You'd think John Corrigan, the head of the National Treasury Management Agency (NTMA), would have had enough to do yesterday, what with Ireland announcing to the world that the State has rebuffed a new credit line and the NTMA will go it alone on the markets. Corrigan, however, still found time to trot down to the Westin hotel's Banking Hall ( where else, given the day that was in it?), for the CFA Society in Ireland's graduation ceremony.

Corrigan presented scrolls to about 30 freshly minted financial analysts, who will likely end up as portfolio managers. For their future careers’ sake, they had better hope this bailout exit goes well.