But the limit to such an approach lies in the imagination almost nobody dreamt of what happened to Long-Term Capital Management, the hedge fund that nearly went under last autumn.

ECONOMIST: The trader��s lament

Now Tze, Aquacopia's only full-time employee, navigates the fund, which has minority stakes in five holdings, and charges investors 2.5% on assets under management, plus a 20% cut of the capital gains.

FORBES: Magazine Article

The scandal was triggered when New York Attorney General Eliot Spitzer revealed a scheme under which Nations Funds, advised by Banc of America Capital Management, a unit of Bank of America (nyse: BAC - news - people ), permitted hedge fund Canary Capital to trade mutual fund shares at prices that had already been set at the day's close.

FORBES: States To Move Against Mutual Funds

By November 2007, when the narrative ends, it was already clear to Mr Morris that this crisis was much more serious than the last big crunch, the 1998 Russian debt default and the bail-out of Long-Term Capital Management, an American hedge fund, by a group of banks under the Fed's direction.

ECONOMIST: The credit crunch

Under the terms of the deal, Arlington Capital is taking a majority stake alongside the MB Aerospace management team.

BBC: MB Aerospace to make acquisitions after buyout