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Buffalo roam at night and at dusk, but we aren't the ones who have to wake up for an 8 a.m. test.

Bond Ratings

At some point in this bond raising process, Facebook will have to receive a credit rating for its bonds. "Rating" is sort of a balance sheet beauty contest in which the judges are Standard & Poor's and Moody's. The key question asked in this beauty contest is not, "What would you do to make the world a better place?" Rather, it revolves around whether or not Facebook can repay its debt when it matures. Simple.

For a long time, the famed Warren Buffett owned stock in the bond rating agencies....

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