This week, a man who has a surfeit of both capital and charisma came to the rescue of a man who is in need of both.

Warren Buffett, the Omaha investor who played a pivotal role in the 2008 crisis by investing in Goldman Sachs as a demonstration of confidence that it would survive, gave his endorsement to Bank of America. He injected $5bn into the biggest bank in the US as it struggles to convince investors that it is strong enough to ride out the latest bout of economic turmoil.

The man who gained most from the gesture (struck on very favourable terms to Mr Buffett) was Brian Moynihan, the embattled chief executive of BofA. Mr Moynihan scraped into the job in 2009 and has since battled to convince investors that he has the requisite authority and leadership skills.