Cannot play offline

When the computer is completely offline, I cannot play Minecraft offline.

Prerequisities:
I was previously logged in so the launcher remembers my user profile.

Steps to reproduce:
1. launch Minecraft launcher (version 1.1.1)
2. Launcher says: "You're already logged in as (name)"
3. Click Play
4. BUG - "We couldn't log you back in as (name)" - launcher wants to enter login credentials again, but cannot verify them while it's offline.