Yes, a world without NRSROs will mean work for our regulators, but it will also mean regulators will no longer be bogged down with an inconsistent tangle of patchy regulations desperately aimed at defending an indefensible system.

FORBES: The Wrong Conversation About Credit Ratings Agencies

State regulators had received no notification of the sale which was ordinarily a legal requirement and a tangle of overlapping boards and shareholders seemed designed to obscure the identity of the new owners and where their money originated.

NEWYORKER: The Forbidden Zone