This page has been archived and commenting is disabled.

S&P Board Fires CEO For Telling The Truth, To Be Replaced With COO Of Citibank

Tyler Durden's picture


Following years of pandering to client demands, and assigning trillions of dollars in fixed income securities with whatever rating money bought (among other things, a factor to the credit bubble and its subsequent implosion) S&P finally tried to do the right thing and tell the truth. However in this case it picked if not the worst, then certainly the most hypocriticial credit in the world to expose - the US itself. Sure enough two weeks after the downgrade, someone made the phone call and the CEO Deven Sharma is no more. As for the kick square in the gonads: Sherma will be replaced with the COO know it... the bank which demanded tens of billions in secret Fed bailout loans itself, Citibank, and whose existence is inextricably tied to America not seeing any more downgrades ever again.

As the FT reports, "The McGraw-Hill board made the decision to replace Mr Sharma at a meeting on Monday, where it also discussed an ongoing strategic review." Alas, this is nothing but a case study of modern corporate reality in America: if you are not with the status quo, you are against it, and you are promptly booted out of it: anyone who does not share the visions of one glorious future built on ponzi schemes, houses of cards, and games of three card monte, will be promptly suicided, either physically or professionally.

We expect that this flagrant example of how the powers that be will deal with any dissenters will instill the fear of god in anyone at either Moodys (or the French sycphants from Fitch) and nobody will ever again menton the words "US" and "downgrade" in the same sentence.

From the FT:

Deven Sharma is stepping down as president of Standard & Poor’s only weeks after the rating agency issued an unprecedented downgrade of the credit of the US, according to people familiar with the matter.


Mr Sharma will remain as an adviser to S&P’s owner, McGraw-Hill, for four months and leave the company at the end of the year, they said.


Mr Sharma will be replaced as S&P president by Douglas Peterson, chief operating officer of Citibank, the banking unit of Citigroup, they said.

As for the official story:

People close to the company said the search for Mr Sharma’s replacement has been going on for six months, and was triggered by the split of its data, pricing and analytics business from its ratings business. The creation of that new group, McGraw-Hill Financial, reduced the scope of Mr Sharma’s oversight, they said.

So let us get this straight: in America when you dare to tell the truth, your career is over, while if you are a corrupt, lying, incompetent tax evader you not only get to be Treasury Secretary but likely will be on for life as long as you do the one duty you are entrusted with: pander to the interests of the Too Big To Fail financial institutions

We should be speechless but at this point we are well beyond the point of even caring.

The only question left in this entire farce is how long before S&P issues the following upgrade of the US:

"Great service, AAA+++ rating, immediate payment, would do business again!!!"


- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Mon, 08/22/2011 - 21:22 | 1588520 Nevermind
Nevermind's picture

Career risk takes on new meaning. 

Mon, 08/22/2011 - 21:47 | 1588654 km4
km4's picture

The Wall St ponzi economy is worse than Muammar Gaddafi i.e. can't get rid of them fast enough !

Mon, 08/22/2011 - 22:11 | 1588746 Pladizow
Pladizow's picture

Add this to the long list of reasons to own gold and silver.


Mon, 08/22/2011 - 22:25 | 1588818 Missiondweller
Missiondweller's picture

Agreed. Until the system collapses and is rebooted I'm not owning paper investments.

Mon, 08/22/2011 - 22:32 | 1588850 phyuckyiu
phyuckyiu's picture

Are you SURE you wish to leave NEGATIVE feedback for this Seller? Double Triple Positive?? (Comments cannot be reversed, and the dispute resolution can cost you your career, or cause large amounts of voltage in the water of hot tubs you happen to find yourself in.)

Mon, 08/22/2011 - 22:52 | 1588907 redpill
redpill's picture

Please select one of the two options:

YES I want to refrain from leaving negative feedback

NO I don't want to leave negative feedback


Thank you for using S&Pbay.  Sign up today for your S&Pbay VISA and save 10% on your next purchase*


*as long as you don't leave negative feedback


Mon, 08/22/2011 - 23:05 | 1588954 phyuckyiu
phyuckyiu's picture


Mon, 08/22/2011 - 23:49 | 1589075 TruthInSunshine
TruthInSunshine's picture



Oliver Stone or Quentin Tarantino couldn't make this shit up if they were writing scripts while dropping acid.

Mon, 08/22/2011 - 23:59 | 1589097 tip e. canoe
tip e. canoe's picture

think again...

"look bitch you knew I was a snake."

Tue, 08/23/2011 - 00:29 | 1589148 TruthInSunshine
Tue, 08/23/2011 - 00:46 | 1589185 eureka
eureka's picture

Here are the snakes:

Who will crush the head of the snakes?

Tue, 08/23/2011 - 00:54 | 1589204 tip e. canoe
tip e. canoe's picture

the Lord of Indifference, otherwise known as King "Who Gives a Fuck About These Scumbag Lowlife Cockroaches Anymore, I Got a Peak Oil Wave To Surf?"

Tue, 08/23/2011 - 10:28 | 1590159 Manthong
Manthong's picture

He can cry in his beer down in the lobby bar of the next Bilderberg meeting.

Tue, 08/23/2011 - 12:11 | 1590572 tip e. canoe
tip e. canoe's picture

he's too busy brewing his own.

Tue, 08/23/2011 - 01:36 | 1589253 Dugald
Dugald's picture

Whats the fuss, it's all happened before.....but then it was called.....

