Couldn't agree with Einhorn more. The rating agencies did a horrible job and shouldn't be allowed to get away with the fruad they committed. Moody's (MCO) is one of the stocks were looking to short when the market turns. Right now we expect a huge melt up so its difficult to go short during such a strong market.
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.