Can anyone explain the Zaeed cutscene in Mass Effect 3?

Shepard's presence on the Volus ambassador's commline convinced Zaeed that it was better to protect him - at least until Shepard can get a chance to speak with the Volus.

Unfortunately, Zaeed's partners want to stick to their original plan of killing the ambassador. Zaeed refuses to let them kill the ambassador, and they wind up getting in a gunfight over the volus, and ultimately wind up killing each other. If your Zaeed is loyal, he'll survive this extrication (as always), otherwise, he gives his life saving the ambassador.