It’s also been a bad week for Andrew Osborne, a broker who until late last year worked for the snappily-named Bank of America Merrill Lynch. He could face an assault on his bank balance from the FSA, as a result of its inquiry into the curious affair of the Punch Taverns rescue share issue.

In the early months of 2009, as overleveraged structures were tottering everywhere, it became increasingly clear that the financial engineering at Punch was in danger of collapse. In April it tried to stay cheerful but warned that it might be forced to consider “alternative methods of financing.”

A looming redemption date for a Punch convertible meant there was no realistic alternative to an emergency share issue, and over the next two months, the so-called “dash for trash” gave Punch’s bankers a window of opportunity. In June Goldman Sachs raised £350 million at 100p a share. It was an impressive example of the investment banker’s black art. After a brief bounce in the summer of 2009, the shares fell below the placing price and never recovered.

Before such a massive capital raise, it would be odd, at least, not to have consulted with the largest shareholders, and Greenlight Capital, the hedge fund run by David Einhorn, controlled 13.3% of Punch’s stock. Osborne duly made the call, and invited Einhorn “over the wall”, slang for making him an insider. When Einhorn declined, Osborne’s position was impossible. Although he hadn’t given away any information, the fact that he had asked the question would have been enough to alert a professional trader that something serious was afoot. It was not going to be good news.

Einhorn might have been technically ignorant of inside information, but the FSA is surely right to jump hard on those involved in executing his decision to dump as much Punch stock as he could after the phone call. Whether legitimate or not, the sales simply didn’t pass the smell test, and both Greenlight’s compliance officer and the trader at JP Morgan Cazenove should have realised this. They all should have known better, but at least they are still in employment. As for Osborne, he’s currently jobless with the FSA breathing down his neck. Rough justice, indeed.