Trying to install steam on Ubuntu 64 12.04 LTS desktop, I'm getting the following crash:

paulw@desktop:~$ steam
Running Steam on ubuntu 12.04 64-bit
STEAM_RUNTIME is enabled automatically
Installing breakpad exception handler for appid(steam)/version(0_client)
Uploading dump (out-of-process) [proxy '']
/tmp/dumps/crash_20130402164234_1.dmp
/home/paulw/.local/share/Steam/steam.sh: line 704: 32649 Segmentation fault      (core dumped) $STEAM_DEBUGGER "$STEAMROOT/$PLATFORM/$STEAMEXE" "$@"
Installing bootstrap /home/paulw/.local/share/Steam/bootstrap.tar.xz
Finished uploading minidump (out-of-process): success = yes
response: CrashID=bp-403d95b9-0c98-4032-b826-3fb792130402
Running Steam on ubuntu 12.04 64-bit
STEAM_RUNTIME has been set by the user to:    /home/paulw/.local/share/Steam/ubuntu12_32/steam-runtime
Installing breakpad exception handler for appid(steam)/version(0_client)
Uploading dump (out-of-process) [proxy '']
/tmp/dumps/crash_20130402164235_1.dmp
/home/paulw/.local/share/Steam/steam.sh: line 704: 32739 Segmentation fault      (core dumped) $STEAM_DEBUGGER "$STEAMROOT/$PLATFORM/$STEAMEXE" "$@"
Finished uploading minidump (out-of-process): success = yes
response: CrashID=bp-cb4d59a9-5391-4295-97f5-c4e332130402

Is there an easy resolution?

I've tried blowing away .local and .steam (and .steampid/.steampath) which forces a reinstall dialog, but still crashes after I accept T&C.