Barry Ritholtz, the analyst whose blog, The Big Picture, makes for great reading, contributed a column to today’s Washington Post about the collapse of MF Global (Corzine’s failed firm) and the failure of regulatory agencies.

Money quote:

Of course, this raises another question: If corrupt and compromised rating agencies had done their jobs — downgrade European junk to what it really was — would MF Global been able to empty client accounts?

I suspect not — their bets on Italian and Spanish sovereign debt should have been downgraded below “A” many moons ago. That it was not merely serves to remind us that these incompetent credit-rating agencies are still part of our regulatory firmament.