Having been cast as the chief villains of the global financial crisis, the banks have so far avoided serious further damage to their reputations during the pandemic. Instead it is private equity firms that are in danger of sinking lower in the public’s estimation (if that were possible).

The industry has scored a spectacular own goal over the issue of government-backed coronavirus bailout loans. Given the level of public suspicion of the industry you might think it was obvious that private equity firms should steer clear of anything that could be viewed as a taxpayer subsidy.