“There’s nothing wrong with saying Moody’s or someone is going to just become a government agency,” he says. “We’ve hung the entire global economy on ratings.”

Unfortunately the very long piece is another example of a not-great Bloomberg edit, but If you can make it through the whole piece, it’s well worth your time.

Applaud Bloomberg for putting the resources into this story and for pushing it aggressively.

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Ryan Chittum is a former Wall Street Journal reporter, and deputy editor of The Audit, CJR's business section. If you see notable business journalism, give him a heads-up at rc2538@columbia.edu. Follow him on Twitter at @ryanchittum.