The Financial Times is reporting:
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.
Officially, S&P is reported to have been looking for Mr. Sharma’s replacement for the last six months. The search for Mr. Sharma’s successor was said to have been triggered by the restructuring of McGrall-Hill Financial, which owns S&P.
Um-hmm, sure. Whatever.
“Tyler Durden” at Zero Hedge sums this event up nicely:
Alas, this is nothing but a case study of modern corporate reality in America: if you are not with the status quo, you are against it, and you are promptly booted out of it: anyone who does not share the visions of one glorious future built on ponzi schemes, houses of cards, and games of three card monte, will be promptly suicided, either physically or professionally … in America when you dare to tell the truth, your career is over, while if you are a corrupt, lying, incompetent tax evader you not only get to be Treasury Secretary but likely will be on for life as long as you do the one duty you are entrusted with: pander to the interests of the Too Big To Fail financial institutions.
Now we know what happens when we allow the Fed to secretly loan $1.2 trillion to “Too Big To Fail” banks, then give lobbyists from those banks carte blanche to write our nation’s “financial reform” laws — we end up with the US Treasury, the Fed, and the TBTF banks all part of one big, happy, and hopelessly corrupt family. And if you’re going to be an executive within this system, you had better toe the party line.
If you’ve ever wondered why three out of the four top corporate contributors to Barack Obama’s 2008 Presidential campaign were Goldman Sachs, JP Morgan Chase, and CitiGroup … well, now you know.