There are still plenty of institutional investors that huff and puff about corporate governance and excessive risk, but in the end just want the money. Never was this more stark than in the Barclays fundraising in the Middle East.
We hear shareholders are angry that bosses John Varley and Bob Diamond have come to rely on petro-dollar backers rather than their esteemed selves for the £7bn the bank needs. They are frustrated that Barclays is prepared to pay huge fees and interest rates. More, in particular, than the government was asking in repayment for a similar bail-out.
Varley says, snapping his red braces, let's not argue over a few pennies more to the odd sheikh. The fact is the government would restrict international expansion as a price for its largesse. Private sector investors won't.
Where are future profits for Barclays going to come from? The same place they came from last time - capital raising and deal making on cross-border transactions. We are talking about Diamond's international investment banking businesses augmented by Lehman's newly acquired New York whizzkids. Not cashing cheques in sleepy Redditch.
Are the bankers at Barclays so clever they can dodge and weave and be more fleet of foot than rivals? Plenty of investors have asked themselves this question and sold their shares. The ones that remain are bedazzled by dreams of future profits and Barclays sitting at the top table alongside Citigroup.
It is a fantasy without taking huge risks and placing the UK bank in jeopardy again. But while the remaining investors will buy the argument, surely the Financial Services Authority should taking a strong line. Banks need to get on their feet and as Will Hutton argued today, some of the government's rescue package is too stringent. But investors can't be trusted and the regulator should tie Diamond's hands.
