Standard & Poor's (better called the S&P), Fitch and Moody are the three prominent players in the world of credit rating. Their words have such a significant impact on the speculative markets all over the world that one can safely call them the ventriloquists of the modern era. But reputation is a goose laying golden eggs; it must be well-fed and well-kept. Therefore, it's surprising that when Fitch's holding CreditSights reported that the Adani enterprises were deeply debt leveraged, the regulating authorities should have batted their eyelids. A lousy bureaucracy is no excuse for a country aspiring to be in the top 5 of the world's stock markets. In fact, a BBB- is a stern warning that we are looking at the humble origins of the 2008 subprime crisis. A bigger and yet more straightforward question is what drove the Adani stocks so much? And quite a bit of the answer comes from the defence Adani group put out to the Hindenberg research - a rising nationalist sen