Monday, August 22, 2011
S&P Sacks Its President
Just a few weeks after S&P downgraded the U.S. sovereign debt rating, the company decided to replace its president. McGraw Hill owns S&P, and they are claiming that this was planned from last year. Right. S&P is also under investigation by a Justice Department probe for its activities surrounding the mortgage crisis. Basically the U.S. government has declared all out war on S&P since the downgrade, at this is unlikely to relent, even if they dump Deven Sharma, their current president. We reap what we sew.