Disabling automount of ~/Private makes it disappear shortly after mounting

Disabling automount of ~/Private makes it so that shortly after mounting ~/Private goes back to it's unmounted contents and if you're inside the directory with a shell your path now says it starts somewhere unreachable. Here's a shell session showing the issue:

"""
$ rm -fr .ecryptfs/ .Private/
$ ecryptfs-setup-private -w
Enter your wrapping passphrase [pedrocr]:
Enter your wrapping passphrase [pedrocr] (again):
Enter your mount passphrase [leave blank to generate one]:

************************************************************************
YOU SHOULD RECORD YOUR MOUNT PASSPHRASE AND STORE IT IN A SAFE LOCATION.
  ecryptfs-unwrap-passphrase ~/.ecryptfs/wrapped-passphrase
THIS WILL BE REQUIRED IF YOU NEED TO RECOVER YOUR DATA AT A LATER TIME.
************************************************************************

ln: cannot remove `/home/pedrocr/Private/README.txt': Permission denied
ln: cannot remove `/home/pedrocr/Private/Access-Your-Private-Data.desktop': Permission denied

Done configuring.

Testing mount/write/umount/read...
Inserted auth tok with sig [dc59235220b5ba9a] into the user session keyring
Inserted auth tok with sig [e494cf47099c9bbe] into the user session keyring
Inserted auth tok with sig [dc59235220b5ba9a] into the user session keyring
Inserted auth tok with sig [e494cf47099c9bbe] into the user session keyring
Testing succeeded.

Logout, and log back in to begin using your encrypted directory.

$ ecryptfs-mount-private && touch Private/foo
Enter your wrapping passphrase:
Inserted auth tok with sig [dc59235220b5ba9a] into the user session keyring
$ ls Private/ && sleep 30 && ls Private/
foo
foo
$ ecryptfs-umount-private
$ rm -fr .ecryptfs/ .Private/
$ ecryptfs-setup-private -w --noautomount
Enter your wrapping passphrase [pedrocr]:
Enter your wrapping passphrase [pedrocr] (again):
Enter your mount passphrase [leave blank to generate one]:

************************************************************************
YOU SHOULD RECORD YOUR MOUNT PASSPHRASE AND STORE IT IN A SAFE LOCATION.
  ecryptfs-unwrap-passphrase ~/.ecryptfs/wrapped-passphrase
THIS WILL BE REQUIRED IF YOU NEED TO RECOVER YOUR DATA AT A LATER TIME.
************************************************************************

ln: cannot remove `/home/pedrocr/Private/README.txt': Permission denied
ln: cannot remove `/home/pedrocr/Private/Access-Your-Private-Data.desktop': Permission denied
INFO: /home/pedrocr/Private will not be mounted on login

Done configuring.

Testing mount/write/umount/read...
Inserted auth tok with sig [371e8d845595265a] into the user session keyring
Inserted auth tok with sig [7035930a8c8da0fa] into the user session keyring
Inserted auth tok with sig [371e8d845595265a] into the user session keyring
Inserted auth tok with sig [7035930a8c8da0fa] into the user session keyring
Testing succeeded.

Logout, and log back in to begin using your encrypted directory.

$ ecryptfs-mount-private && touch Private/foo
Enter your wrapping passphrase:
Inserted auth tok with sig [371e8d845595265a] into the user session keyring
$ ls Private/ && sleep 30 && ls Private/
foo
Access-Your-Private-Data.desktop README.txt
"""

The relevant entry in the logs seems to be this:

Mar 24 12:40:01 wintermute CRON[24769]: pam_ecryptfs: Skipping automatic eCryptfs mount

It seems pam_ecryptfs is screwing up the mount after it's already done.

ProblemType: Bug
DistroRelease: Ubuntu 12.04
Package: ecryptfs-utils 96-0ubuntu3.1
ProcVersionSignature: Ubuntu 3.2.0-60.91-generic 3.2.55
Uname: Linux 3.2.0-60-generic i686
ApportVersion: 2.0.1-0ubuntu17.6
Architecture: i386
Date: Mon Mar 24 12:29:57 2014
EcryptfsInUse: Yes
InstallationMedia: Ubuntu 11.10 "Oneiric Ocelot" - Release i386 (20111012)
MarkForUpload: True
ProcEnviron:
 TERM=xterm
 PATH=(custom, no user)
 LANG=en_US.UTF-8
 SHELL=/bin/bash
SourcePackage: ecryptfs-utils
UpgradeStatus: Upgraded to precise on 2012-04-28 (694 days ago)