For the second time in 18 months, there's reason at least to consider the possibility that the Czech National Bank is in cahoots with PPF. The first doubts came when the CNB's devaluation coincided with PPF's acquisition loan for O2 CR. Gov. Miroslav Singer went red with anger at the mere suggestion of impropriety, which by its very nature ruled out any investigation. Then on Fri. CEO Petr Koblic of the Prague Stock Exchange expressed outrage at the O2 buyback terms negotiated between PPF and the CNB (as the regulator). The PSE could do nothing about this, he said, but he neglected to mention that by suspending trading for only two days, he gave those who knew the new buyback price the chance to earn billions. Pavel Tykač and Pavol Krúpa boasted about their windfalls, but who else partook? And why would Petr Kellner allow so much easy money to slip through his fingers? Don't expect an investigation this time either.