One very interesting question is how muchextracapital First Group and the other bidders would have been forced to hold if the department's model and ready reckoner had been correct.
On Wednesday, Britain's banks will be put out of their misery, and will learn how muchextracapital they have to raise as a protection against future losses - after a nerve-wracking five-month wait for the Bank of England's judgement.
So telecom companies are having to pay much more for their capital, and to offer extra inducements, such as guarantees that, if they are downgraded, they will increase the coupon on their bonds.
Yet each firm has sunk so muchcapital in plants that it is strongly tempted to use the capacity to build extra cars that fetch enough revenue to cover marginal costs in the short run, but not total costs in the long run.