Concentration of power can explain the banking disaster
Why? That is the question. There seems to be general agreement that the banking inquiry, despite its best efforts, did not get much beyond the well-trodden path of what happened. As to why, we are little the wiser.
This matters, because this was no ordinary collapse. As economist Colm McCarthy has stressed, it is highly unusual - virtually unprecedented - for all the banks in a country to go bust during a crisis. Grotesque and bizarre as well, to complete the famous old phrase.
Most of the disappointment around the inquiry results centred, not on the absence of "why" but of "who".