A decade ago, Paul Calello of Credit Suisse was grappling with the horrors at Long Term Capital Management, the hedge fund that was destined for collapse.

Mr Calello, now head of investment banking at Credit Suisse, was his bank’s main representative back then in a consortium that took over the fund. But this job became horrendous because LTCM was at the heart of a complex web of trades with other entities that were fiendishly hard to unravel.