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What to make of Vale's (RIO) share offering?

Her name is Rio and she dances on the sand

Reports tonight are full of how Vale disappointed the market by only raising $11.5Bn in its stock offer. Here's Bloomberg, for example:

Vale $11.5 Billion Share Offering Falls Short of Expectations

By Diana Kinch July 17 (Bloomberg) -- Cia. Vale do Rio Doce, the world's biggest iron-ore producer, raised 18.4 billion reais ($11.5 billion) in a share sale, less than expected as commodities and oil stocks declined.Vale sold 256.9 million common shares for 46.28 reais each and 164.4 million preferred shares ..............yada yada etc etc

Apparently, an unmitigated disaster that will sink the whole region's industry.

Now I'm no great fan of RIO, but this has got to be said out loud. Anyone, and I mean anyone who writes as such is guilty of journalistic and analytic bullshit of the highest order. Raising $11.5Bn at this moment in financial time and space is not much short of a miracle, and RIO should be warmly applauded. Put it this way; the underwriters of the HSBC Bank (HBOS) rights issue will be green with envy right now, and the world will find out why after the details of its four billion dollar bellyflop are published Friday. The only thing RIO is guilty of is dumbass managers who picked the worst possible moment (quite possibly to the day) to go to market.