sharma, just to clarify. your understanding of current law, current law a little can you don't think we've made any changes? [inaudible] expect what you said is based on what you think we might do. that's what you think. but based on current law, you think the too big to fail still exists? >> the current law clearly states that, and it's very clear about that. >> clearly states what? >> it would not provide any -- >> so it does not provide, therefore your opinion is based on your opinion that we might act. as a matter of fact, i wrote it down i think pretty clearly, that your opinion is based on the fact that you think we maybe will attempt to change the policies, which means the current policies. so your opinion is based on the fact that you think, your professional opinion which you're entitled to, that we would change our current policy to react to a new situation. >> yes, ranking member, that's exactly what our analysts have said. there's a future view of how things may happen. >> that's a very fair state

. >> i;''m babita sharma. lawmakers in britain will discuss the phone hacking scandal rocking news international. the court said they were partly to blame for the shevardnadze massacre. >> japan is to conduct tests on its nuclear plants. london.4:00 on this is "newsday." >> the british parliament has called an emergency debate about the phone hacking scandal surrounding news international. the action has prompted calls for a public inquiry. >> for months, this scandal has been growing and growing as more and more celebrities and politicians were informed their telephones had been hacked. now a much more serious allegation has shocked the country. a 13-year-old went missing in 2002. her body was found six months later. the latest claim is that the news of the world hacked her phone while she was missing and some messages have been deleted in the process. david cameron and made his feelings clear cari >> if they are true, this is a dreadful act and a dreadful situation. what i read in the papers is quite shockin

while darren sammy out of fifteen more runs before india bowler ishant sharma got his mom on more than twenty two zero finishing the day with a career best of six for fifty five west indies the last bulldogs four hundred ninety with india proceeding to a twenty three one lead of my matzah right in the second innings that means it's a thirty four run advantage overall but apart from sharma far from a polish showing from the world's number one cricket nation. and finally free style restaurant from the republic of dagestan can always be depended upon to add to russia's coffers in the olympics while wrestling remains the region's favorite sports all their martial arts are picking up pace as artie's roman cost referee ports. don is russia south or most region situated on the coast of the caspian sea bordering i say by john in georgia the republic little known around the world is now uniquely represented at the headquarters of the international federation of associated wrestling styles in that of a switzerland in recognition of its achievements in wrestling the sport's governing body has unv

caught he had eighty seven in the second as indeed cleared on two hundred sixty nine for six ishant sharma mot of the match for india and four wickets on saturday the twenty two year old finishing the test with a total of ten wickets the first time he's achieved in his career. some rain delays as the host moved to children cheaper seven bad light then stopped proceedings meaning a draw was how the second test. and finally the temperatures here in the russian capital have been reaching un passing indeed thirty degrees celsius regularly over the past few weeks just perfect for swimming then a no better time for the moscow open water championship. it's to take place. perfect weather and a perfect venue that's what the moscow open more a championship is known for an annual event attracts more in mortgages and so every year this time another record was set with more than one hundred swimmers in different races. i'm really glad the number of participants increases dramatically every year we try to make you popular and attract people and mass appeal of events will increase the skills of the athle

we have deven sharma, president of standard and poor's. michael a rowan of commercial growth of moody's investors. mr. james gellert of credit ratings, mr jules kroll chairman and ceo of kroll bond rating agency. mr. larry cabbage, stearns school of businessed and mr. smith, chief operating council of public employees retirement association. i would remind you your written statements are made part of the record and you will be recognized five minutes. mr sharma. >> thank you, members of the subcommittee. good morning. my name is deven sharma and i am president of standard and poor's and served in that capacity since 2007. i am pleased to appear before you today. much has changed with regard to credit rating agencies over the past several years. both in terms of how we go about the work and the regulatory framework in which we operate. for our part we at standard and poor's have undertaken a variety of initiatives in recent years designed to further our fundamental mission of providing high-quality independent benchmarks about credit worthi

day causing prime minister and president how folks surrogate sharma. when georgia tried to topple the resister regime in the break with republic of self to set it free years ago moscow was there to help russia became the first state to recognize the independence of self-censorship and the other georgian breakaway republic almost cacio in the spring of this year the uprising president sort of died of heart failure and now the young country's leading for. the movie known see that there is a shortlist of three the acting head of state the opposition leader and the prime minister. this is just a lesson in mr shamba think you for coming to the program we're happy to have you with this house he has been living in it is a patient of an early election for the last two months as does this extraordinary situation the stability in the republic. it's going to it's hard to say that i'm timely that has taken president surrogate bug up show away from us and under the constitution of a cause here the presidential election has to take place on august twenty sixth this

sharma? >> a breaking member, we have always had one consistent skill we have tried to adopt across all of our asset classes, and as a result, our municipal ratings are generally higher than the corporates, of course, and other types of institutions. -- ranking member, we have always had one consistent strategy. it is copper ability across all asset classes. >> the reason i ask is because in 2008, again, not updated, and i know it has changed a little bit, but my guess is, let me ask you a basic question. are you aware of movies defaulting at a higher rate than corporate bonds? >> i do not have that exactly. as i mentioned, we are aiming to give comparable with the in ratings across all asset classes. >> that would mean you would now star rating what was once waited in 2008 as a beat -- once rated in 200 a bba to something else, and i would argue that since default rates are the only thing that matters in a final analysis, again, because the only thing that matters is the likelihood of gettin

sharma, do you believe the amount of debts held by the united states poses a systemic risk? >> the growth rate of the debt burden is something that needs to be addressed for us to continue to assess the credit worthiness of the sovereign debt. >> in the political record we are seeing today, do you think is the job of the credit agencies to get involved in trying to make a decision one way or another on a political basis? do you think that is interference on the part of the credit rating agencies to be stepping in at this stage and making an assessment? >> sovereign debt is a large asset class that a large investors around the world and back in. our role is to provide an independent view and a full were looking you bang for investors as to what the risk levels -- forward-looking view for investors as to what the risk levels are. do we believe the risks are rising for any sovereign? we are doing the same thing we do in any other part of the world. we are speaking to the risks investors invest in. this is a large asset class that investors invest in. >> do you honestly believe

deven sharma says it depends on a credibility long-term plan. >> we are in trouble regardless. >> anybody you ask. let me throw something to the table. i got all these tweets and e-mails yesterday. >> yes. >> call me when it's over. call men when we have raised the debt ceiling and when it's over. john boehner reshaped the plan and they are going to vote on it today. say it passes. the senate says it's dead on arrival. it's not going to make it through the senate. how do we get to the point where the conversation is over? we have two parallel plans that are not able to meet in any way. the president will veto any plan out of the house. how do we get to a resolution? >> there's a premise in that question. the boehner plan and the reid plan are not that different. they are different primarily only in the sense the boehner plan forces a debt ceiling next year. the size of the cuts are not that different. they are not that far apart. the reid plan i think will pass the senate. the boehner plan will pass the house. the reid plan will not pass in the house and boehner not in the senate. they ar