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The Indian behind U.S. downgrade
By siliconindia
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Thursday, 11 August 2011, 00:52 IST |
61 Comments
Devan Sharma has been a part of Standard & Poor's since 2006 as Executive Vice-President and was promoted to president a year later. Before joining the S&P, he worked as an Executive Vice-President at The McGraw-Hill Companies, S&P's parent company, for five years.
S&P under Sharma had been under scrutiny for its 2008 sub-prime and market crisis along with some other top rating agencies. In a settlement agreement with the New York Attorney General, the rating agencies later agreed to mend their rating policies. In a letter published in the WSJ in 2009, Sharma clarified, "We have made significant efforts to strengthen our independence and quality, and combined with the Security and Exchange Commission's regulatory oversight. we will continue to strive for the highest standards of independence, transparency and analytical quality."
His initial days of employment were with Dresser Industries and Anderson Strathclyde before he joined Booz, Allen & Hamilton, in 1988. After working with Booz for 14 years, he moved to The McGraw-Hill in 2002. He has also been the Director of CRISIL from July 22, 2005 to July 2008.
