One Step to Danger

by John Gubert

  He rose eagerly to the bait. “We’ll make you a good price and tailor an option for you. You’ll see we are the biggest and the best in this place. I’ll call back in half an hour.”

  He took my number and I grinned over to Jacqui. “They really are stupid. They’ll swallow any story if they see the hope of a commission at the other end – and they must know of the baths we gave their guys in Europe in the last month.”

  And they came back with a good price. They thought I was going for a further rise in the markets and had fed that into their price. I knew my father would want me to get the maximum. I asked them to refine the two prices, which they were quoting. One was the premium to benefit from a rise in the market. The other was for a fall. And I suspected the fall would cost less in percentage terms than we had seen the first time round, even though it would cover much larger amounts. They complied and I promised to call back.

  I called my father and ran him through the discussions we had had. The market had risen even further that day. He thought it could only rise for a day or two. “I like the quotation you have got. I doubt they’ll hold it for too long. It’s a bit over the top. You got them really hungry for your business. I suspect their traders have gone out on a limb. Their Head Office would never allow them to quote like that.”

  He asked me to repeat the terms. We were talking of the same type of deal we had done with Fucquet. It was a bit more expensive. And it was much more speculative. The advantage was that it could make us a lot more money. Or it could, if we got our timing right.

  United told us their prices. They would guarantee the two billion-dollar fund for six per cent. They would run the Hong Kong one for three per cent. The Korean and Thai ones would be at five per cent. They would base the guarantee on the prices that ruled at the close of business today.

  That meant they would take a commission of a hundred and twenty million on the big fund, thirty for the Hong Kong one and fifteen million each for the others. All in all they would charge a cool hundred and eighty million dollars. But the gains for us could be huge. If all those markets fell ten per cent in the next month we would make three sixty million less the fees paid. A twenty per cent fall would give us seven twenty less the fees.

  “We’ll ask them to hold as long a possible. You’ll need to buy the market because they’ll try to hedge through sales to get the end of day prices down once they know you are a bear. Unless you think you can get them to strike at the current level rather than at the close of business.”

  The strike price would be the base level of the market used to calculate the insurance. If we took the insurance against a fall, they would try to push the market lower. If we took it for a rise, they would buy. They could use some of the fee to cover any possible trading losses.

  “Look, ask them to hold their prices as long as you can. Then deal. But place limits to buy in key stocks in each market. Make the limits in line with the current price. Make it all or none. That will make it hard for anyone to actually execute the order. Spread them around the market. That will fuel buying interest in other houses. Spend up to a hundred million on buying, but sell first thing tomorrow if you buy anything.”

  I made up a list of stocks with him and then called United. “Can you hold your prices until this afternoon. I need one more approval and then I’ll be able to go ahead.”

  There was a short discussion before they agreed. I suspected they would buy and push the market further up. After all, they still thought I was a buyer.

  I watched the market continue to rise and talked repeatedly with my father. Jacqui called the brokers we had identified for the support operation and checked progress. She intimated that she could be a buyer.

  “We are discussing how much we should take and also the price limits,” she told them, “I should be back later today.”

  Around two I got another call from United. “It’s going to be hard to hold the prices,” they said. “When can you give us a reply?”

  I asked for another half an hour. They agreed. That brought us to within an hour of the close. And once they set the final market prices in Hong Kong we would be OK. Nobody would dare to sell the other markets so late in the day. I called them, having squeezed another five minutes or so over the half-hour. The market in Hong Kong had moved sharply upwards during that time. It was an incredible nine per cent up on the day.

  I gave them the order. “But we thought you were a bull. We thought you were targeting a rise in the market. You can’t do that to us.”

  I responded chillingly. “You quoted me a price. You quoted me a twoway price. You’ve just confirmed that you can hold it in my size. You will have recorded our discussions. I never advised you what I would be doing. I didn’t advise you that this morning or this evening. Are you going to fax me immediately a confirmation or are you reneging on the deal?”

  “Could you hold a minute?” he said. “No,” I said. “I need to know if you are sticking to your price now. I need a confirmation on my fax now. And if I cannot have that, I will turn my tapes over to the regulators this afternoon.”

  I pretended to be indignant, “I have never heard of something so outrageous, especially from United. You are one of our major banks. Your head office will hear of this as soon as they open.”

  By now he was really worried. He had screwed the deal and now he was at risk of being shut. For that would be the penalty if he reneged. He was not to know that I had no recording. But he would have and I did not think that they would be able to destroy them. Their controls would prevent them.

  There was a hurried conversation. I heard yelling. I covered the mouthpiece and said to Jacqui, “Put in a buy order for a million dollars of the top five companies on the list at just one percent below the current price.”

  That would help support the market if they tried to hit it in the last minutes.

  The dealer returned. “We confirm,” he said. And it sounded like his last words. His voice was cracked. It most likely was his last words, at least at United. He would have hedged the wrong way and moved the market the wrong way. And he would have done it in size. The double whammy would not be forgiven.

