Monday, August 22, 2011

Speechless

Not sure what to say about this.  I'm not usually one to believe in conspiracy theories but .....  Earlier today the CEO of the S&P spontaneously stepped down from his position and will be leaving the company, to be replaced by a CEO of Citibank (banking unit of citigroup).  This comes just weeks after the S&P made the bold move to downgrade US debt from AAA to AA+.  The US government immediately launched a full scale investigation of the S&P after the downgrade on the premises of making misleading mortgage ratings back in 2008!?!?!  4 days into the investigation....nothing surfaced of course.... and the CEO, Sharma, steps down (today).  As if it needed to get any fishier, the CEO replacement from Citibank, Douglas Peterson,  was a large critic of the S&P downgrade of US debt as part of a to-big-to-fail bank.   In a direct conflict of interest, Peterson stands to gain tremendously from reinstating the governments AAA rating.  Its funny how the one man telling the truth among the raters has just been kicked to the curb by Uncle Sam.   Tax Payers will end up shelling out some serious extra dough for moves like this one day.

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