Throwing Moodys

Why are we bothered one way or the other that rating agency Moodys are suggesting Britain might lose its credit AAA rating?
Moodys has been thoroughly discredited in recent times as it repeatedly gave AAA ratings to what turned out to be sub-prime rubbish. I understand it only exists courtesy of the big banks, who fund it.
Why then would we (or anyone at all) take any notice of its assessments?
And, while we’re on the subject, where are all the court cases? Why aren’t we reading in the press of furious pension fund managers and the like suing the backside off the credit rating agencies (like Moodys) and the banks themselves for knowlingly recommending and selling them investments marked as gold-plated when they were anything but and the sellers were well aware of this? It has occurred to me that here is another reason for the banks to be sitting on the output of QE, as they may well be needing all the readies they can lay their hands on to pay the rather large fines that ought to be coming their way. Something rather odd is happening though, or rather not happening; I’m not hearing about banks and credit rating agencies being sued?

BB

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