 Image from a quicklink (Image by Unknown Owner) Details DMCA | Standard & Poor's president Deven Sharma is to leave the credit rating firm at the end of the year. The decision follows the credit rating agency's decision to downgrade US debt. S&P also faces an inquiry by the justice department into its ratings of subprime mortgage securities. Company sources said Sharma's decision predated S&P's historic downgrade of US debt earlier this month. The cut presaged a worldwide rout on the stock markets as it threatened to increase the US's cost of borrowing and caused outrage in Washington. The treasury secretary Tim Geithner said the agency's decision showed "stunning lack of knowledge about basic US fiscal budget math", and they had "reached absolutely the wrong conclusion". |
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At www.guardian.co.uk
At www.guardian.co.uk
