S&P President Sharma To Step Down
RENEE MONTAGNE, host:
NPR's business news starts with a shakeup at S&P.
(Soundbite of music)
MONTAGNE: The president of Standard & Poor's is stepping down. Deven Sharma apparently has been planning to resign for a while, but his announcement comes at a sensitive time for the credit-rating agency. It still faces criticism for its decision earlier this month to downgrade the debt of the U.S. government.
S&P is also being investigated by the government for the way it rated subprime mortgage securities in the years leading up to the financial crisis. Sharma will be replaced by an executive from Citigroup.
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