Einhorn on Moody's
Einhorn is the famous hedge fund manager of Greenlight Capital that repeatedly told people to sell/short Lehman Brothers before they collapsed last year. His best quote in the below clip is "it wasn't a question of modeling error, it was a question of taking market share." Based on that its difficult to see how MCO is able to attract new business much less keep what they have. What executive in his right mind would tell an investor that such and such debt product is rated by Moody's. I'd laugh them out of the room. At the least, they'll have to provide some other 'independent' source of ratings.