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Indian-born executive led U.S. downgrade

Discussion in 'International Politics' started by xXX-Nair:::Saab-XXx, Aug 9, 2011.

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  1. xXX-Nair:::Saab-XXx

    xXX-Nair:::Saab-XXx Major SENIOR MEMBER

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    There is an Indian at the helm of affairs surrounding the historic downgrade of the United States' creditworthiness. Ratings agency Standard & Poor's' unprecedented move was taken under the leadership of Indian-born Deven Sharma.

    Mr. Sharma was at the forefront of S&P's decision to downgrade the U.S. long-term sovereign credit rating from the top-notch ‘AAA' level for the first time ever since a rating was assigned to the world's largest economy.

    When the U.S. administration took up cudgels against the ratings agency, terming its analysis flawed and questioning its credibility and integrity, Mr. Sharma again led from the front in defending S&P's move.

    He said the angry reaction from the U.S. was on expected lines and “the same you would get from any other country or companyâ€￾ being downgraded.

    Mr. Sharma was named S&P president in 2007. He also chairs the board of Crisil, S&P's Indian subsidiary.

    He holds a bachelor's degree from the Birla Institute of Technology, Mesra, a master's degree from the University of Wisconsin and a doctoral degree in Business Management from Ohio State University.

    He did his schooling in Jharkhand's Dhanbad district.


    Mr. Sharma is part of an expanding league of Indian-origin persons heading global financial institutions.

    Incidentally, another Indian-born executive Vikram Pandit was at the helm of the efforts to steer global banking giant Citigroup out of the financial crisis of 2008.

    Recently, another Indian-origin banker, Anshu Jain, was appointed co-CEO of German banking major Deutsche Bank.

    Mr. Sharma joined S&P in 2006 as Executive Vice-President, Investment Services and Global Sales, and prior to that he was Executive Vice-President, Global Strategy, at The McGraw-Hill Companies for five years.

    He joined The McGraw-Hill Companies in January, 2002, from Booz Allen Hamilton, a global management consulting company, where he was a partner.

    Much of his experience includes work with global corporations in the U.S., Latin America, Europe and parts of Asia. Before joining Booz Allen, he worked with manufacturing companies Dresser Industries and Anderson Strathclyde. Mr. Sharma is also a member of the Federal Deposit Insurance Corporation's Systemic Resolution Advisory Committee and the Council on Foreign Relations. He also serves on the International Advisory Board of the British-American Business Council and the Asia Society Business Council.

    The Hindu : News / National : Indian-born executive led U.S. downgrade
     
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