Unprecedented Business News: Only Late on Friday in August

Standard and Poor’s downgrades the United States and a step has been taken towards ending nepotism at News Corp. Who would have ever thought these things possible a few weeks ago?

A mere four days ago a writer for this publication predicted that Messrs Standard and Poor would not have the proverbial cojones to downgrade the United States. A worthier publication would have fired that writer on the spot for such an egregious prognostication, but since I am the only one currently working here, my online reportorial career goes on …

The announcement of the downgrade, of course, took place at a time when most of the rest of the world was both asleep and on vacation. This is the month of August after all, and Europeans must keep their traditions no matter messed up their respective economies are.

But the S&P downgrade of the United States was one of two revolutionary bits of news to make the wires on Friday. The other was a measure, albeit small, taken this week to curb family favoritism at News Corp, according to a report in News Corp’s Wall Street Journal.

Elisabeth Murdoch won’t join News Corp’s board as expected. Still, we imagine she will find some way to overcome the disappointment. Her father Rupert did spend $680 million in News Corp money to buy her company, Shine, earlier in the year.

Rupert also bought one of James’s companies once upon a time. What are the chances of that?