Matt Levine, Columnist

The Fed Won’t Take Ratings Too Seriously

Also PPP for hedge funds, a Zoom lawsuit, a CEO illness and some committed traders.

April 9, 2020 at 4:29 PM UTC

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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Programming note: Money Stuff will be off tomorrow, back on Monday.

One popular conclusion after the 2008 financial crisis was that official reliance on credit ratings agencies was bad and should be replaced with … something. Instead of laws and regulations referencing credit ratings and giving them effectively the force of law, the laws and regulations should not reference credit ratings, and they should not have the force of law.