Reading through Tom’s three-part investigation into the Davy bond scandal last week, it was impossible not to focus on the activities of those who directly profited from the trade, such as the Davy stalwarts Brian McKiernan, Tony Garry, Kyran Laughlin and Barry Nangle. Or of Tony O’Connor, who as a senior bond trader in late 2014 who was one of the main architects of the strategy. But, over the weekend, I could not help thinking about the role of the board. Clearly, the independent members of the board were not part of the trade and knew nothing of it when…

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