Barclays sails close to the wind

Barclays’ plans to raise capital without going through a conventional rights issue are typical of its bold, risky management style. Rather than publicly repent the firm’s subprime writedowns and promise to do better, the bank’s leaders have sent out confident messages that all is well, barring a few local difficulties. Strong leadership in a crisis, or ostrich-like denial? The market is about to find out.