“Why do people of African ancestry vote 98% of the time for candidates fielded by the Party of Slavery™?”
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Because they are ignorant, or racialists, or both.
The comparison is not valid with people who are supposed to be financial professionals, and whose living depends on accurate, unbiased information.
If it is such a joke that it is “news” to an outsider like me, let alone the pros, that these ratings are so tainted by impropriety, then why are they given any attention at all?
If this is a well-known fact even among the casual investor as you imply, then these companies would be be ridiculed, or at best simply ignored.
I’m not sure how it got to be that way, but in the last couple of years, it’s become obvious that the ratings agencies weren’t doing their homework and took the word of whoever submitted bonds for rating that “These securities have no chance of default”, issued the “AAA”, and collected their fees.
I have no idea why anyone would take them seriously any more.