Without the specialist expertise to ferret out the next fraud or impropriety, these agencies will risk facing the wrath of disgruntled investors when the next financial crisis begins to unfold.
McCaw did rather abruptly resign from the Clearwire Board at year end so one can conjecture that maybe he is facing a similar crisis now and that is why he left the Board when he did in the way that he did.
In many ways, the debt crisis confronts euro-zone leaders with a dilemma similar to that facing governments when the banking sector crumbled in 2007 and 2008.