Can Jules Kroll shake up the credit rating industry? He certainly has the brand name to muscle into the market.

While the financial reform movement didn't radically alter the industry's rules and regulations, it did lead to some new competitors. The likes of Meredith Whitney and Morningstar are angling to make a splash, as are new analytical services from Bloomberg.

The New York Times looks at Kroll's plans and finds some synergy between corporate cloak-and-dagger sleuthing and bond rating. Kroll himself is not afraid to hack away at the sacred cows of the industry. "They never really looked under the covers, which is what I have done all my life," he told the Times. "If they were in any other business, they would be out of business."

But his success may turn in part thanks to his business model. To the surprise of some, it looks like he is sticking with the old issuer-pays model, which raises cackles from those who would like to see this classic conflict of interest undermined.

Traditional investigative techniques in pursuit of bond ratings may not sit well with corporate executives, who really just want the highest possible rating. They'll be willing to shop to get it. So, in some ways, Kroll seems to have chosen the least appropriate model. The investor-pays model of Egan-Jones seems more in tune with zeal for investigation.

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