Make no law

Is Moody’s Investors Service a member of the free press or a financial advisory firm? If you listen to the credit rating outfit’s arguments for some of the duff advice it has given investors over the years, you’d think it was the former. But when it comes to determining executive compensation, it fancies itself as the latter. Like its rival Standard & Poor’s, a unit of McGraw-Hill, Moody’s conveniently uses the free speech protections of the US Constitution’s...