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Is Deven Paying the Price for Downgrading World's Superpower?
By siliconindia
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Thursday, 25 August 2011, 02:02 IST |
16 Comments
Commenting on S&P's decision, U.S. treasury, Timothy Geither said "S&P's decision showed stunning lack of knowledge about basic U.S. fiscal budget math, and they had reached absolutely the wrong conclusion."
He proved to be the villain for the Americans but for his friends he still remains as a hero. Sudhir, Sahay, a close friend of Sharma says that his exit was definitely linked to the debt downgrade "His decision put the U.S. in a difficult situation. I think he was forced to go because of that," said Sahay, a college mate of Sharma. "Deven is a man of conviction. He was always firm in his decisions. For us, he will always remain a hero," said Sahay.
Back home, Deven Sharma's father, RN Sharma, does not believe his son's impending exit has anything to do with the downgrade.
The former chairman of Bharat Coking Coal told ET: "There is some other issue. He was looking for something else, something new. Deven worked with S&P for long, since 2007, and knew he would not continue with them any longer."
Sharma joined S&P's parent, McGraw-Hill in 2002 and for the past 9 years he has been involved in grading. When he took over S&P as the President, he was scrutinized by the U.S. government and media for the meltdown which occurred during the sub-prime crisis in the U.S. housing sector.
Currently S&P is facing scrutiny from the U.S. Justice Department. According to the New York Times, the firm is facing a Justice Department inquiry into its ratings of subprime mortgage securities.
