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The Indian behind U.S. downgrade
By siliconindia
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Thursday, 11 August 2011, 00:13 IST |
61 Comments
Bangalore: Emerging from the coal city of Dhanbad in Jharkhand, it's that rich experience and in-depth industry knowledge that took Deven Sharma to the chair of the President of Standard & Poor's. The man, who has never been a popular figure in the world media until S&P downgraded the U.S. credit rating from 'AAA' to 'AA+', is now one of the most searched names on the internet and his action is a hot topic on the web. The downgrading and the following economic developments across the globe are making headlines everywhere and people are desperately trying to make some sense of the global economics and the credit crisis.
Born in 1956, Devan Sharma did his schooling from Dhanbad and then received his Bachelor's Degree from Birla Institute of Technology, Ranchi. Then he moved to the United States to acquire a Master's Degree from University of Wisconsin-Milwaukee and then a Doctoral Degree in Business Management from Ohio State University.
The spotlight was turned on Sharma when his team of professionals decided to downgrade the prestigious top rating AAA+ that is regarded as the Gold standard in the world of finance, which the nation enjoyed since 1914. The possibility of downgrading was on air for some time and finally it was out to the public officially on August 5, a decision welcomed by severe criticism from many, especially from the U.S. Treasury officials.