                                                                  THE GOON SHOW

Mon, 08/22/2011 - 23:54 | 1589081 Hacked Economy
Hacked Economy's picture

Excellent spoof, everyone.  I really needed that laugh.  ;)

Now S&Pbay will soon be as worthless as eBay is today.  The glory days are behind them.  No need to worry about Deven Sharma, folks...I'm sure he's walking away with millions of dollars in earned salary and stock options.

Oh wait.  Sorry about that...I got the incoming Citibank CEO confused with Sharma for a minute.  Sharma probably only has until the end of the year (end of employment with S&P) at which point he'll have to start checking under his car every morning before starting it.

Tue, 08/23/2011 - 00:39 | 1589170 Nihilarian
Nihilarian's picture


Tue, 08/23/2011 - 06:54 | 1589453 Silver Dreamer
Silver Dreamer's picture

"it is dangerous to be right when the government is wrong."

Tue, 08/23/2011 - 07:03 | 1589460 Dental Floss Tycoon
Dental Floss Tycoon's picture

He got off better than I expected.  I thought he would get two to the head.

Tue, 08/23/2011 - 11:27 | 1590404 bread n circuses
bread n circuses's picture

wait for it....

Tue, 08/23/2011 - 04:43 | 1589386 slaughterer
slaughterer's picture

Looks like OGolfer has been working on vacation after all.  

Mon, 08/22/2011 - 23:18 | 1588996 Sam Clemons
Sam Clemons's picture

"Governments lie; bankers lie; even auditors sometimes lie: gold tells the truth."
Lord Rees Mogg, economist & former editor of The Times

First we were going to print (borrow) our way to prosperity, then we were going to do accounting tricks on our way to prosperity, now we are going to lie to ourselves on our way to prosperity.  

"The projected U.S. budget deficit for fiscal year 2011 of $1.645 trillion is 43% of total projected government expenditures in 2011 of $3.819 trillion."  Blaming the S&P for this is like blaming the fire on the person who pulls the alarm.

Why do Americans desire to be deceived instead of told the truth?

Mon, 08/22/2011 - 23:35 | 1589046 LongBallsShortBrains
LongBallsShortBrains's picture

Why do Americans desire to be deceived?

Too many lamp post without a politician swinging from them. The "dog " doesn't bite. Once a couple of lamp posts get occupied and they figure out that the dog does bite................. We will learn a lot of truths

Mon, 08/22/2011 - 23:56 | 1589089 Hacked Economy
Hacked Economy's picture

Dude, really?  You can't find an avatar with a Victoria's Secret underwear model, or even a firm set of mamms?  You have to put up a pic of a nutsack?

Tue, 08/23/2011 - 03:55 | 1589361 Seer
Seer's picture

Edward Bernays

Tue, 08/23/2011 - 11:29 | 1590408 bread n circuses
bread n circuses's picture

red down arrow for your avatar.

Tue, 08/23/2011 - 02:30 | 1589303 Koffieshop
Koffieshop's picture

Why do Americans desire to be deceived instead of told the truth?

Because in groups we are prepared so sacrifice some common scene to feel good about ourselves and our community. The smart and ruthless know how to exploit this tenancy to self-delusion, but usually get too cocky ad risk the pitchforks eventually.

This is why we can't have long term peace and stability. Apparently this is good for the species, else evolution would have gotten rid of this effect.

Tue, 08/23/2011 - 11:34 | 1590423 bread n circuses
bread n circuses's picture

The human race has only had widespread access to mass information for 500+ years or so (and really, really good access for the past 10 years).  This is not enough time for genetic evolution to work.  In the meantime, you can evolve your mind by educating yourselves and those around you.  This can ward off this effect you describe.

Tue, 08/23/2011 - 11:53 | 1590501 FreedomGuy
FreedomGuy's picture

Even the ancient scriptures say that offered the truth people often prefer the lie. That is the politicians' and governments' advantage. They know people "want" to believe the tripe they offer.  It is probably rooted in a fundamental preference to hope and believe for the best.

Tue, 08/23/2011 - 05:20 | 1589405 gunsmoke011
gunsmoke011's picture

Always Remember - while playing at this level -- Telling The Truth and Complete Transparity are Deeply Encouraged -- Just Not Tolerated.

Mon, 08/22/2011 - 22:12 | 1588755 Ahmeexnal
Ahmeexnal's picture

Shoarma gets the boot, and in comes Falafel.

Mon, 08/22/2011 - 22:13 | 1588765 Confused
Confused's picture

Who doesn't love falafel? Seriously? 

Mon, 08/22/2011 - 22:27 | 1588830 spiral_eyes
spiral_eyes's picture

we're going into the "dissent will not be tolerated phase". 

first they ignore you, then they laugh at you, then they fight you, then you win.

this is the fight stage. 

Mon, 08/22/2011 - 23:26 | 1589018 tbone654
tbone654's picture

MAN! Waiting to hear German Troops are marching into Poland...  Nothing to see here, move along...

Tue, 08/23/2011 - 06:58 | 1589455 Silver Dreamer
Silver Dreamer's picture

No offense to you meant, but I really hate that quote.  History is full of examples where it fails miserably.  If they equals the govenrment, you often end up dead, not winning.

Mon, 08/22/2011 - 22:00 | 1588706 Mad Marv
Mad Marv's picture

How long can TPTB keep this shit going?  Collapse already, so the healing can begin!

