Ironic cheers greet our chef when he emerges from the kitchen. He’s Vietnamese, about five foot two and very slight. He smiles a lot, you’d never guess his boyhood was lost to war and his teenage years to a refugee camp in Hong Kong. His name is Win Doi but everybody calls him Big Win. Gathering the empty cups, he disappears back into the kitchen.
I turn to the young MBA, Cawley. ‘How’d it go? Haywood give up?’
‘We got it done.’ Cawley looks haggard. Still in jeans, he must have been here with Vance since yesterday. ‘Haywood went home, I can call him if you want.’
I tell him not to bother. No need to add another sleep-deprived zombie to our number.
From down the table, Gary Leicester enquires languidly if there’ll be many more of these early starts. He’s the head of Leicester and Partners, the PR firm we’re using on the bid. ‘I mean this won’t become a habit, will it?’ he says.
‘It’s all business.’ Peter Fanshawe, our stockbroker on the bid. ‘What’s your bitch?’
Leicester laughs. ‘Some business.’
Smiles all round. Vance has called in everyone to discuss tactics and to make sure they‘re singing from the same songsheet when the Meyers’ increased offer is announced later this morning. Four years ago we had a highly embarrassing débacle when someone working on the Blackwright defence was accidentally left out of the loop. He was busy telling the FT that Blackwrights weren’t considering the offer while the rest of us were at a press conference on the other side of town drinking toasts to the company’s new owners. One of the few times I’ve seen Vance really angry. Nowadays when anything fundamental on a deal changes, the policy is to gather everyone together face-to-face, just like this. Win brings two jugs of orange juice from the kitchen, the smell of bacon drifts out, and suddenly I feel very hungry.
I’d just put dinner into the microwave last night when Celia phoned. We talked, but I’m not really sure what she expects of me now. She mentioned Daniel’s will, but I don’t think it’s just that. And I noticed she can already speak Daniel’s name calmly. Compared with some of us she’s coping quite well. She talked for almost an hour. My shrivelled dinner is still in the microwave.
Vance arrives. He’s slicked back his hair, and is wearing a different suit to the one I saw him in yesterday. At work, no matter what day, it’s always a suit with Vance, he keeps three or four spares in his office. Around the table everyone sits up a little. He takes a chair opposite Cawley and opens a folder: the battle plan. ‘Shall we start then?’ he says.
Beyond the glass wall, the Dealing Room clock ticks over: 6 a.m.
‘The new number’s 180.’ Vance glances at me then the others. ‘I’m confident that will get us there. Quite quickly, with any luck.’
‘Walkover,’ Gary Leicester murmurs.
Vance gives him a look. ‘Let’s save the gloating till it’s done, shall we.’
Leicester’s cheeks flush, his eyes wander down.
Like everyone else he picks up his pen now, and listens. Vance runs methodically through his checklist, confirming his instructions: the day’s documentation is prepared; Leicester has the press-releases ready; our broker knows exactly what we want him to do when the announcement is made. Minutiae, endless details, but every piece a potential stumbling block to the bid. As Vance talks, an air of expectation builds, it seems to stir something deep in us, almost primeval, when one company moves to devour another. After three years away from it I’d thought this feeling might have abated in me. I was wrong. For the first time since I woke, Daniel moves to the back of my mind.
‘I’ve prepared a summary.’ Vance passes me a sheaf of photocopies from his folder. Taking one, I hand the rest down the table, a single sheet each. ‘Para one deals with the management record,’ he says.
Vance gives us a moment to read the litany we’ve been reciting since the first day of the bid. The Parnells’ board, comprised mainly of Parnell family members, has presided over a decline in the company’s fortunes for decades. Built up in the late nineteenth and early twentieth centuries, Parnells were once one of the country’s great transport giants, their operations reaching into every corner of the Commonwealth. No more. The business acumen and sheer energy once so prominent in the family has died out, a fact the current Parnell patriarch, Richard Parnell, fails to see. Ever since his father’s tenure on the Board, the company has shown an infallible instinct for backing the wrong horse: Pamells were still building passenger ships long after the airline boom began; they missed the growth in the oil tanker business, finally buying out one of the Greeks just in time to see that market collapse; more recently they turned up their noses at the bus business, then found the highly profitable bus companies outbidding them for rail franchises. Every single strategic decision the Parnells have made for decades has been wrong.
