On the Edge

by Michael Ridpath

Calder looked over to where she was sitting, barely ten yards from his seat. She was looking away from him, towards the window on the other side of the trading room.

  ‘What about?’

  ‘I’ll tell you when I see you.’

  ‘All right. Where shall we meet?’

  ‘Nowhere round here. I don’t want to be seen. Let’s go to the Midas Touch. It’s in Soho. Nine o’clock this evening.’

  ‘See you there.’

  The Midas Touch was a hang-out for Soho’s creative types in Golden Square. It was crowded at nine o’clock, but Calder spotted Tessa sitting by herself in a corner, smoking a cigarette and drinking what looked like a Bailey’s.

  ‘Can I get you another?’ Calder asked.

  She smiled, her lips red and wide. ‘Love one,’ she said. She was a big woman, tall, blonde and busty, but with no chin to speak of. She wasn’t attractive, she wasn’t even sexy, but she had something of the buxom barmaid about her, as though she was game for a spot of slap-and-tickle in the back room, should you feel the inclination.

  She and Carr-Jones made an unlikely pair. She had worked for him in Tokyo and the two of them had made a successful team. Matt claimed to have known her vaguely at Oxford, and remembered her as an overweight mousy-haired mathematician from Somerville. He hadn’t recognized her when she had transferred back to London. Calder guessed that the new Tessa fitted Carr-Jones’s view of a woman’s place in finance. She could use her charms and her brains to win business from a certain type of man. Calder had no idea whether she actually did sleep with her customers, but he suspected that all that was needed was the impression that she might.

  Calder returned to the table with another Bailey’s for her and a beer for him. ‘Thanksh for coming,’ she said.

  ‘It looks like you got here a bit before me,’ Calder said.

  ‘It’s been a hard week,’ said Tessa, flicking her blonde hair back. ‘You know what I mean?’

  Calder drank some of his beer. ‘Yes, I do know.’

  She smiled unsteadily at him. ‘You’re cute, you know. I can see why Jen likes you.’

  ‘She doesn’t,’ Calder said.

  ‘Oh yes she does,’ said Tessa with a sloppy grin. ‘I’ve seen the way she looks at you. A girl can tell.’ She placed her hand on his and leaned forward, giving him a full view of her cleavage.

  Calder withdrew his own hand. Tessa shrugged and knocked back the Bailey’s. ‘Can I have another, please?’

  ‘Are you sure?’ said Calder.

  ‘Ah, go on. I’ve got something to tell you. Something you need to know. But I’m taking a risk. Justin wouldn’t like me talking to you, and you know what a bad idea it is to get on his wrong side. So get me another drink.’

  Calder shrugged and returned to the bar. This had better be good, he thought.

  She took a gulp. ‘I want to talk to you about Jen. And about Justin. They never got on very well, you know.’

  ‘I know,’ Calder said in frustration.

  Tessa shook her head. ‘No, no, no, no. They didn’t like each other.’

  ‘Hi, Tess!’

  A look of panic crossed Tessa’s face. Calder turned to see two of the junior traders from the Derivatives Group at the bar.

  ‘Shit,’ Tessa hissed to Calder. ‘What the hell are they doing here? They mustn’t catch us. We must get out.’

  ‘It’s too late, they’ve seen us,’ Calder said. ‘Let’s just be polite.’

  ‘No!’ With an effort, Tessa pulled herself to her feet and made for the exit of the bar. She took the Great Circle route, bumping into a group of drinkers. The two derivatives traders looked on in amusement. Calder followed her, giving the two men a friendly smile.

  Tessa spilled out on to the pavement. She swayed. ‘That’s better,’ she said. ‘Let’s find somewhere else.’

  Calder looked at her doubtfully. He desperately wanted to know what she was planning to tell him, but she could scarcely stand up.

  ‘Look, there’s a pub,’ she said, waving towards a side street. She stepped off the pavement and fell over. ‘Oh, fuck,’ she said, as Calder helped her to her feet.

  ‘Hadn’t you better go home?’ Calder said.

  ‘Yeah,’ she said. ‘Coffee. We’ll have some coffee at my place.’

  ‘I think you’d better go by yourself.’

  ‘No, no,’ Tessa said. ‘You come with me. I want to talk to you.’

  ‘No, really. Let me get you a cab.’

