Who is perhaps the most hated man in Washington as well as on Wall Street these days?
Your guess? Not Muammar Gaddafi, not some Al-Qaeda extremist, not Kim Jong-il, but a man named David Beers. You may never have heard of David Beers but every financial policymaker in the world knows his name.
A Wall Street veteran and a graduate of the London School of Economics where he has endowed a scholarship in his name, he is the global head of sovereign credit ratings for Standard & Poor’s. For a Reuters story in details, click here.
To the surprise of some investors, if not everybody, the United States lost its top-tier credit rating from Standard & Poor’s, just days after rival agency Moody’s decided to extend its Triple-A rating for the United States. The chain reaction from S&P’s downgrade is obvious.
From London to Hong Kong, this is really the only story that investors care about and are talking about. How will the Hong Kong and Shanghai stock markets open on Monday? How much will the market lose further this week?