  “I want the confirm on the fax now and I want written confirmation this evening. The contract notes can follow. I am very unhappy at your attitude just now. I’ll wait on the open line for the fax to arrive and then I’ll confirm your fee payments.”

  It was a good idea keeping him on the phone. It disrupted their office a bit and made it hard for them to trade against me.

  The fax came through. We had the option. The pan Asian fund, the Hong Kong fund and the small Thai and Korean ones were all hedged.

  I confirmed, “We will pay the fees today, European time, crediting your account at your Geneva office. It is an internal transfer and so you will be able to confirm it at around six pm or seven at the latest. It all depends what time they are available.”

  I continued, “When can we pick up a written confirmation of the deals?”

  When told they would be available in half an hour, I said “We’ll be round for them then.” And I rang off.

  I picked up the phone from Jacqui. It was my father and I confirmed the news. “We’ll wait until the close and then pick up the letter. That gives us time to have it in our hands before our money moves. Not that I think that’s necessary.”

  We hung on. The market drifted back a bit but we did not pick up any stock. Quite simply at the end of the day, there were enough buyers around to withstand any pressure that may come from United. Or perhaps I had misjudged them and they were betting on trying to lay off their position rather than upset sentiment.

  We went over to their offices. They were just up Queens Road Central. That was close to the hotel. I checked the letter. It confirmed everything. I looked at the conditions. There were no problems. I checked the signature. It was fine. I thanked them and left. They hardly looked a happy bunch of bunnies. But then I doubt they were.

  I called the States and asked my fathe
r what he wanted us to do. “You’ve done OK for today,” he said. “We wait and watch the markets. Get out to Wan Chai or something and have some fun. I can sort out the cover for United.”

  “What do you want to do?” I asked Jacqui.

  “I feel like doing something outrageous,” she said. “I want to dress up and do the town.”

  “We could have dinner in the Chinese here. The Man Wah is rather good. Do you want me to book it for eight? Then we can have a drink in the Captain’s bar first. And we can head off to Wan Chai around ten. It is pretty quiet until then.”

  “Fantastic,” she replied. “Now I want you to wear some of those new clothes. An open necked shirt and slacks will be fine. It will be nice to see you in casual gear again. I am going to dress to shock. Oh and to drive you wild. You’ll be eating out of my hand by tonight. Then I’ll seduce you.”

  We got washed and changed. I put on one of the designer shirts that she bought me. It was a red and white striped motif in silk. I doubt I would have bought it myself. But it felt smooth next to the skin, and actually a bit erotic. I put on a pair of slightly loose trousers and beige loafers.

  “Hey, you look rather good,” came the approving call from Jacqui. She was making up in front of the desk mirror, with one of the white fluffy dressing gowns that they give you in the Mandarin draped loosely around her.

  She had painted her nails a bright pink and was applying matching lipstick. Her mascara was a deep black and heavier than usual. It had the effect of making her eyes seem bigger and her lashes longer. She had fluffed out her hair, but at the same time had added a spray that made it glisten in the light.

  She didn’t look like a businesswoman. She looked exotic, even erotic. She had a mischievous gleam in her face. We had been at work for over a month. We thought we would ease ourselves into things here in Hong Kong, but, in the end, we had had to jump in immediately. This was her way of relaxing. And I knew this was going to be a memorable night.

  She stepped out of the robe. Her body shone from the bath oils. She was totally naked and kept her back to me. I was happy to be the voyeur for the moment. She wriggled her bottom at me as she sashayed through the room to the cupboard.

  As she dressed, it was like watching a strip tease in reverse. She lent against the wall and put one foot into her panties. She did not move from there to slide the other one in, before languorously gliding them up over her calves, then her thighs and finally waggling her bottom into them. She straightened the thin slip of material that stretched from back to front and smoothed the sides so that they fitted like a glove.

  Turning half round so I saw her breasts, she pulled out her bra. She placed it around her waist, back to front and did up the hooks. Then she eased it round her body and up to her breasts. One after another, she allowed them to fall gently into the cups of her bra, before pulling the shoulder straps into place.

  She then took a halter necked top from the drawer and stepped into it before drawing it gently and tantalisingly up her body and into place. The top was silk and, when taut, revealed the gentle outline of her bra. However, when it was allowed to be at ease, it covered her body only leaving a gentle hint of the temptations beneath.

  The skirt, a mini in black, followed the same route, but just to the waist. She did not need tights. Her legs were brown and firm enough to reject any such artificial supports. She just stepped into a pair of high heels and swirled round to me.

  “How do I look?” she asked. She already knew.

  “How can I reply? The only answer I could give you needs me to get you to take all that off.”

  Her smile was triumphant. She picked up her bag and declared, “Now for pit stop one. Let’s get to the Captain’s bar.”

  We walked over the lobby to the Captain’s bar. We got a fair deal of looks as we crossed the crowded lobby. Or, at least, Jacqui did. She had learnt how to walk elegantly even if she was wearing the tightest of short skirts and the highest of heels. It was an art that many women cannot master. She did and that made the clothes she was wearing look as if the fashion had been designed for her.