  Tessa laughed. ‘You’re scared I’m going to jump on you, aren’t you?’

  ‘No,’ said Calder.

  ‘Yes you are.’ Tessa seemed to make an effort to pull herself together. ‘Don’t worry, I’m perfectly safe. I know I’m a bit pissed, but I do want to explain what’s been going on. Come back with me, have a cup of coffee and be on your way.’

  ‘All right,’ Calder sighed.

  He hailed a cab, and directed the driver to the address in Pimlico that Tessa had given him. The cabbie glanced at Tessa, hesitated, and then let her in.

  The journey passed in silence, with Tessa looking as if she was about to throw up at any second. But they made it to her flat, and Calder helped her with the keys and the stairs.

  Tessa flopped into the sofa of the living room. ‘Can you get the coffee?’ she mumbled, pointing to the kitchen. ‘Black, no sugar.’

  Calder did as he was asked, eventually finding a jar of instant coffee amongst the debris of dirty plates and cups by the sink. As the kettle boiled, some music started up in the living room. Travis, he thought. It had been a mistake to come back with Tessa. He doubted very much that she would be able to say anything coherent to him. He was surprised by the state of her. Although she acted like a good-time girl, and he was sure she got pissed from time to time, he didn’t have her pegged as a heavy drinker. How often had she made her way back to this flat completely smashed, he wondered.

  He carried the two cups back into the living room, and stopped suddenly, spilling hot coffee on to his wrists. There was Tessa spread out on the sofa, naked apart from her G-string panties, her pale broad breasts flopping over her sternum. Her clothes were strewn around the floor. Her eyes were shut and her breath was coming in gentle, rhythmic whistles.

  Calder swore to himself and put down the coffee. He found her bedroom, whipped the duvet off her bed and gently laid it on her body. She shifted and pulled the cover up to her chin. Then he let himself out of the flat.

  Tessa waited a full minute after she heard the click of the latch. Then she sat up and clutched her head. She was drunk. But she knew exactly what she was doing. ‘She had known all along. With the duvet still wrapped around her, she stumbled over to the phone and dialled a number.

  ‘Justin? He’s just left. It worked.’

  11

  Calder didn’t see Tessa at her desk the next morning. He wasn’t surprised: she must have taken the day off with a humdinger of a hangover.

  Nils, Matt and he were busy. Nils Gunnarson’s speciality was trading European corporate bonds. He was pretty good at it, too, but like many Bloomfield Weiss traders he had an inflated view of his own abilities. He was in his late twenties with close-cropped fair hair, a double chin, and a stomach that was thriving on the typical trader’s fare of beer and takeaways. His accent was a bizarre mix of guttural Danish and money-broker cockney. He was an avid gambler, especially on football, and he and Matt would spend the lulls in the trading day discussing intricate spread-betting strategies.

  There were whispers in the market that the finance director of United European Energy was about to resign. The prices of the bonds, which were trading at about ninety, were beginning to slide. Nils was talking to the Bloomfield Weiss analyst who covered the sector about UEE’s accounts. There might be an opportunity brewing.

  Calder was discussing the possibilities with Nils, when he could tell from his colleague’s sudden tension that someone was hovering behind him. He turned. It was Carr-Jones.

  ‘Got a minute, Zero?’ />
  ‘Yeah. What’s the matter? Have you decided to apologize after all?’

  ‘I’ve just spoken to Tessa.’

  ‘And she’s got one hell of a hangover.’

  ‘She has.’ Carr-Jones flicked his eyes to Nils, who was listening intently. ‘She told me something about last night which I found quite disturbing. I know she’s upset about it.’

  ‘If your staff drink themselves legless in the middle of the working week, then I’d say you’ve got a problem.’

  ‘I think you’ve got the problem, Zero.’

  ‘What’s she saying?’

  ‘She doesn’t want to make an official complaint. At least not yet She wants to think it over.’

  ‘Complaint about what?’

  Carr-Jones raised his eyebrows.

  ‘That’s ridiculous!’ Calder protested. ‘We went back to her place. I made her some coffee. She passed out. I covered her up and went home.’

  Carr-Jones sat in Jen’s empty seat next to Calder and lowered his voice so Nils couldn’t hear. ‘She says that when she woke up she had no clothes on.’

