in raping taxpayers for billions of dollars in TARP and nearly take the economy down the tubes in the process, you get rewarded with a nice CEO position, while if you decide to tell the truth about US debt, you get a nice pink slip and a "Dont let the door hit your a** on the way out!"
Only in America.

What do you think is the likelihood now of Fitch or Moody's CEO approving a US downgrade in the next....oh...... say....EVER?

Deven Sharma is stepping down as president of Standard & Poor’s only weeks after the rating agency issued an unprecedented downgrade of the credit of the US, according to people familiar with the matter.

Mr Sharma will remain as an adviser to S&P’s owner, McGraw-Hill, for four months and leave the company at the end of the year, they said.

Mr Sharma will be replaced as S&P president by Douglas Peterson, chief operating officer of Citibank, the banking unit of Citigroup, they said.
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