Tue, 08/23/2011 - 00:06 | 1589111 rocker
rocker's picture

Collapse ?  What ?   Can't do that, much more printing needed.  We have not bailed out all that need with new monetary swap lines created by FED to back stop the elite Bond holders who want a New Debt Line of Money Fed to them by the FED.  LOL 

Of course, we have Robert Prechter who has gone radical with 50 charts of old stuff and a 1 hour video of old stuff on why the Dow, S&P, Oil, Gold and Silver are going down. Before anybody jumps me. It was a FREE offer. I just had to read why he has been so wrong on everything again. Might the Dow go down, you bet. Could Gold correct, you bet. But this butt head told subscribers to short the market three Februarys in a row.  Told subscribers to watch silver collapse at $17.00.  This guy also says the FED does not matter and inflation is not real. He has had that view for over three years too. I guess he doesn't buy gas, food, electricity or pay taxess.  Hello, no inflation. LOL again.  

My thought. Stick with ZH, listen to real news and think.  ZH is a great place to start and finish.      

Mon, 08/22/2011 - 22:13 | 1588764 Harbourcity
Harbourcity's picture 

Was unavoidable.  S&P is paid by clients and it lost a lot of clients because of the downgrade... why would you pay a company to do you a downgrade?  Just hire Obama.



Like the government, it's a business after all. 

Tue, 08/23/2011 - 11:56 | 1590518 bread n circuses
bread n circuses's picture

Next up:  JD Power (a MHP company) gives all auto awards to GM and all Banking Awards to Citi.

Mon, 08/22/2011 - 22:25 | 1588819 oa92000
oa92000's picture

The S&P rating service is big mess itself..

They  gave their highest investment grades to mortgage-related securities which then plunged in value when house prices collapsed.

Mon, 08/22/2011 - 22:39 | 1588871 WonderDawg
WonderDawg's picture

Fuck, are you serious?

Mon, 08/22/2011 - 23:15 | 1588990 Rick64
Rick64's picture

Lol, bet thats the first time you guys heard of that.

Tue, 08/23/2011 - 00:22 | 1589135 Strom
Strom's picture

ZH should do a story on this!!!!!!!!!!!1one

Tue, 08/23/2011 - 03:36 | 1589347 oogs66
oogs66's picture

no way moody's downgrades them now

Tue, 08/23/2011 - 05:43 | 1589415 WarriorClass
WarriorClass's picture

"So let us get this straight: in America when you dare to tell the truth, your career is over, while if you are a corrupt, lying, incompetent tax evader you not only get to be Treasury Secretary but likely will be on for life as long as you do the one duty you are entrusted with: pander to the interests of the Too Big To Fail financial institutions"

This is not new; I found it true in Corporate America for the last 20 years, as well as in the UK.  It's SOP.

Mon, 08/22/2011 - 21:23 | 1588526 rich_maverick
rich_maverick's picture

Got gold??

Mon, 08/22/2011 - 21:59 | 1588652 wang (not verified)
wang's picture

I think before we rush to judgement we should respect the corporate governance that McGraw has in place. The seem like a decent group to me.

Presenting the Board:


Mon, 08/22/2011 - 22:07 | 1588735 dukeland
dukeland's picture

Yes, so decent that they have now ordered each letter on all keyboards at S&P to be replaced just one letter "A".

Have fun typing any other letter now, bitches!!

Mon, 08/22/2011 - 22:23 | 1588810 CompassionateFascist
CompassionateFascist's picture

"Douglas N. Daft"? "Hilda Ochoa-Brillembourg"??

Tue, 08/23/2011 - 00:30 | 1589152 TruthInSunshine
TruthInSunshine's picture




The timing of this is BEYOND suspect:

08-22 16:51: McGraw-Hill (MHP) said to get shareholder plan to break up company

Tue, 08/23/2011 - 04:45 | 1589387 slaughterer
slaughterer's picture

The McGraw Hill break up plan has been going on for awhile.  The company is poorly organized.  No coincidence.  

Tue, 08/23/2011 - 00:33 | 1589160 Head_Shots_Work
Head_Shots_Work's picture

Oh puhleeze - they're all lizard people in disguise...

Tue, 08/23/2011 - 05:07 | 1589400 Bubba Schwartz
Bubba Schwartz's picture

Thanks for posting this.  After reading some of the bios, it looks like the foxes are guarding the henhouse.

One guy tries to ring a warning bell and TPTB can't handle it.

Game over.  Hunker down.  It's gonna get ugly.

Tue, 08/23/2011 - 07:02 | 1589459 Silver Dreamer
Silver Dreamer's picture

Again, this is all assuming the downgrade was NOT part of the plan.  I still believe it was of course.  Problem, reaction, and solution after all.

Mon, 08/22/2011 - 21:24 | 1588531 mfoste1
mfoste1's picture

fuck this shit......


Mon, 08/22/2011 - 21:40 | 1588613 dwdollar
dwdollar's picture

This is truly surreal.

Mon, 08/22/2011 - 21:59 | 1588703 Nevermind
Nevermind's picture

This must be where a reincarnated Leslie Nielsen comes in as Treasury Secretary and says, "I picked a bad week to quit buying gold."

Mon, 08/22/2011 - 22:23 | 1588811 mnevins2
mnevins2's picture

I believe you meant to refer to Lloyd Bridges?  RIP both of them!

Mon, 08/22/2011 - 22:03 | 1588718 sunnydays
sunnydays's picture

Perfect sentence inserted at the bottom of the article:


We should be speechless but at this point we are well beyond the point of even caring.