  ‘Is this a set-up?’ Calder said. ‘Because if it is, it won’t work. I did nothing to Tessa and she knows it.’

  ‘John and Derek saw you two together. They say she was drunk and the two of you disappeared in a cab somewhere.’

  ‘As I said, she was smashed out of her head. I helped her get home.’

  ‘Very noble,’ Carr-Jones said. ‘I know Tessa is an attractive woman, and she has a reputation for… let’s call it friendliness, but I think your judgement was poor.’

  ‘Come on, Justin. I have no desire to become friendly with Tessa, believe me.’

  ‘She isn’t sure what she’s going to do. She asked for my advice. I’ve told her to take a couple of days to think about it. She’s sensible enough to know that making a formal complaint would lead to great difficulties for both you and her, but on the other hand she feels traumatized. Degraded.’

  Calder looked Carr-Jones straight in the eye. ‘If I’m called as a witness at Jen’s Tribunal, I will tell the truth. I don’t care what ludicrous claims Tessa makes.’

  Carr-Jones stood up. ‘Think about it, Zero. Just think about it.’

  Calder glowered at Carr-Jones’s back.

  ‘What was that all about?’ asked Nils, feigning only mild curiosity.

  ‘You really don’t want to know,’ said Calder. ‘Believe me.’

  ‘Maybe you should listen to him.’

  Calder and Jen were in a smart bar in Chelsea, not far from Jen’s flat. Calder had insisted that they meet. He wanted to tell her what was happening at Bloomfield Weiss in her absence, and show her that he was on her side.

  ‘What do you mean?’ he said.

  ‘Don’t get me wrong,’ Jen said. ‘I appreciate what you’re doing.’ She gave him the hint of a smile, the first glimpse of warmth she had shown since they had met ten minutes earlier. Calder was shocked at how glum she looked. There was no life, no spark to her, whether of anger or of humour. The corners of her mouth pointed downwards and her eyes, normally so lively, were listless. Her black hair seemed lank and stringy. Even though she was no longer at work, she was wearing her habitual black trouser suit, but without her normal poise. ‘Carr-Jones will screw you just like he screwed me.’

  ‘I think I’ll be OK,’ Calder said. ‘I mean, Tessa can’t prove anything happened because nothing did. Plus, I make money. Bloomfield Weiss never forget that.’

  ‘Whereas I don’t?’ said Jen.

  Calder shrugged. ‘You will,’ he said.

  Jen snorted. ‘Come on. Do you think I’m ever going to work as a trader again?’

  ‘You’re good enough.’

  ‘No need to give me a pep talk now. You’re not my boss any more.’

  Calder decided to ignore Jen’s bitterness. She had every reason to feel that way, but he still didn’t appreciate bearing the brunt of it. ‘I’ve never understood corporate politics,’ he said.

  ‘Carr-Jones is the master.’

  ‘I know. I just wish there was a way we could get back at him. Blackmail him like he’s trying to blackmail me.’

  ‘Blackmail him?’

  ‘Yeah. That’s what this stuff with Tessa is all about.’

  Jen was silent. She seemed to be thinking.

  What is it?’ Calder asked.

  ‘Nothing.’

  ‘Is there something we can use against Carr-Jones?’

  Jen looked at him for a moment, a glimmer in her eyes. Then she shook her head. ‘No, it’s nothing.’

  ‘Tell me.’

  ‘There’s nothing to tell.’ Jen stared at him defiantly.

  Calder sipped his bottle of beer. Jen sipped her wine.

  ‘How’s your case going?’ he asked.

  ‘Good. My lawyer knows what she’s doing. She thinks we’ve got a chance, especially if you stick with your statement. Apparently very few cases actually go to the Employment Tribunal. It’s expensive and something can go wrong for either side. But she thinks Bloomfield Weiss will come up with a deal. Several hundred thousand. She wants me to settle.’

  ‘And you don’t want to?’

  ‘No. I want to take the bastard to the Tribunal and rub his nose in it.’

  ‘Well, I’ll tell anyone the truth who asks me.’

  Jen looked down at her glass. ‘Thanks,’ she whispered.

  ‘You don’t look good,’ Calder said.

  ‘I don’t feel good.’ She took a deep breath. ‘I feel lonely, I feel miserable, I hate London, I hate Bloomfield Weiss, I hate investment banking.’

