Considering the piles of cash companies have accumulated during the financial crisis, mergers and acquisitions activity is unlikely to diminish.

From a credit standpoint, it will benefit the ones being acquired to the detriment of their higher-rated counterparts doing the acquisitions.

You have to hand it to Senator Chris Dodd. For someone who has heavily depended on the generosity of the largest banks and investment firms for his fund-raising, he has proposed a pretty impressive bill for further regulating the financial firms....given the current environment in Washington, of course.

I am not confident it will prevent another AIG, Lehman or Bear Stearns. The current poisoned partisanship in Washington on both sides of the aisle wouldn't support that kind of onerous bill.

Moody's Investors Service put out a slightly odd note on Thursday regarding the Walt Disney Company's announcement on Thursday that it was flip-flopping the roles of its current CFO and head of its theme parks division.

The rating agency said that making James Rasulo finance chief, "raises mild concern regarding the potential for a diverging view from the company's present financial credit profile toward a new and different direction."

In some ways it feels like Moody's was putting out a statement for the sake of putting something out. While Disney's credit rating remains stable, Moody's worried about Rasulo's "lack of experience in a significant financial role and uncertainty surrounding the financial policies he will recommend to the board and senior management."