Mon, 08/22/2011 - 23:18 | 1588998 tekhneek
tekhneek's picture


Tue, 08/23/2011 - 00:42 | 1589177 DeadFred
DeadFred's picture

Just yesterday we read the latest of Tyler's posts on the Chinese losing their patience with the US, this time because of our lying statistics. This move slaps them in the face. They are very serious about face and they are getting pissed. This is a very stupid move.

Tue, 08/23/2011 - 02:50 | 1589317 macholatte
macholatte's picture

This move slaps everyone in the face & laughs. It's raw muscle & power at work. Visions of Hulk Hogan picking up S&P CEO Deven Sharma and just tossing him out of the ring where he lands a bare concrete floor. It's not smart to get the BIG gorrilla upset. Lots of folks are taking notes. This is Fight Club Wall Street.

Mon, 08/22/2011 - 22:58 | 1588924 MsCreant
MsCreant's picture

...hard, with no lube.

Tue, 08/23/2011 - 07:00 | 1589457 falak pema
falak pema's picture

you be some she male, lady

Mon, 08/22/2011 - 21:24 | 1588532 virgule
virgule's picture

I'm vomitting

Mon, 08/22/2011 - 21:37 | 1588595 Upswaller
Upswaller's picture

Me too.  I just upswallered.

Mon, 08/22/2011 - 21:25 | 1588537 Sqworl
Sqworl's picture


Mon, 08/22/2011 - 23:00 | 1588932 MsCreant
MsCreant's picture

Yes maam!

Mon, 08/22/2011 - 21:25 | 1588539 caerus
caerus's picture

so are we AAA again yet?

Mon, 08/22/2011 - 21:29 | 1588563 nm1
nm1's picture

Are we AAA again? 


Quoting Obama: America will always be a Triple A country! now bring out your pink pom pom's girls.

Mon, 08/22/2011 - 23:24 | 1589015 Sam Clemons
Sam Clemons's picture

Talk about a delusional statement.  These morons think that because they say something it is true.  I get the feeling he has no clue what it is like to be a real American.

"They must find it difficult...
Those who have taken authority as the truth,
Rather than truth as the authority."

-G. Massey, Egyptologist

Tue, 08/23/2011 - 10:00 | 1589987 Ident 7777 economy
Ident 7777 economy's picture






  Someone was obviously conflicted by your quote (Obummer 'hisself' reads ZH? Coulda been Fibbs or the present press secr too I suppose ...); I took the initiative of correcting their confliction by punching an additional "+1" ...





Mon, 08/22/2011 - 21:42 | 1588623 dwdollar
dwdollar's picture

F'ck that!!!  AAAA baby!!!

Mon, 08/22/2011 - 22:01 | 1588708 MarkD
MarkD's picture

Exactly...... AAA+++ is old school. After all, we are America....fuck ya

Mon, 08/22/2011 - 22:37 | 1588858 cowdiddly
cowdiddly's picture

Great Ebayer, fast payment AAA+++++++++++++++++++++++++++++

"The truth? You can't handle the truth. Jack Nicolson

Mon, 08/22/2011 - 21:27 | 1588540 pesamystik
pesamystik's picture

We need to get off the internet, and start organizing in person. Entire states need to secede, there needs to be a complete reworking of this country. The kleptocrats are in full control and mock the rest of the 95% with flagrant power plays like this. 

I guess start by volunteering for the Ron Paul campaign, and hopefully met some like-minded people. Well, I don't think many people for a RP campaign are on board for seceding (I suppose Perry might be better for that) but I'm sure there are some people who are fed up with this financial oligarchy.

Mon, 08/22/2011 - 21:36 | 1588593 Randy Kruger
Randy Kruger's picture

I agree - the least you can do is support Dr. Paul.  Donating your time to spread the word on the internet is a good first step.  Donating $2500 and convincing others to do the same would be another constructive step.   

Mon, 08/22/2011 - 21:48 | 1588659 pesamystik
pesamystik's picture

I have donated a few hundred altogether, can't afford much more at this point, but plan to put in another $300 or so shortly. I have spread the word about Paul and people are definitely receptive.

Mon, 08/22/2011 - 22:27 | 1588831 CompassionateFascist
CompassionateFascist's picture

Right. Support the Libertard who's 100% for free trade + open borders. The two policies that hollowed out our economy to the point where only Fed + gov't demand-forcing is keeping it (barely) alive. 2012: BULLETS NOT BALLOTS! Spend the $$$ on an automatic rifle.

Mon, 08/22/2011 - 22:42 | 1588876 GoinFawr
GoinFawr's picture

Ralph Nader Ralph Nader Ralph Nader Ralph Nader '96

Ralph Nader Ralph Nader Ralph Nader Ralph Nader '00

Ralph Nader Ralph Nader Ralph Nader Ralph Nader '04

Ralph Nader Ralph Nader Ralph Nader Ralph Nader '08

Question: if Ralph Nader was elected POTUS in '04 and lived long enough to be re elected in '08, would he have allowed the bail out of any banks?

Probable answer: No.  And you'd already be well on your way to a legitimate economic recovery. Oops.

Ron Paul/Ralph Nader 

Mon, 08/22/2011 - 23:03 | 1588946 john39
john39's picture

Voting is a fools errand. The game is fixed. But feel free to do so if it makes you feel like you have some say in how the overlords ass rape the common man.

Ralph does seem an honest guy, which is why he has no chance whatsoever.

