As ajross says, there is a conflict of interest here. Not everyone wants an unbiased rating. 2008 provided strong empirical evidence that the market does not h

As ajross says, there is a conflict of interest here. Not everyone wants an unbiased rating. 2008 provided strong empirical evidence that the market does not have the motive to solve its own problems. Markets are not obliged to conform to theories about how markets should work.