‘Para two,’ Vance says, 'recaps the Meyers’ record.’
Another pause as we read. This paragraph, as one might expect, gives a much rosier picture: the Meyer Group has an almost unblemished record of growth. Sandersons have raised questions about how this was achieved — stories of violent union-busting on Meyers’ building sites have re-emerged in the press — but the profit record as given in this second paragraph is the story the City fund managers want to hear.
‘Finally,’ Vance says tapping his summary, ‘rationale of the bid, and final offer.’
Here we have a reprise of the deal’s logic, the bid’s bottom line. Parnells retains a few overseas interests, shadowed remains of its glory days, but now it is primarily a European trucking business, a husk of the company it once was. But it owns a string of warehouses and depots on the outskirts of most major European cities between Aberdeen and Vienna, and it’s these properties the Meyers are after. If they win Parnells, Reuben and David will sell off the subsidiaries and the trucking business, and develop the increasingly valuable sites. The logic of the deal, even at the new offer price, is sound: the Meyers should make money. But the sticking point in all this is Richard Parnell. He still thinks he is a transport magnate, and as long as he can keep the rest of his family in line, and a few fund managers, he might yet retain control.
At last I set the summary aside. Vance invites remarks from Peter Fanshawe, our broker.
‘180?’ Fanshawe tips his hand from side to side. ‘Close, but, yeah, that should do it.’
There’s a murmur of agreement around the table, a sage nodding of heads. The number we’ve wrung from the Meyers gives the bid a good chance of success. Vance rests his forearms on the table.
‘One way or another this’ll be over within a fortnight.’ He pauses; a long pause, and everyone seems to lean towards him, waiting. Suddenly he smiles. ‘England expects every man to do his duty.’
Big Win appears from the kitchen. Vance orders a fresh jug of coffee, and a minute later he has moved the meeting on. Don’t bore the audience and don’t confuse them: he drummed these two rules into me remorselessly all the time I worked under him. Two simple precepts, and I see them broken every day of my working life. We have all been there: the mind-numbing presentation at which half the assembled company dozes off; the chemicals analyst who mistakes himself for a comedian; the speaker who keeps losing his place; the frantic search for a missing page, and puzzled looks all round. But never with Vance. Listening to him now, I’m reminded of just how good he really is. Cawley, I see, is hanging on Stephen’s every word. Vance has to give everyone here confidence that we’re moving forward with purpose. If they have doubts, these doubts could communicate themselves to others, and market sentiment might turn swiftly against us. But even as he delivers his pep talk, he’s aware that nothing can be counted as certain. I know it too, yet I feel myself responding to his words. Like so many of the best bankers, Vance would have made a fine confidence-man. With nothing more than words he has built this deal; and words, as he’s taught me, are the insubstantial foundations of our little world, the teeming City.
2
* * *
After seven thirty I g
et half an hour to myself which I spend at my desk catching up with the weekend’s E-mail, and generally clearing away paperwork. When I sat at my grandfather’s knee and listened to his stories about the City - a kind of Arabian Nights set in London, the way he told them — I never imagined these wasted hours. Daniel once tried to calculate how much time each year we poured into this bottomless pit. Six weeks I think it came to.
Before I’ve finished the last memo, Karen Haldane comes in.
‘Henry won’t see me,’ she says.
‘Good morning.’
She looks annoyed, but no more than usual. Finishing with the memo, I toss it in the bin. ‘Henry’s got a lot on his plate this morning. Unless it’s important, see him tomorrow.’
‘Who'll explain that to Inspector Ryan?’
‘Ryan?’
‘Coming to see me in ten minutes,’ she says.
‘About what?’
‘I'm the Chief Compliance Officer, Raef. Our Treasurer’s just been shot. What’s your guess?’ She puts a hand on her hip. ‘Ryan called five minutes ago, I got straight onto Henry. Good old Henry told me to bugger off.’
