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.”
Uh-huh...
” McGraw-Hill named Citibank’s chief operating officer, Douglas Peterson, to the S&P job late Monday.”
Citibank... uh-huh...
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.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.