Post date: Aug 11, 2011 11:2:53 AM
President of Standard and Poors' father defends son's decision to downgrade the debt rating of the United States, one of the biggest economies of the world.
JAMSHEDPUR, JHARKHAND, INDIA (AUGUST 11, 2011) ANI - Deven Sharma, President of Standard and Poors' father defended his son's firm's decision to downgrade the debt rating of the United States, one of the biggest economies of the world.
Deven Sharma had last week stripped the U.S. of its reputable AAA credit rating and brought it down to AA+.Raised in India's eastern Jharkhand state, Sharma's firm's decision to downgrade the US's debt rating caused turmoil into an already fragile global economy.
Volatility in the stock markets across the globe, including India was witnessed within a day after the downgrade of the debt rating of the US.
Deven's father R.N. Sharma, told mediapersons that the job of the firm was to present the fact to hundreds of investors across the world market.
"I would say that he fulfilled his responsibilities and he has not tried to hide any fact. He never thought that how can any economy be so big. That is not his job, his job is to look at many factors in an economic situation and then report it to the investors," said R.N Sharma.
Deven Sharma was a mechanical engineering student and alumni of one of India's foremost engineering institutes Birla Institute of Technology (BITS) in Mesra in 1977.
"People used to like him because of his friendly and sociable nature. He was a happy go lucky kind of a person. But, yes he had a very disciplined life," said Gopal Pathak, Sharma's college batchmate.
Pathak added that his son was academically inclined and took keen interest in sports as well.
"He was also good in sports. Basketball he used to play, as I remember," said Pathak.
Sharma completed his schooling from De Nobili in Dhanbad in 1971.
He moved to the U.S. to complete his master's degree from the University of Wisconsin and went on to pursue a doctorate degree in business management from the Ohio State University.
The general public in the U.S. have reacted strongly to the debt situation.
According to the U.S. National Debt Clock, the outstanding national debt currently accounts to more than 14 trillion dollars with every household each been given a total debt share of 120,000 U.S. Dollars.