"At 8 a.m. Friday, S.& P. convened a global conference call of its sovereign rating committee including Mr. Beers, Mr. Chambers and others. By 10 a.m., they'd reached a majority decision - the United States no longer was entitled to its top rating. Mr. Beers would not say whether the verdict was unanimous.
Rumors of a downgrade were already swirling in the markets - a prime reason the Dow dove more than 200 points at lunchtime, and at 1:15 p.m., the three men called the Treasury to inform them of the decision. "They were not pleased with the news," Mr. Beers said."
