When Charlie Bird broke the story about the quarter-million-pound write-off of the John Ellis bank debt, no one in here regarded it as a timebomb. Indeed, initial comment focused on the bank, which at the same time as it was absolving the Leitrim deputy's indebtedness was helping itself to some of its customers' accounts through interest-loading.
That Ellis's company had left farmers in the lurch was well known. And, after all, John Ellis was as entitled to the protection of limited liability as any other businessman. Within 24 hours, everyone knew that in respect of his chairmanship of the agriculture committee, there was only one course of action open to Ellis.
Everyone, that is, except his leader, Bertie Ahern. Seasoned campaigners are still scratching their heads to understand why the Taoiseach's dithering allowed a mini-crisis to develop. That the Taoiseach is a cautious man who never takes a decision - in particular an unpopular decision that he can avoid - is only part of the answer.
Did Bertie Ahern seriously believe the Ellis story should or could be "consigned to history"? One of his deputies is saved from bankruptcy courtesy of the Fianna Fail leader's allowance involving taxpayers' money and then moves to bankrupt one of the innocent victims of his company's failure.
He has a substantial debt written off thanks to high-level political intervention, according to himself, but deliberately contrives to compensate clients only within his constituency.
And the Taoiseach believed the episode should be consigned to history?
John Ellis's futile battle to hang on to the committee chair was greatly influenced by the apparent support of the Taoiseach. Albert Reynolds could have told him that Bertie is never more dangerous than when he is supporting you.
Contrary to what was initially thought, Jim McDaid was not doing his master's bidding but was stating the obvious in advance of going on Questions and Answers. By the time Bertie sent out Billy Kelleher to signal the end, the party elders knew serious damage had been done.
The result is that the Taoiseach has lost on all fronts. Outside the party, serious damage has been inflicted on Fianna Fail. Inside the party, the Taoiseach has only succeeded in making more enemies. The Country and Western Alliance won't forget, and sending out a novice like young Kelleher to do his dirty work is regarded as rubbing salt in the wounds.
In the cattle business a man's word is his bond. Wall-to-wall coverage of the broken promises and the bounced cheques is bad news in rural Ireland.
Noel Davern was an unusual choice to defend the indefensible on television. When he repeated on Tonight with Vincent Browne that the same thing happened to Clover Meats in the 1980s, a farmer from his constituency rang in to remind him that farmers in the Clover Meats affair were paid 66p in the pound.
Noel has good reason to be willing to mop up for Bertie. Thanks to the influence his old buddy Ray Burke had with the new Taoiseach, Noel Davern got his Government appointment just ahead of the same John Ellis.
The PDs were only bit players in the drama, although Liz O'Donnell irritated some of the backwoodsmen. The party otherwise gave the impression of being prepared to let Fianna Fail resolve its own problems. Ironically, the least damage done by the Ellis affair is to the relationship between the Coalition parties.
The advent of Michael McDowell as Attorney General has greatly stabilised the Coalition. Having been twice thwarted in a lifelong ambition to get his knees under the Cabinet table, the new Attorney General is determined to enjoy the experience.
He is already being referred to in the corridors as the best Attorney Fianna Fail ever had. He has a good relationship with Bertie and goes out of his way to be courteous and helpful to other Fianna Fail ministers.
Contrary to reports, he has given no commitment to stand for the PDs next time out. He is, however, keeping his options open and, unusually for the office, he is making regular public speeches, such as this week's address to the Institute of Directors on company law enforcement.
Indeed, it is a testament to the good relations between McDowell and Fianna Fail Ministers that he is not discouraged from such forays into policy.
It is surely the quintessential irony that the man who in opposition was the scourge of Fianna Fail has become the party's best hope for survival in this Government.
Drapier recalls being in the House when McDowell addressed the Fianna Fail front bench on the Goodman affair: "They know that Goodman knows where the bodies are buried; they dare not even rebuke this man because they know in their hearts that he has information on them and that he would bring them down like a group of skittles if the truth ever emerged."
Meanwhile, Seamus Brennan's patient hand-holding of Jackie Healy-Rae, Mildred Fox and Harry Blaney must surely qualify him for one of his millennium awards.
At least once a week the Government Whip has a meeting of whatever duration is required
with the redoubtable three. A senior civil servant has been designated full-time "minder" for the three and may not even switch off his mobile contact number at weekends in case the clinics roster at Kilgarvan or Kilcoole throw up something urgent.
All of which, of course, is (courtesy of Bull Island) in the national interest.
At the time of writing no clarity yet from Northern Ireland, but the patience of George Mitchell and the calm competence of Peter Mandelson keep hope alive.