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Deven Sharma is set to leave his post on Sept. 12, and will leave S&P at year's end, according to the release from McGraw-Hill, S&P's parent company. Douglas Peterson, the current chief operating officer at Citibank, will replace Sharma. ...
Standard & Poor?s announced on Monday night that its president was stepping down, just weeks after the ratings agency ?s unprecedented downgrade of the U.S. credit rating.
Deven Sharma is set to leave his post on Sept. 12, and will leave S&P at year?s end, according to the release from McGraw-Hill, S&P?s parent company. Douglas Peterson, the current chief operating officer at Citibank, will replace Sharma.
The announcement comes after some tumultuous weeks at the ratings agency, which found itself slammed by the Obama administration for its decision to downgrade America?s then-AAA credit rating to AA+.
The Justice Department is also reportedly investigating S&P for its ratings of mortgage securities in the run-up to the financial crisis, and top shareholders are pushing to break up McGraw-Hill.
Still, the S&P announcement said that Sharma was leaving because he was ready for new challenges, and media reports have said the company was laying the groundwork for the move for months and that it was unrelated to recent developments.
In a statement, Harold McGraw III, the chief executive of McGraw-Hill, said that Sharma was leaving after helping S&P split into two separate entities, a credit rater and McGraw-Hill Financial.
?Today, S&P is a stronger company, whose 1,300 global analysts are sharply focused on the quality, independence and transparency of S&P's research and analytics,? McGraw said.
In announcing its downgrade of U.S. debt this month, S&P said it was skeptical that Washington policymakers would be able to bridge their ideological differences in the push to rein in federal deficits.
But President Obama and Treasury Secretary Timothy Geithner, among others, sharply criticized the rater?s move, in large part because of what they called a $2 trillion calculation error.
Comments (23)PAGE |1|2|>DOJ and SEC suddenly revealed they had been investigating S and P for months without anyone knowing after the downgrade. This is like Tom Drake. Telling truth to Holdercrats leads to being pushed out.
FACT: Only 26 percent of the public approve of President Barack Obama's handling of the economy in the latest Gallup poll, conducted Aug. 11-14, while a whopping 71 percent disapprove.
The public's growing dissatisfaction shouldn't be surprising. Going back to 1890, reports the National Bureau of Economic Research, the only U.S. president with a worse record than Obama in job creation in his first two-and-a-half years in office, measured in terms of percentage change, was Herbert Hoover, presiding over the emergence of the Great Depression.
FACT: "Official unemployment is 9.1 percent," stated a New York Times editorial on Aug. 15, decrying the nation's jobs picture, "but it would be 16.1 percent, or 25.1 million people, if it included those who can only find part-time jobs and those who have given up looking for work."
"Keeping the economy going and making sure jobs are available is the first thing I think about when I wake up in the morning," Obama said back in March. "It's the last thing I think about when I go to bed each night."
In fact, nearly six months later, the White House reports that Obama is working on a new strategy for job creation that will be unveiled after he returns from vacation.
Come on!!! 2 trillion error. S&P got it right! This should clearly show the people, if Obama and company doesn't like your position, they will come after you with every weapon in the government. Are these the type of people you want running the government??? This is not the first time and will not be the last until he is out of office.
First, by the government's own numbers, small businesses have created 64 percent of the net new jobs in the U.S. economy over the past 15 years.
In fact, that understates the role of small business, since the vast majority of America's medium-sized and large businesses began as small businesses. The Heinz corporation began when 16-year-old Henry Heinz grated piles of horseradish at home, using his mother's recipe, and sold the bottled product door-to-door in Sharpsburg out of a wheelbarrow.
Yet since Obama took office, employment at federal regulatory agencies has jumped 13 percent while private-sector jobs shrank by 5.6 percent.
Second, 39 percent of small-business owners said in a Chamber of Commerce survey in July that ObamaCare was either their greatest or second-greatest obstacle to new hiring.
The president of the Federal Reserve Bank of Atlanta, Dennis Lockhart, concurs, stating that "prominent" among the obstacles to hiring is the "lack of clarity about the cost implications" of ObamaCare.
"We've frequently heard strong comments," reported Lockhart, "to the effect of, 'My company won't hire a single additional worker until we know what health insurance costs are going to be.'"
Additionally, 84 percent of small business owners in the survey said the economy is on the wrong track, 79 percent view the current regulatory environment as unreasonable, and 79 percent believe Washington should get out of the way of small business, rather than offering a helping hand (14 percent).
In its first 26 months, reports The Heritage Foundation, the Obama administration imposed new regulatory rules that will cost the private sector $40 billion. In July alone, reports Sen. John Barrasso, R-Wyo., federal regulators imposed a total of 379 new rules that will add some $9.5 billion in new costs.
Bottom line: What's required from Obama is a complete about-face, the shelving of his flawed economic philosophy and a reversal of his counterproducti ve policy prescriptions.
Read more: Obama: Circling back to the iceberg - Pittsburgh Tribune-Review http://www.pittsburghlive.com/x/pittsburghtrib/opinion/s_752463.
The Republican primary is a good start to tell America the choice will be easy. Those crazzies will be on display and they won't be able to chew donuts when people ask them questions.
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