They lost all sense of credibility when Peter O'Toole was snubbed for Lawrence of Arabia, and then for the rest of his career.

It's just an industry meat parade designed to get you to watch their bullshit.

Did they ever have credibility?

The academy awards are literally nothing more than any other industry group awards: it's just people in the industry telling each other how awesome they are.

They are, and always have been, utterly meaningless.

No they didn't but giving Gregory Peck an Oscar over Peter O'Toole should have destroyed any notion of credibility.

To be fair, of the nominations that year, I’d have given it to Jack Lemmon for The Days of Wine and Roses. So it’s not like it’s uncontentious that O’Toole was snubbed.