Tue, 08/23/2011 - 01:04 | 1589219 Row Well Number 41
Row Well Number 41's picture

There will be plenty of things and people you will not want to vote for, but you can but your ass there will be plenty more you want to vote against.



Tue, 08/23/2011 - 10:01 | 1590011 Diogenes
Diogenes's picture

"Seems like" unless you have read his books.

Tue, 08/23/2011 - 22:46 | 1593196 GoinFawr
GoinFawr's picture

...and then you`d know ol' Ralph is as honest as they go. Either that or you could just have a cursory glance over the long list of accomplishments he`s compiled over the last FOUR  decades on behalf of America`s mainstreet (to be honest I find Ralph's writing insightful, his research thorough, and his points righteous, but his style is excruciatingly dry).

Voting isn`t a `fool`s errand`, it`s a privilege and a duty that can effect political change. It doesn`t always, especially in states where it is being egregiously undermined, but that hardly diminishes its principle.

All the folks I know who don`t take the opportunity to vote whine the loudest or, not surprisingly, bleat the quietest.

Tue, 08/23/2011 - 05:55 | 1589418 Bob
Bob's picture

Thanks for the link, GoinFawr!  I've been saying this for a long time--that was a genuine Ron Paul-Ralph Nader love fest!

Mon, 08/22/2011 - 23:38 | 1589056 jerry_theking_lawler
jerry_theking_lawler's picture

wrong again....hate it when "anyone", especially a liberal shill, spews lies. i am not even a RP supporter but know that he stands for true FREE TRADE (not 'managed' trade like we have) and BORDER SECURITY with smart immigration policy (but he wants ILLEGALS out)...

i bet he has alot of views like i have....leave me along, let me do my work and stop bothering me all of the social engineering. i am not an elitist as i do not want to control anyone else's life. i have a hard enough time managing my own life.....

Tue, 08/23/2011 - 00:09 | 1589116 Randy Kruger
Randy Kruger's picture

Right on, Adolph.  Can I come to your trailer and buy one from you?

Mon, 08/22/2011 - 23:26 | 1589022 Sam Clemons
Sam Clemons's picture

Unfortunately the peasants donating fiat won't do much against the financial oligarchy that can create and donate fiat ad infinitum.  I know this seems cynical, but it is just how I see it.

Tue, 08/23/2011 - 00:12 | 1589122 Randy Kruger
Randy Kruger's picture

Well, I'd rather waste that fiat on RP's campaign than watch it dwindle away.

Tue, 08/23/2011 - 05:17 | 1589403 Seer
Seer's picture
Why I won’t vote (and you shouldn’t either)

I quit giving money to politicos and other organizations just so that I can say that I care about changing the world... I now use that money directly to help create the world that I want.  I am more effective changing the minds of my neighbors than, say, Ron Paul is.  NOTE: When I voted I voted for Ron; and I contributed money to his campaigns.

Mon, 08/22/2011 - 21:38 | 1588600 silverbonz
silverbonz's picture


have you heard of "The Free State Projct"?  Chech it out

Mon, 08/22/2011 - 21:47 | 1588651 pesamystik
pesamystik's picture

I haven't, but I'm all for states taking their own path at this point, I'll check it out. 

I have followed the Second Vermont Republic movement

and have followed Thomas Naylor. Vermont has actually succeeded in getting some people in office who support secession It would be nice if these movements could get some more momentum. It's just a matter of the first state saying good bye. Many more will follow.

Tue, 08/23/2011 - 00:00 | 1589099 Hacked Economy
Hacked Economy's picture

I heard about this a few years back.  Nice to know there's still the rumbling below the surface...

Mon, 08/22/2011 - 21:46 | 1588646 dwdollar
dwdollar's picture

It's too late for that shit.  Save yourself.

Tue, 08/23/2011 - 00:54 | 1589202 DeadFred
DeadFred's picture

I think it's too early not too late. None of these changes will happen when the S&P is north of 500 and the DXY is north of 35. Give it time and make your plans.

Mon, 08/22/2011 - 21:53 | 1588678 albion hamlin
albion hamlin's picture

There is actually a much simplier solution that doesn't require sucession etc. If 4 or 5M people suddenly withheld their tax payments, you would see immediate reaction - and action. It's very easy to do - just increase your withholding exemptions to about 25 dependants and tax revenues would fall immediately and precipitiously - you'd see a reduction in federal revenues of many billions a month. And if you think the IRS could ever do anything about it, you know nothing about how they work - or don't. It would take at least 3 years for them to even figure out that there was an issue.  

Mon, 08/22/2011 - 22:15 | 1588778 Debtless
Debtless's picture

Yup. That's where it needs to go. Mass exodus from the system.

Mon, 08/22/2011 - 22:21 | 1588799 A Lunatic
A Lunatic's picture

They don't need your farking tax money to operate. DEFICIT spending. The show will go on.

Mon, 08/22/2011 - 22:44 | 1588883 dark pools of soros
dark pools of soros's picture

basically this all goes back to the hippie communes as the only way to defend against it all - unless of course some miracle new energy source comes to fruition which game changes everything

Tue, 08/23/2011 - 00:02 | 1589101 Hacked Economy
Hacked Economy's picture

Good idea, Albion, but I think Lunatic's right.  Any shortfall in revenue will just be made up for in minty fresh Benny Bux.