‘You don't need Henry.’
‘Raef, I can’t lie to them.’
Silently I count to ten. I knew what Karen Haldane was like when I hired her. Honest and trustworthy. Fearless too, not someone to be steamrollered easily. But she doesn’t accept any grey areas in her dealings. A useful quality in the person charged with overseeing the bank’s compliance with regulatory and internal rules, but one that makes her difficult to manage. During the five years Karen’s been with us she’s averaged one major row with each Head of Department per month. When she worked with Daniel and our IT department last year, designing the new settlement system, her obstinacy nearly drove him crazy. He took to referring to her as That Bitch. Eventually I had to ask him to refrain.
Now I ask Karen what she’s told Ryan.
‘That I’d have something ready for him in a few days. P and L to last month. Balance sheet. They won’t do him much good.’
General accounts. She's right, they won’t tell him anything.
‘If that’s what he wants, give them to him.’
Becky calls over the intercom; David Meyer has arrived. As I go to the door, Karen says, ‘Raef,’ and I stop and look back. ‘If Daniel’s murder had anything to do with the bank, Ryan should have access to our records.’
I tell her that I don’t want the bank turned upside down for no reason.
She gives me a cool look, then steps by me. ‘I’ll make an appointment with Becky,’ she says. ‘You and me, we have to talk.’
3
* * *
The Dealing Room’s off-limits to our clients, so Vance has taken David Meyer up to the restaurant. From there they have a clear view over the trading desks. Vance is pointing out various traders through the glass wall when I enter. Glancing around, I find that Reuben hasn’t come.
David notices me. ‘How soon do we see you down there?’ he asks.
Vance tells David I’ll be going down later. Big Win asks if we want coffee, and David Meyer waves him rudely away. Win turns to me, I nod, and he goes back to the kitchen. I hope David Meyer hasn’t seen that look in Win’s eye. Then David asks about the unusual jump in Parnells on Thursday. I assure him that the Stock Exchange hasn’t queried it, but we’re keeping our eyes open.
‘You don’t need a telescope,’ he says. ‘Ask Mr Leicester.’ He looks down to the Dealing Room again.
Vance raises a brow at me. Leicester, our PR? But this is news to me too.
Below, the noise level is rising. David gets to his feet and paces along the glass wall: he’s more nervous than I expected. The Meyers’ increased bid was announced ten minutes ago, by now our broker will have waded into the market. I phone down to the room below.
‘Henry? Raef. How’s it looking?’
’Quids in,’ he says. ‘They can’t give us the stuff fast enough.’
I give David Meyer the thumbs-up.
Down below, Henry peers at a screen. ‘Market’s picking up a bit, but we’re still getting it in at 172.’ Then he looks up to the restaurant, smiling. ‘What do I do, wave at him?’
With relief, I pass the phone to David. The increased offer seems to be working. While Henry explains the situation to David, I take Vance aside. For a forty- eight-year-old man who hasn’t slept properly in weeks, he looks remarkably spry.
‘What’s this about Leicester?’ I ask him.
‘First I’ve heard of it. But he knew early enough. What do you think?’
‘Get him back over here.’ Turning, I head for the door. Vance asks where I'm going, but I wave a hand over my shoulder and keep right on walking.
In my office I pick up a box of discs, then I take the lift to Ground and walk the few hundred yards to Cannon Street where Hugh Morgan has his office.
4
* * *
Hugh's hair has gone completely white, the last traces of grey finally faded. He studies the note a moment then looks up. ‘Some nut,’ he decides. ‘Anyone could have got hold of the letterhead.’
‘Penfield isn't convinced.’
A flicker of interest appears. ‘Penfield’s seen this?'
‘He gave it to me. I’ve got till close-of-trade Friday to find out what’s behind it.’
‘What if you can’t?’
‘He sends in the Investigation Unit.’
Hugh whistles quietly through his teeth, a discomfiting reaction. But he seems puzzled. ‘Just for this?’ He hands back the note.
