Deven Sharma is stepping down as president of Standard & Poor’s.
His resignation comes only weeks after the rating agency issued an unprecedented downgrade of the credit of the US, the company said.
Mr Sharma will remain as an adviser to S&P’s owner, McGraw-Hill, for four months and leave the company at the end of the year. He will be replaced as S&P president by Douglas Peterson, chief operating officer of Citibank, the banking unit of Citigroup.
The downgrade of US credit on August 5 led to the worst single day fall in US equity prices since the depths of the financial crisis.
The AA+ verdict on the US Economy triggered weeks of global market volatility.
Source: Financial Times
The official explanation, is that the removal of chairman Sharma has nothing to do with his downgrade of Obama from AAA to AA+.
Few outside Obamas camp will believe the official version. Dictatorship is not a fruit of the American dream, is what we will be told. But all wise men knows, that in the US cash is the king. When the rich and powerful starts loosing money, someone will have to be removed. Sharma was honest. Such honesty can not be accepted.
President Sharma of Standard & Poor’s are only a whistle blower. He exposes that the American economy is on a down hill move, and that there are more secure foreign bonds, than those issued by the US Treasury.
Whistle blowers must be removed, and replaced with people who say “yes”. When the Commander in chief gives an order, they must jump. Even if the command will lead a full nation off the cliff, and into the abyss of endless debts.
Who is the chairman of the owner of Standard & Poor’s, who removed Sharma?
The “culprit” is the owner of Standard & Poor.
This is what Forbs Magazine has recorded from his profile.
His name is Harold McGraw III.
McGraw III is the 356 highest paid executive in the US, with 3,75 million USD as his annual compensation. His “golden parachute” is worth 38 million dollar, a five year compensation plan including options.
This man must have lost an awful amount of money, because of his “independent” daughter company’s downgrade of the American economy.
Did Harold McGraw III run the risk of being dumped from any board, of He did not do as the staff of Obama requested him?
Among other posts the owner of Standard & Poor holds:
Board of Directors of ConocoPhillips
Board of Directors of United Technologies Corporation. Mr.
McGraw is the Vice Chairman of the International Chamber of Commerce.
He is Chairman of the Emergency Committee for American Trade (ECAT),
He is the Chairman of the US-India Business Council.
He is the Chairman of US Council for International Business and a member of The White House convened US-India CEO Forum.
So, off course there was no pressure from the White House to dump Sharma.
The annual turnover of McGraw-Hill is six billion USD. The company’s income comes from many sectors, also media and sales of text books to schools. The company own nine TV-channels.
Everyone who does evil hates the light, and will not come into the light for fear that their deeds will be exposed.
Written by Ivar