Tue, 08/23/2011 - 05:20 | 1589406 Seer
Seer's picture

I hope people read what you wrote!  This is exactly why one cannot hope to change the system.  Realize that it's dead and move on... (the system WILL die, That show WILL end)

Tue, 08/23/2011 - 07:07 | 1589461 Silver Dreamer
Silver Dreamer's picture

Human nature rears its ugly head again here however.  That's a cliff.  Who's going to jump first?

Wed, 08/24/2011 - 00:51 | 1593836 GoinFawr
GoinFawr's picture

"...there're more of us, but who goes first?" -Jello Biafra

"5 to one... one in five... no one here gets out alive... they got the guns, but we got the numbers..." -Jim Morrison

"Courage, my friend, it's not too late to make the world a better place." -T.Douglas

Mon, 08/22/2011 - 22:01 | 1588711 FreedomGuy
FreedomGuy's picture

This is so outrageous I cannot even believe it. So Citibank is the model of success?!? Flip a halfway honest bad rating at the government and this is what happens? This is precisely the reason that companies fail over time. This type of leadership. S&P, Moody's, they're all crap and in bed together.

What would a AAA+ company look like? Hmmm, someone who generally runs surplusses, has a well balanced and managed budget and doesn't need it's own bank to first buy 70% of its debt (the Fed). We have huge deficits as far as the eye can see, no actual signed agreement to reign in any profligate spending and a CEO/Prez who actually wants to go more negative. That's what the new Citibank CEO will rate as AAA now, right? That's not even BBB. Who the hell in their right mind would put hard earned money in such a company and believe them. Let's start a pool on when the AAA comes back, eh? I give it less than 90 days to give the appearance of a well considered decision.

Dumbasses, all! They are playing this make believe theater like no one in the world can read past their ratings on their own. They have just proved their own worthlessness. S&P and the others is just a sticker or tagline in an ad campaign...worse than the "Good Housekeeping Seal of Approval".

We have no integrity in government and it's tick-like associated financial houses and systems. They can all go to economic hell except they will take us all with them. Damn them all! Losers, cowards and liars. Collegial bastards that will enslave us all economically.

OK, you conspiracy types, whip me up a good backroom story to explain all this.

Mon, 08/22/2011 - 22:34 | 1588855 CompassionateFascist
CompassionateFascist's picture

Just the usual incest.

Mon, 08/22/2011 - 23:27 | 1589023 rambo1028
rambo1028's picture

I agree with much of your post. However what you fail to realize is that 90%+ of U.S. citizens can't "read past their own ratings" 90%+ of the population doesn't give a fuck and prefer to keep their heads buried in the sand.The other 10% are found on sites like ZH and I don't know about you all but I am effing sick of beating my head against the wall trying to get people to open their fucking eyes.

Tue, 08/23/2011 - 00:33 | 1589162 Mentalic
Mentalic's picture

Like Uptown Sinclair said:

"It is difficult to get a man to understand something when his job depends on not understanding it."

Tue, 08/23/2011 - 01:35 | 1589252 disabledvet
disabledvet's picture

I dont think he was talking mortgages and risk. I like where youre going withis tho even tho you dont.

Mon, 08/22/2011 - 23:38 | 1589053 vamoose1
vamoose1's picture

Ok,  i did it two days after the downgrade. I called horseshit,  S and P were INSTRUCTED to do this downgrade to  open the door to  the two year zirp freeze,  other interventions, and blast that motherfucking dollar down so we can dilute the obligations.

    In my opinion it was deliberate policy,  look what happened to the numbers the last two  or 3 months,   they fell off the table. Horseshit,  they stopped  lying for strategic purposes, devalue that dollar.

    The chances of S and P  unilaterally taking down the United states?    Zero  point zero  recurring. Mr sharma is to   S and P as the former head of bankamerica  was to the merrill acquisition. This was deliberate policy,  requiring a fall guy,  and both guys quickly fell.

    To  see that foul little timmy geithner who  should have his nuts kicked up  to  his ears on the off chance he has any,  spitting his outrage, as his patsy executed his policy,   i  vomited. I did. God help us.  

Tue, 08/23/2011 - 08:37 | 1589605 cranky-old-geezer
cranky-old-geezer's picture

We have no integrity in government ...

That's the bottom line. 

Governments, at all levels, city right on up to national, have become criminal organizations routinely doing things that would land us in prison.

That's why there's no hope for America. How can America ever get back to its former greatness when the federal government, all state governments, and all city governments are criminal organizations with their own mercenary force of hired gun thugs aka "law enforcement" looting the citizens at the point of a gun?

God bless America?  How can God bless America when America is run by 3 layers of criminal organizations?

No, there's no hope for America.  There won't be any "reset botton".  America is finished.  America will end up in the trashcan of history just like every other nation run by criminals.

Tue, 08/23/2011 - 09:09 | 1589705 falak pema
falak pema's picture

Just to get things in perspective : Its McGraw-Hill who fired him. An ostensibly private Oligarchic minded firm, if we understand the deep motivation which sticks out a mile behind this decision. So your outrage against government, although indirectly probably justified, as lots of people in US admin. as on Capitol Hill wanted S&P's skin for their downgrade of USD, should also consider that the PRIVATE SECTOR, that bastion of Entrepreneurial integrity, is directly and PRIMARILY behind this decision.

To add insult to injury, those corporate shills named a VP from Citi to occupy the top job in S&P now made vacant....

Who runs whom...? The writing is clear as Old Aramic spoken by Jesus. (Am I the only one who understands old Aramic?)

