Washingtons's Revenge

S & P Chief Steps Down

AFP - Standard & Poor's president Deven Sharma is stepping down, its parent company announced Tuesday, just weeks after the credit rating agency cut the US sterling AAA rating and sent global markets into turmoil.

Sharma, who will take another role in the company before leaving altogether at the end of the year, will be replaced by Citibank's current chief operating officer Douglas Peterson.

The US Justice Department is currently investigating the company for its practices regarding mortgage securities.

Peterson, 53, will become the S&P president starting September 12, corporate parent McGraw-Hill said in a statement.

Sharma, 55, "will take on a special assignment working on the company's strategic portfolio review until the end of the year when he will leave the company to pursue other opportunities," the statement read.


He who messes with the ruling elite gets booted out the door.

What is darkly amusing about this announcement is Mr. Sharma's replacement.

Where does he come from?


The bank that dropped to 99 cents a share and nearly went bust before Washington bailed them out in 2009.

To sum up; we see someone with integrity forced out, who made an accurate call on a profligate spending nation, replaced by a bozo who helped one of the largest banks by capitalization nearly go bust.

We have a phrase in the lending business that could apply to this.

Extend and pretend.

Much pretending is going on within the irrational leadership of this nation and in most western democracies.

How long can the charade last?