PGHIMC - Pittsburgh Independent Media Center

US Debt Downgrade May Have Chinese Connection
by CalOceans Monday, Aug. 15, 2011 at 4:43 PM

S&P’s Action Appears to Have Triggered Enhanced Fortunes for Some US Business Interests in China

Standard & Poor’s recent downgrading of the US credit rating is being billed in the media as a major blow to the economic credibility of the nation and to the future election prospects of President Obama, but there are some special interests that appear to have benefited from that black mark on the US currency.

Those beneficiaries include the parent company of S&P as well as a Republican senator and aspiring vice presidential candidate who played a key role in the recent debt-ceiling negotiations that engulfed Congress and the White House in turmoil over the summer.

S&P officials might argue that there is an impenetrable firewall between the rating agency and its corporate parent, but given the rating agency's past performance during the housing crisis, in which it was accused, due to financial pressures, of issuing overly-glowing ratings reports on what later proved to be toxic investment instruments, any claim of an ability to exercise complete arms-length judgment by S&P officials might be open to question.

Any possible connection between S&P’s decision to downgrade US debt and those who might benefit from an increase in the value of Chinese currency triggered by such a downgrade, even if it is only a perception of a conflict of interest, should be fodder for Congressional hearings, where the power of the subpoena can be exercised and where all parties have the opportunity to present their arguments — and where, in theory, sound policy and law is crafted in the interest of all the people of this nation.

And it appears there is a movement toward such a moment, with recent media reports indicating that U.S. Rep. John F. Tierney, D-Mass., is now calling for hearings on the S&P downgrade while the Senate Banking Committee also, reportedly, has launched a probe into the matter, according to an unnamed committee aide.





































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