What now for David Bonderman? Air Partners, a company controlled by the US-based chairman of Ryanair, is to sell its shareholding in Continental Airlines. The sale, which will net Air Partners more than $500 million (£357 million), is part of a deal which will involve Northwest Airlines forging a global alliance with Continental.

Mr Bonderman has been credited with reversing the fortunes of Continental he led a rescue of the then struggling airline in 1993. Another of his investment vehicles holds a 16 per cent interest in Ryanair.

He has a reputation for rescuing companies and subsequently exiting with a healthy profit. But now would not be a good time for him to bail out of Ryanair, given that the shares are trading at close to their six-month low and well below their $30-high of last October.