So who are the winners and losers from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry?
The lawyers, of course!
From what Outsider can tell, the Royal Commission has attracted more silk than a premium bow-tie factory and the challenge for those with an eye for high-flying legal eagles is to pick the very few who have not flocked to the party.
Outsider knows that AMP Limited and all the major banks have been running up some substantial legal bills with teams from some of the better-known (read more expensive) law firms having spent many billable hours prepping those lucky enough to have been subpoenaed to appear.
And for those witnesses who found themselves obliged to appear two days in a row before the Royal Commission it appeared obvious that the lawyers had accumulated more billable hours in briefing their clients overnight on how not to do further damage.
Because the reality is that behind the broad acres of silk worn by the high-priced QCs representing the banks and AMP stood a phalanx of solicitors prepping their clients on how best to explain e-mails and memorandums which, with the benefit of hindsight, could best be described as unfortunate were they not so damning.