Macquarie Group's senior management first heard the organisation was doing a capital raising yesterday when the story hit the dealing desks at Macquarie Securities.The market began pricing in the discount for the share issue first thing this morning. This was despite the fact that Macquarie has $2.9 billion in equity capital above its minimum regulatory requirements, $32 billion in cash and liquids and $12 billion in government guaranteed term funding, which was recently completed.Macquarie does not need capital. But whoever spread the rumour would have been familiar with the scepticism that has built up in the market about equity raisings.The integrity of denials has been harmed by too many false rebuttals of capital raisings by companies that ultimately raised capital.Two prime examples are the statements made by National Australia Bank before its $3 billion capital raising last year and the statements made by Fairfax Media in the weeks leading up to today's trading halt.The fact that Macquarie tops the list of trades on the ASX yesterday morning says that it is day traders and small investors who are driving the movement in the share price. Day traders are big followers of rumour-based trading strategies.Macquarie put out a statement around midday to quash the rumours, but it could not categorically rule out raising capital. No company would be so foolish as to say it would never raise capital.Instead Macquarie said "there are no current plans for a capital raising".When this statement is read in the context of comments made in February that excess cash was having a negative impact on earnings, it is clear that further capital would only serve to put further downward pressure on earnings.Macquarie was right to respond to the capital raising rumours with a statement to the market.There is a case for it to do more.The capital raising rumours were able to gain such wide currency and credence among traders because of the lack of understanding of Macquarie's business.There is still a perception in some circles that the debt on the balance sheet of Macquarie satellites is in some way guaranteed or tied to the Macquarie Group. In fact, the debts are non-recourse to Macquarie.The recent, sharp weakness in the price of stapled securities in Macquarie Airports and Macquarie Infrastructure Group has fuelled concerns about the impact on Macquarie Group. Macquarie could afford to write down its holdings in MAP and MIG, but says it is bound by an accounting rule not to.There is a case for Macquarie Group chief executive Nicholas Moore to provide a clearer explanation to the market of the relationship between the licensed banking operation and the satellite funds.He could explain how he expects that relationship to unfold in an era when bank debt is hard to obtain, particularly for infrastructure assets.Moore could also spend more time explaining in layman's terms why the Macquarie Group could survive without the funds management business. He could remind investors that Macquarie makes more money from Treasury and Commodities and financial services than infrastructure funds.He should be