S&P President Asked To Leave Because He Downgraded The US to AA Rating?

Posted by Kris | Tuesday, August 23, 2011 | | 0 comments »

This is literally shooting the messenger!! Poor fellow.

Aug. 23 (Bloomberg) -- Standard & Poor’s, the rating company that downgraded the U.S. AAA credit ranking for the first time, will replace President Deven Sharma with Citibank NA Chief Operating Officer Douglas Peterson.
Sharma, 55, will leave at the end of the year to “pursue other opportunities,” S&P’s parent McGraw-Hill Co. said in an e-mailed statement. Peterson, 53, will take over Sept. 12 and Sharma will work on company’s strategic review.
S&P downgraded the U.S.’s debt rating Aug. 5, to AA+ from AAA, saying political divisions in Washington were preventing the country from tackling its fiscal deficit. The cut has drawn criticism from investors including Warren Buffett and Legg Mason Inc.’s Bill Miller, who described the move as “precipitous, wrong and dangerous” in light of stock-market selloffs. (Of course lar. If I owned alot of US stocks , i will surely shoot anyone who downgraded the US debt rating and cause my stock holdings to drop like no tommorow!!.)