Hope not! Its the oldest language in the world, a bit like the 'oldest profession in the world' know what I mean.

But its main speakers are in the Private sector. I hope your political minds have grasped that. Its not just Statist, socialist paranoia behind this. Its much deeper. There is a convergence of views in this mad scramble to save their own eltist skins.

It requires an overhaul of all aspects of US governance, whether it be state or their paymasters, the private oligarchies. Now that is a very, very tall order...The house of Atreus never likes to lose power.

Tue, 08/23/2011 - 12:00 | 1590530 FreedomGuy
FreedomGuy's picture

I'd like to try no governance for awhile...or at least libertarian type governance which is the absolute minimum to keep order and protect property. Seemed like a pretty good idea at the founding of the country.

Mon, 08/22/2011 - 22:12 | 1588759 franzpick
franzpick's picture

We need to get everyone on the internet so that they can see the breadth and depth of civil discontent, as do ZHers, and be convinced to pack up tents, food, supplies and protection, and proceed to each American city or town's 'Liberty Square', as did the Egyptians and soon thereafter the masses of the entire MENA region.

The S&P type corruption will only continue to worsen, to the point where such accumulated manipulation becomes so noxious that it ultimately forces the people into the fresh democratic air of protest in townsquare America.

I have the supplies, made the preparations, and have no belief whatsover that any 2 party or 3rd party candidate can do anything compared to a nationwide, open air protest. 

Mon, 08/22/2011 - 22:50 | 1588902 dark pools of soros
dark pools of soros's picture

no starving no revolution - they won't care if 80% are on SNAP cards since JPM gets to rob more melting dollars as the country becomes totally in shambles


That is why the media projects fear of Muslims since they are the only ones left that will fight to the death for something intangible (religion)


everyone else?  feed and forget


Tue, 08/23/2011 - 01:10 | 1589145 Randy Kruger
Randy Kruger's picture

Muslims are the only ones who are willing to fight on principle?  This explains everything, thank you for filling me in.  Last time I was at a Ron Paul event, the only people in attendance were carpet pilots in full uniform and paki cab drivers, minus the wives, of course.   Hell, even Alibaba was there, and he certainly didn't look Chinese!

Tue, 08/23/2011 - 11:09 | 1590334 Turpentine Soul
Turpentine Soul's picture

LOL Carpet pilots! I almost choked on my falafel.

Tue, 08/23/2011 - 04:30 | 1589375 eaglefalcon
eaglefalcon's picture

That is why the media projects fear of Muslims since they are the only ones left that will fight to the death for something intangible (religion)


everyone else?  feed and forget


I consider 72 virgins  a quite tangible, material, physical and corperal incentive

Tue, 08/23/2011 - 01:12 | 1589153 Randy Kruger
Randy Kruger's picture

Good instinct, but you lack strategy.  Please don't confuse Tahrir Square with Times Square.  The masses in MENA are manipulated, they don't act on their own volition.  The masses in the U.S. are also manipulated, but in a different direction - they are encouraged to stay at home and watch TV, or else spend their time drooling over the latest iJunk gadget.

Mon, 08/22/2011 - 22:59 | 1588930 red red wine
red red wine's picture

What about all citizens simply stop paying their taxes.

Starve the US Government.

can't arrest and jail 350 million people.

Tue, 08/23/2011 - 00:32 | 1589158 Randy Kruger
Randy Kruger's picture

And the chances of that happening are.... you guessed it, nil.

Tue, 08/23/2011 - 04:33 | 1589377 eaglefalcon
eaglefalcon's picture

What about all citizens simply stop paying their taxes.


most can't due to withholding ...

Tue, 08/23/2011 - 07:11 | 1589465 Silver Dreamer
Silver Dreamer's picture

Don't forget that half do not pay any.  Oops, LOL!  So much for that idea.  This is another reason voting is a joke.

Tue, 08/23/2011 - 00:29 | 1589150 Mentalic
Mentalic's picture

I generally abhor violence. But, it looks like now there is no other alternative. Wherever you see some semblance of truth try to come out, it's whacked on its head. Like a game of whack-a-mole.



Mon, 08/22/2011 - 21:25 | 1588541 Duuude
Duuude's picture


"Paging Mr. Serling...we have a call for you from Mr. Jones"


Mon, 08/22/2011 - 21:25 | 1588542 vote_libertaria...
vote_libertarian_party's picture

....and in 2 weeks the good ole USA gets upgraded to AAA again.

Mon, 08/22/2011 - 21:34 | 1588586 Long-John-Silver
Long-John-Silver's picture

and QE to infinity can begin.

Mon, 08/22/2011 - 22:03 | 1588719 FreedomGuy
FreedomGuy's picture

Zimbabwe wil probably be upgraded if they pay the appropriate fee, as well. I want one of those $100T notes. We can use it as a model for our own in the near future.

Tue, 08/23/2011 - 00:04 | 1589107 Hacked Economy
Hacked Economy's picture

I got a new uncirculated one.  Very nice.  I'll keep a space in my "funny munny" book for the $100 Trillion Federal Reserve Note as well.  Should be available in a few years.

Tue, 08/23/2011 - 00:33 | 1589163 Randy Kruger
Randy Kruger's picture

For those of you interested in Zimbabwe, here's an extraordinary book:

Mon, 08/22/2011 - 21:25 | 1588543 Raymond K Hassel
Raymond K Hassel's picture

Buffet gave Obama sage advice. This will boost confidence big time.

