"I compared [the rating system for bonds] to a trial where the defendant picks and pays the judge. But I realize now that I overlooked an important element in the equation. It’s actually a trial where the defendant gets to ask a number of prospective judges what verdict they’d reach before choosing one. Issuers can describe a proposed issue to multiple agencies, hear back as to what rating they’re likely to assign, and then hire the one they want."

-- Howard Marks