S&P Head “Steps Down” – Replaced by Citi COO?
Okay, so S&P spends years giving good valuations to bad debt, then, in some galaxy altering fit of cognitive enlightenment, fairly (still a bit high, me thinks) rates the US long term debt to AA+, then the WhiteHouse gets mad and Sharma “steps down”? Adding to the frustratingly meager reporting, the COO from Citi (a bank requiring massive amounts of bailouts to stay solvent) replaces him?
Deven Sharma will step down as president of credit-rating agency Standard & Poor’s and will be replaced by Douglas Peterson, the firm’s parent said late Monday.
Sharma will step down from his role as president on Sept. 12 and will leave the firm at the end of the year, McGraw-Hill Cos. said in a statement.
Peterson is currently chief operating officer of Citigroup Inc. unit, Citibank.
Oh… doesn’t this just REEK of putrid government manipulation?
Maybe they learned their lesson from GM, namely, don’t be so obvious.Tags: AA+, downgrade, S&P