Mon, 08/22/2011 - 21:25 | 1588544 aldante
aldante's picture

Just covered the deep deep hole

Mon, 08/22/2011 - 21:26 | 1588546 HedgeAccordingly
HedgeAccordingly's picture

I expect nothing less from the morons. 

Mon, 08/22/2011 - 21:26 | 1588547 Apocalypse Now
Apocalypse Now's picture

Could Lloyd be getting an attorney for the S&P downgrade insider trading scandal?

What, we made a $2 trillion dollar calculation mistake? Well I can't stop the downgrade now, da boys have already placed their sure bets!

Mon, 08/22/2011 - 21:32 | 1588574 Confused
Confused's picture

Interesting thought. You think the two are related? 

Mon, 08/22/2011 - 21:44 | 1588633 Apocalypse Now
Apocalypse Now's picture

Timing is everything, and they both occurred almost simultaneously.

Remember Congress was looking into the timing of the S&P downgrade and the implications for insider trading.

Also remember a Congressman recently leaked CFTC positions to the press outlining what traders had huge positions when oil spiked to ~$150 / barrel.

They are most likely looking at the same positions for CDS and other US credit related derivative. Wouldn't it be funny if the orange trading con in Trading Places was successful and Eddie Murphy / Obama had bond yields go lower and bond values increase on the news? That would mean massive losses for whoever shorted US bonds.

National Security issue because the pentagon said our biggest threat was the debt. If a cabal is trying to take down the US to institute their world currency, let's give them an all expenses paid vacation to GITMO. The President would be extremely popular if we went after financial terrorists. Apparently people do not learn from others mistakes - Sadam, Gadafi, DSK.

My one hope is that we set an example with these investigations, and bribes don't just result in dropped charges or a slap on the wrist. Horse thieves used to be hung, now if one steals a trillion they aren't even charged.

Mon, 08/22/2011 - 22:22 | 1588806 Confused
Confused's picture

Interesting. Totally makes sense. 


But as we both know (and everyone else here), financial terrorists don't get jail time, they get a bigger bonus. 

Mon, 08/22/2011 - 23:40 | 1589044 rambo1028
rambo1028's picture

So your hopeless?

Need some more hopium?

Mon, 08/22/2011 - 23:48 | 1589066 Rick64
Rick64's picture

I agree with that assessment. If I remember correctly the market fell significantly on the 2nd and even more on the 4th, this was after the debt ceiling was raised (on the 1st), but the downgrade was made public on the 5th after hrs..  It was orchestrated. Also I find it really hard to believe that S&P would downgrade the debt if it wasn't approved by the powers that be.

 It appears that a certain group is rebelling against the U.S. reserve currency status and the U.S. is playing hardball. DSK was touting replacing it, and he was arrested for rape then he resigned as head of the IMF , and now they are going to drop all the charges.

Tue, 08/23/2011 - 13:25 | 1590917 HoardeBilly
HoardeBilly's picture

" Horse thieves used to be hung, now if one steals a trillion they aren't even charged."


Well of course not.  A horse is a REAL asset.  A trillion bits in a computer?  Bah...

Mon, 08/22/2011 - 21:26 | 1588548 IEVI
IEVI's picture

I think I have to stop reading...I just can't take this shit anymore. 

Mon, 08/22/2011 - 21:56 | 1588691 tsx500
tsx500's picture


Mon, 08/22/2011 - 22:05 | 1588725 FreedomGuy
FreedomGuy's picture

It defies belief and it's in broad daylight. When crooks begin to operate in the light the end is near.

Mon, 08/22/2011 - 23:55 | 1589087 rambo1028
rambo1028's picture

I feel the same way. I literally feel sick. I don't want to crane my neck to look at the wreck but my curiosity keeps getting the best of me. My nerves are shot and am having trouble sleeping bc am so worried about what will become of my family. We really have nothing and have had no money to prepare. We are a tough bunch but these are scary times.

We survived the great depression. We know how to grow and can. We have family in the hills of WV who have land and have said we are welcome. Just never really thought it would come to that. Seems the whole world has gone mad.

Tue, 08/23/2011 - 01:38 | 1589260 FreedomGuy
FreedomGuy's picture

I feel similarly. What is worse is that those who are mad claim to be sane. In turn they claim that the sane are mad.

Mon, 08/22/2011 - 21:27 | 1588552 Thesource
Thesource's picture

A person gets fired for being unbiased...incredible.  I guess the government is used to people kissing their rearend.

Mon, 08/22/2011 - 21:28 | 1588554 treemagnet
treemagnet's picture

S&P AAA rating "restored" within two weeks max. 

Mon, 08/22/2011 - 21:34 | 1588583 Confused
Confused's picture

Why are we surprised? This was the result of their "investigation" into the downgrade. 



I think you nailed it. Two weeks max. 

Mon, 08/22/2011 - 21:43 | 1588628 treemagnet
treemagnet's picture

Although, wouldn't it be hilarious if after an S&P revision....Moodys or Fitches upgraded the US to......yeah right  - still sorta funny to think about though...

Mon, 08/22/2011 - 21:46 | 1588645 Confused
Confused's picture

At the moment it would seem like an impossibility. But lets be honest. With all the crazy shit thats going on, and the blatant lies, would it really be all that improbable? 


I'm sure there is a way for them to spin anything. It only takes a few talking heads to pick up on it and run. 

Do NOT follow this link or you will be banned from the site!