Until now, the public has received little or no evidence of collusion between banker and regulator in relation to the manipulation of the markets. Nor have they understood the wider political framework within which such contacts took place. The FSA's investigation of Barclays bank has revealed ambiguous communications between the bank, Bank of England and unnamed parties within Treasury.
The speculation is forthcoming but this could have profound implications for the Labour party, if the parliamentary investigations uncover evidence of co-operation between government and banks. Miliband's cynical distancing from the last government will be undermined by a reminder that Labour were in hock to banks, just as they are now in hock to Unite.
Nor does this let the government off the hook. Osborne's judgement may prove even more flawed when it becomes clear that his chosen vehicle for clean-up is besmirched by the antics of his predecessors. The Bank of England will suffer reputional damage and the FSA has one final triumph: kicking its rivals after they have succeeded in eviscerating its role.
We can look forward to a few weeks of kicking lumps.