Standard & Poor's Releases Testimony of Deven Sharma Before House Committee On Oversight and Government Reform
U.S. Newswire › October 22, 2008
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To: POLITICAL EDITORS
Contact: Chris Atkins, +1-212-438-1106 (office), or +1-917-319- 6509 (mobile), Chris_atkins@standardandpoors.com, or Mimi Barker, +1- 212-438-5054 (office), or +1-646-784-1061 (mobile), Mimi_barker@sandp.com, or Jeff Sexton, +1-212-438-3448 (office), or +1-917-842-6385 (mobile), Jeff_Sexton@sandp.com, all of Standard & PoorsSee the full content of this document
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Standard & Poor's Releases Testimony of Deven Sharma Before House Committee On Oversight and Government Reform
TESTIMONY OF DEVEN SHARMA
PRESIDENTSTANDARD & POORSBEFORETHE COMMITTEE ON OVERSIGHT AND GOVERNMENT REFORMUNITED STATES HOUSE OF REPRESENTATIVESOCTOBER 22, 2008WASHINGTON, Oct. 22 /PRNewswire/ -- Mr. Chairman, Mr. Ranking Member, Members of the Committee, good morning. My name is Deven Sharma. I am the president of Standard & Poors (S&P) and I am pleased to appear before you today. These are unprecedented times and I appreciate the opportunity to participate in the discussion today about the ongoing global credit situation as well as S&Ps nearly century-long history of publishing ratings, the steps we are taking to improve our processes in light of recent events and our role in the financial markets. Hopefully, this and other important dialogues happening around the world will lead to actions that strengthen the effective functioning of the capital markets, which are so important to our economic growth.We at S&P appreciate the seriousness of the current dislocation in the capital markets and the challenges it poses for the American and global economies. Let me state upfront that we recognize that many of the forecasts we used in our ratings analysis of certain structured finance securities have not been borne out. We have reflected on the significance of these events and are committed to doing our part to enhance transpar...See the full content of this document
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