Bernard-Henri Lévy: Downgrade Moody’s!

Mark Lennihan / AP Photo

A sign for Moody's Corp. is shown Aug. 13, 2010 in New York. Moody's Investors Service is a credit rating agency.

Famed French philosopher and journalist Bernard-Henri Lévy presents a bold case in the Daily Beast today: it’s time to downgrade the credit rating agencies. After going through a litany of unquestionable failures on the agencies’ part—their high marks for Enron just days before its bankruptcy, to name one—Lévy says there’s too much at stake to trust them. “These agencies of credit have behaved like agencies of discredit. And the dictatorship they impose upon the markets stands back to back with faults, defaults, and an abuse of authority that might tempt one to laugh were the consequences not tragic.”