We were genuinely surprised to hear of Bob Hunter's departure from Standard & Poor's to join Barclays. I don't know Leo MacNeil, so I can't speak for his record in S&P's Ratings business. But I can't help but think that this is a setback for those guys, given the sense of identity and energy Bob brought to the table.

I wish Bob luck at Barclays. But where does all this leave the rest of the S&P gang?

It's tricky to say for sure. Certainly, Hunter's initiatives with respect to establishing a st

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