Fedora solves (-ish) this with a patch to bash to figure out if that's the cause of the ENOENT and give you a better error message. Other distros should pick up the patch.
Posted Jan 21, 2013 9:36 UTC (Mon) by pabs (subscriber, #43278)
[Link]
... or Fedora could send the patch upstream?
Making EPERM friendlier
Posted Jan 21, 2013 9:49 UTC (Mon) by rahulsundaram (subscriber, #21946)
[Link]
Upstream knows and seems reluctant IIRC
Making EPERM friendlier
Posted Jan 21, 2013 10:49 UTC (Mon) by micka (subscriber, #38720)
[Link]
I think they're trying, but doing something less hackish, not in bash but at a lower level. But they're mostly at RFC stage at the moment (see article above...)