Darling, bless him, is sharp enough to pick up the growing sense of anger towards bankers and their bonuses. However, he thinks he can placate the electorate with that well tried trick of setting up an official inquiry.
The cynicism doesn't stop there. He appoints an industry insider - Sir David Walker - and tells him to come back in a year with a report. If Sir David does his job, in 12 months time, Mr. Darling will have on his desk a usefully tedious report that no one will read, and everyone will ignore.
That simply won't do. This issue is moving far to fast for that, Mr. Darling. People are really angry, and they want something done. It simply not acceptable to have uncounted billions pumped into bankrupt banks, only to see that money paid out as unmerited bonuses.
Here is a simple principle that will work for Mr. Darling - managers running insolvent businesses requiring public money do not get bonuses. Actually, this is one of the few vote-winning moves available to Darling right now. The real question is why he isn't prepared to implement it.