What else the investors expect ? They get (wothless ratings) because they pay zilch to rating agencies.
The existence of rating agencies points to the fact that people with money have little information to make informed decision and have to depend on rating agencies to guide them. No wonder, hogs got slaughtered in the abattoir run by Wall Street. Buying an investment based on recommendation by someone else is financial folly of high order.
"Remember those wonderful rating agency "scandals" of 2007-08 when a whole bunch of people opined that that the rating agencies had committed a "crime" against the investment community by publishing what were essentially poorly judged (if not fraudulent) ratings of various securities, that in turn encouraged a vast horde of unsuspecting investors to purchase them and subsequently lose hundreds of billions of dollars?"
The perfect crime
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