Did Hansgeorg Hofmann walk into a cul-de-sac when he made a charge at Commerzbank? Have he and his billionaire backers, Klemens Vedder and Klaus-Peter Schneidewind been badly burned?

Let me declare a personal interest. Hofmann is a friend of mine. He and his charming wife, Leonora, are the most gracious of hosts. Invitations from the Hofmanns are highly prized. However, I cannot help wondering whether it is time for Hofmann and his backers to admit defeat and walk away while they can still retain some dignity?