No borrower had to account for its total exposure; no lender asked. Each bank knew the extent of its own exposure to an individual client, in particular to Long-Term. None bothered to think about whether the hedge fund might be similarly exposed to a dozen other banks. "You'd be doing big chunks of business with them," recalled Siciliano, the manager at Swiss Bank. "You'd assume you were their number one provider, but really you were number ten. You couldn't believe they were doing that much volume.