At the opening of a smart art gallery in London’s West End, an old friend visiting from San Francisco sauntered over to a highflying Italian banker she hadn’t seen in years and remarked loudly: “Come on now, Luigi, how many paintings are you buying this time?”

Then she turned white. She had forgotten that Luigi, used to flaunting his wealth at public functions, was among the worst hit by the collapse of US investment bank Lehman Brothers last year. Not only was he unemployed but his polo lifestyle had come an abrupt end. Unable to think of a witty riposte, Luigi hurriedly left the functions.