  ‘Why don’t you go away for a few days?’

  ‘I can’t leave London until the case is over. Besides, when I come back things won’t be any different.’

  ‘Is there anyone you can talk to?’

  –‘No. My parents haven’t spoken to me since I told them what I was doing. They think I’m throwing away all the expensive education they gave me. I hardly know anyone here. There’s one woman I know from high school, but she works so hard I hardly ever see her.’

  ‘Who’s that?’

  ‘Sandy. She works for a US law firm here. Her life’s not much better than mine. And mine sucks.’

  ‘You can talk to me if you like.’

  Jen didn’t answer. She looked as if she didn’t want to talk to anyone.

  ‘What will you do afterwards? When the case is over?’ Calder asked.

  ‘I don’t know,’ said Jen. ‘What can I do? No firm will employ me now, not here nor on Wall Street. There’s nothing. Nothing.’

  Calder wanted to comfort Jen, but he didn’t know how. She was submerged in her own misery, without the willpower to fight her way to the surface for breath. He wasn’t convinced that waging war against Carr-Jones would really make her feel any better.

  ‘Why don’t you settle with Bloomfield Weiss, take the money and go back to the States? You’ve got friends there. You’re a smart woman. You’ll find a job, probably a much better one than working for Bloomfield Weiss.’

  ‘So you think I should give up?’ said Jen, her voice tinged with anger.

  ‘I think you should get out of London and start again. I’m just being realistic.’

  ‘Realistic! You’re always so goddamned realistic! Well, the reality is that Carr-Jones has ruined my life. And the reality is I’m not going to let him get away with it.’ She drained her glass. ‘Now I gotta go.’

  ‘Jen…’

  ‘I said, I gotta go.’

  As expected, the UEE finance director resigned, admitting that there had been accounting irregularities relating to long-term contracts. But these amounted to a billion euros, more than anyone had expected. UEE bonds were now offered only, meaning no one anywhere would buy them. Some of Bloomfield Weiss’s clients wanted to sell, but the Corporate Desk had no buyers. Would the Prop Desk step up?

  Calder discussed it with Nils. Nils’s view was that even with that big an accounting hole, UEE was pum
ping out enough cash to service its debt comfortably over the next three years.

  ‘Shall we buy some?’ Nils asked.

  ‘What do you think?’

  ‘If we can get them below sixty-five, I think they’re a steal.’ Nils’s eyes were shining at the opportunity.

  ‘OK. Let’s bid sixty and see what happens.’ Calder liked to back his people’s judgement. It gave them confidence, and besides, he trusted them.

  ‘How many shall we do?’

  Calder put his face in his hands. Suddenly he felt weary. Normally he enjoyed this part of his job, putting his views on the line, risking millions for Bloomfield Weiss. Normally, he was careful. Normally, though he took risks, they were finely judged.

  He didn’t really know what was going on at UEE. They could have another five billion of bad contracts for all he knew. Nils’s work wasn’t bad, but there were still gaps. They should just tip their toe in the water. Buy a couple of million and see what happened.

  But he was angry. Carr-Jones, Jen, Linda Stubbes, Tessa, they were all messing him around and he felt powerless to fight back. Nicky was gone. His trading P and L was lousy so far this year. He needed to do something to change this run of bad luck, shake things up a bit. So what if he lost Bloomfield Weiss a few million? If a billion euros was the extent of UEE’s black hole, and if Nils’s analysis was right, then the bonds would trade right back up to ninety and there was a fortune to be made. Time to take a risk.

  Calder smiled at his colleague. ‘Let’s fill our boots.’ So, they bought ten million at a price of sixty. Then ten million more. Then twenty-five. UEE had hundreds of millions of bonds outstanding. By lunchtime, Calder and Nils owned eighty million of them. The price had drifted up to sixty-five, but Bloomfield Weiss were the only buyers.

  Tarek wandered over. ‘What are you up to, Zero?’

  ‘Buying UEE. It’s good value at sixty.’

  ‘Are you sure?’

  ‘Yep.’

  ‘You’re really sticking your neck out on this one.’

  ‘I’ve done it before, haven’t I?’ It was true, Calder had stuck his neck out on similar hunches many times before. And made good money out of them.

  Tarek looked at his friend closely. ‘OK. Just don’t buy any more.’