Skip to comments.S&P chief resigns; hedge fund seeks parent split
Posted on 08/23/2011 10:45:08 AM PDT by Nachum
NEW YORK (AP) -- Standard & Poor's wild month continues.
The president of S&P is stepping down just two weeks after the rating agency stripped the United States of its AAA credit rating. At the same time, an activist hedge fund is calling for S&P's parent to break into four separate companies to unlock more value for shareholders.
McGraw-Hill Cos., the parent company, said that the resignation of Deven Sharma was not related to Jana Partners' break-up proposal or to S&P's polarizing decision to downgrade its rating on U.S. debt. McGraw-Hill named Citibank's chief operating officer, Douglas Peterson, to the S&P job late Monday.
Jana Partners, which had also called for new leadership at S&P, issued a terse response Tuesday to Peterson's appointment. "Recognizing the need for help at S&P will be useful," the firm said in a statement, "but to address years of chronic underperformance for its shareholders McGraw-Hill will need to take much bolder steps."
(Excerpt) Read more at hosted.ap.org ...
” the resignation of Deven Sharma was not related to Jana Partners’ break-up proposal or to S&P’s polarizing decision to downgrade its rating on U.S. debt.”
” McGraw-Hill named Citibank’s chief operating officer, Douglas Peterson, to the S&P job late Monday.”
S&P Democrat ratings
S&P Tea Party ratings
S&P Black caucus ratings
S&P Union ratings..
McGraw-Hill, the book publisher? They own S&P? Well, no wonder all of the books I have to buy for my college student are $150/book! Can you say Windfall Profits on College Book Publishers?
“the resignation of Deven Sharma was not related to . . . S&P’s polarizing decision to downgrade its rating on U.S. debt.”
Just a coincidence.
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