S&P is owned by book publisher McGraw Hill, which derives most of its sales directly or indirectly from the government.
Heave ho!
Cease Fire!
Bombs away!
If this was due to government pressure, his exit could cause much more damage than the bond downgrade. If the government has the power to control who rates the bonds and what they say, the ratings have no credibility.
http://online.wsj.com/article/SB10001424053111903327904576525141971060106.html?mod=googlenews_wsj
they got to him…
What are the chances that Mr McGraw summers on Martha’s Vineyard?
The idea that the COO of Citigroup – one of the largest recipients of TARP money – can act as a neutral observer in evaluating credit risk of the US Treasury is pretty outrageous. If I’m Moody’s, I downgrade today. First they came for S&P, and I didn’t make my living selling textbooks to the US Government, so I said nothing.