August 23rd, 2011
08:58 AM ET

Ratings agency president steps down

The president of ratings agency Standard & Poor's, Deven Sharma, is stepping down, the company's parent firm McGraw-Hill Companies said in a statement.

The move comes after a tough month for S&P during which it went through with a controversial decision to downgrade the United States' credit rating and revelations of an investigation by the U.S. Justice Department into ratings practices for mortgage-backed securities.

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Filed under: Business • U.S.
soundoff (30 Responses)
  1. beachrat

    Typical cowardly move, do your damage then run with your ill-gotten proceeds. He is no better then all the rest of them, probably worse , considering the damage he has done. He should rot in hell
    Peace

    August 23, 2011 at 11:30 am | Report abuse |
    • Peter

      You mean burn.

      August 23, 2011 at 3:55 pm | Report abuse |
  2. Deven Sharma

    i bought a bunch of gold before the downgrade... lol suckers!!!

    August 23, 2011 at 12:21 pm | Report abuse |
  3. bobcat2u

    They need to dig a little deeper and find what or who was REALLY behind the decision by S&P for the downgrade. There is more to it than is being presente to the public.

    August 23, 2011 at 12:28 pm | Report abuse |
  4. clearmind

    the more to it is we are the beach and the tsunami has taken all the water out and OH s.h.i.t here it comes!

    August 23, 2011 at 1:50 pm | Report abuse |
  5. ndginla

    Well, it was probably the only rating S&P has ever relased that made any sense.

    Just goes to show how these rating agencies really work. If you p*ss off a client, heads will roll.

    August 23, 2011 at 2:34 pm | Report abuse |
  6. texannie

    I hope someone investigates his recent past before he has a chance to disappear to a private island in the Caribbean! The damage that the S&P's decision did to investors will take years to repair. Some of us don't have that many years left - The people suffer while the fat cats and big dogs wallow in their greed and political manipulation.

    August 23, 2011 at 2:38 pm | Report abuse |
  7. Stephen

    Enjoy prison, Sharma.

    August 23, 2011 at 3:05 pm | Report abuse |
  8. Roadkill

    This is US Justice Department (AKA GOV). Perhaps he did not resign by choice?

    August 23, 2011 at 3:25 pm | Report abuse |
  9. Rajesh Chandra

    Under the leadership of this joker, Deven Sharma, Lehman was rated "A" right until the month of its collapse. This guy's team could not add up the numbers and made a $2 trillion mistake in its calculations which was used to downgrade the sovereign rating of the US. The US will remain top rated despite its debt load or political problems because it is issues the reserve currency of the world and hence can service its debt obligations in perpetuity.

    Good riddance of this corrupt S&P official, he has caused untold damage to the fragile world economy.

    August 23, 2011 at 10:18 pm | Report abuse |
  10. estherbenner123

    The right choice When choosing between an FHA refinance and a conventional loan, borrowers need to evaluate the cost of the refinance versus the benefit use "123 Refinance" calculator to choose

    August 24, 2011 at 6:26 am | Report abuse |
  11. WOT

    How much did he walk away with for such a short stay with SnP.
    All those crooks make up lies about every thing! Wall Street will be under water by Monday and that's no Joke!

    August 24, 2011 at 12:38 pm | Report abuse |
  12. WOT

    Sharma the shortest short story.( The Trip To Sharma) Read the story, for the moral of it!

    August 24, 2011 at 12:51 pm | Report abuse |
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