09 August 2012 6:51am

Will the latest Senate inquiry into the banking industry shed much new light on industry controversies – for example, by clarifying exactly what it is that Bankwest and Commonwealth Bank are supposed to have done to trash the livelihoods of hundreds or thousands of angry business borrowers three years ago?

Hearings in the latest inquiry, the Senate Standing Committee on Economics inquiry into the post-GFC banking sector, began yesterday in Canberra. Two more days of hearings are scheduled in Sydney today and tomorrow.

It's only 18 months since the same committee traversed many...