No-one seems to suggest that they have broken the law, so surely the question is why the scheme was drafted in the way it was - and that is a matter for the Treasury, or its creature HMRC. Yet the Treasury has not been summoned at all, and the private-equity industry was asked to explain why the rules are as they are. Predictably, they struggled... Odd.
Well, perhaps not so odd in that John McFaul, the chairman, is performing his loyal role as human shield for his fellow Scot, Gordon. But what are the Tories on the committee up to? They could have given the Chancellor (or his representative on earth Ed Balls) a difficult time in his last week in the Treasury but, once again, they have dropped the ball.
George Osborne has now announced a review of private equity. Goodness knows what that will produce. But they have already missed the political trick.