  “Hey,” I said, “I won’t dare to go for a pee. Otherwise I’ll never make the way through the crowd around you.”

  She walked into the bar and I followed. The predominantly male company let her through without a murmur. We stood in a corner and I ordered a beer for myself and a champagne cocktail for her.

  “Could I have the cocktail in a half pint glass?” she called over. “Not one of the diddly ones you serve others. And could the brandy base be the Courvoisier rather than one of the other brands?”

  By this time everyone was looking at her. Her high heels allowing her to tower above some of the barflies. They must have made her some five ten high for she was normally around five eight. And that short skirt and flimsy top gave the imagination less work than normal.

  Our drinks came and we touched glasses. I drained part of mine eagerly for I was thirsty. Even I was surprised when I saw her do the same, but with the whole half-pint.

  She giggled and said “Oh darling, that’s just right. Could I have another?”

  A woman drinking half a pint of champagne cocktails is unusual. One drinking double that is unknown. I didn’t want to question her, though even I thought it was a bit over the top.

  Just as I was about to order, she called out, “Oh darling, I’ve changed my mind. I’ll have a Perrier instead or I’ll be anybody’s by the time I’ve finished. I want some drinks at dinner, too, and at those strip clubs you’ve promised to show me.”

  A woman planning a heavy drink session in Hong Kong is not that unusual. One talking openly about going to a strip club definitely is. Again we drew attention to ourselves. The population were as fascinated with her as I was.

  In the event, dinner was blissfully uneventful. We sat overlooking Hong Kong and enjoyed the view. The food was passable rather than memorable. And we both laid off the wine, although I took a bottle of the local Tsingtao beer. Wine is pretty ghastly with Chinese food – it does not blend well. And in any case it was better to be careful because the night was going to be a long one as we tried out the clubs in Wan Chai.

  Taking a cab to Lockhart Road, we entered into one of the clubs there. We went down the stairs. There was a bar round a large dance floor. Three girls danced in vague unison, athletically draping their legs round shiny aluminium poles that were strategically placed at different corners. Bikini bottoms covered their tights and from time to time they would pull down their bras.

  It was excruciatingly boring. But then it was not meant to be otherwise. Then the star dancer came on. She was a bit more energetic than the first crew and seemed to pull at her minuscule bra a bit more often.

  “They look as if they have all gone to the three step school of dancing,” said Jacqui. “How can all these people sit and gape at them?”

  “Perhaps they are here for a take away,” I said “And all this is a simple parade of wares.”

  “Well if they learn making love in the same school, they are not going to be worth a postcard home. Some of my father’s places are much better. Shall I show them how to dance properly?”

  “No fear. We can go dancing if you want but I am not going to have you on that stage.”

  “Oh come on. Don’t be a spoilsport. I won’t take off my clothes. I just want to teach them how to dance.”

  “Absolutely no. Or I leave you here.”

  She pouted. “All right, but let’s have another drink and then head off somewhere for dancing.”

  I was relieved that she had agreed. I had somehow thought she was going to argue about it. So I turned round and ordered another couple of drinks.

  It was at that precise minute that she squeezed through the gap that the dancers had taken and talked to one of the girls behind the bar. I was initially a bit annoyed, but then thought that this could be fun. So I waited.

  Our drinks arrived and then I noticed that the music had changed. It was a modern song that I c
ould not place. The rhythm was slow but the beat was strong.

  And suddenly Jacqui was up on the stage and pulsating to the music. She swayed backwards and forwards to the beat. Her eyes were closed. She arched her body back from the waist and her hair fell back. It almost stroked the ground.

  The room was silent. Silenced by her sexuality. He body moved up and down. Her hips worked their way round. Her feet glided over the floor.

  One sensual movement followed the other. She seemed in a dream. She appeared to float above us. Then she came back to this world. She cruised around the stage before stopping directly in front of me. There she bent back, her hair brushing the stage behind me.

  As the beat moved from gentle to fast, she pulled herself up. And then as the beat went to a crescendo, she jumped from the stage and onto the bar in front of me. She stepped off onto the edge of my chair before sliding onto my lap. Her arms round my neck she kissed me full on the mouth to the applause of the crowd.

  There was a faint smell of perspiration that fought to overcome the gentle fragrance of her perfume. And then there was a more passionate kiss. This time she targeted my ear and neck, before returning to my lips in a rough and violent kiss.

  The crowd applauded as we both grabbed a drink. I thought I should be embarrassed but I was not. I was not angry. I was definitely aroused. Her act and the reaction of the crowd had excited me more than I knew.

  And the girls in the bar seemed to be infected by the sexual fervour that now permeated the air. They danced with vigour but also with lust. Tonight they too would enjoy what was usually a tedious job.

  We left the bar soon afterwards. They refused to let us pay. That was unheard of in Hong Kong. But the orders that evening could well become a record. For the bar was infected with desire after the unexpected floor show.