‘This, and Daniel,’ I tell him.
Hugh looks blank, and it’s a moment before I realize why: he hasn’t made the connection. Daniel was up at Cambridge; Hugh never knew him. I ask Hugh if he was away somewhere last week.
He was. Morocco. ‘Why?’ he says.
‘Our Treasurer was killed last Thursday. He was shot.’
Surprised, Hugh purses his lips. ‘Not an accident I take it.’
Briefly, I explain the circumstances.
‘They haven’t found who did it?’
‘No.’
‘But Penfield thinks this note might be tied up with a motive? Raef?’
‘I don’t know what he thinks.’
Hugh makes that whistling sound again. Being what he is, the matter has just become interesting. In our Oxford days I was never particularly close to Hugh, and after university he went straight to work at the US Securities and Exchange Commission, so I never saw him much then either. He was helping put fraudsters behind bars while the rest of our crowd were struggling with MBAs. But when he came back to London I helped him get his face known around the City. I’ve even helped him out on one of his cases, and this I trust, is the pay-off.
I place the box of discs on his desk. ‘Our Treasury records for the last twelve months.’
But Hugh’s mind is elsewhere. ‘Stewart,’ he says to himself. He snaps his fingers, trying to remember; and then he does. He points at me. ‘Daniel Stewart. I did a course with him a few years back. Derivatives.’ He smiles. ‘That’s right. There was a female tutor; he was knocking her off after two days.’
‘I don’t have much time, Hugh.’
‘You don't have much time, so I panic?’
‘I need a favour.’
‘Yeah. I see.’ He thumbs through the discs. ‘Three sets?’
‘One forex, one money market, one miscellaneous,’ I explain.
‘Miscellaneous?’
‘Commodities, equities and anything else.’
Hugh considers my request. I hope he's also considering the help I gave him on the Arnold Petrie case. A one-time client of Carlton Brothers, Petrie relieved thousands of his own clients of their pension plans and disappeared to South America two years ago. Just months earlier, Petrie had disputed our fees and bounced a cheque on us. We dropped him as a client, and now the bank to which Petrie took his business after leaving Carltons has two senior executives awaiting trial. Vance told me he had nigh
tmares for days after those two bankers were charged. Petrie was so secretive, Vance said, they wouldn’t have known a thing about it. The Serious Fraud Office thinks differently: those two bankers will never work in the City again. Hugh’s the man the Serious Fraud Office called in to help with their investigation, and Hugh - when he discovered Petrie’s earlier connection with Carlton Brothers — called on me. The world goes around
Now he looks up. ‘And that’s all you’ve got, this note?’
‘That, and Daniel death.’
‘No suspicions?’
‘Like?’
'Anybody left unexpectedly, that kind of thing?’
I tell him no, not that I’m aware of.
He flicks through the discs. ‘I’m meant to be writing a report on Habibi.’ Habibi, a Moroccan fraudster who has just decamped to his home country. I can see Hugh is wavering, he owes me, but he isn’t a man to waste time on lost causes.
‘I wouldn’t ask, Hugh, but I need someone I can trust.’
‘What you need is a dozen forensic accountants you can trust.’ He flips the disc box closed. Looking at me straight in the eye, he delivers his verdict. ‘And they wouldn’t have a prayer of getting through this lot by Friday.’ My stomach turns over. I hold tight to the back of the chair. 'Look,’ he says, ‘leave these with me. I’ll make some time to have a browse. If I have any bright ideas, we'll see. Okay?’ Slowly, I return to myself. He repeats it, ‘Okay?’
‘Penfield wants to know you're working on this. You personally, Hugh.’
Hugh raises an eyebrow. ‘Flattered.’ He rocks back in his chair. ‘If you speak to him you can tell him I’m working on it.’
‘I appreciate this Hugh.’
He smiles, amused by some private thought. I ask him what’s up.
‘Keep this happy moment in mind,’ he says, ‘when you get my bill.’
5
* * *
Back at Carlton House, I find Vance waiting in my office with Gary Leicester. Leicester starts in with a spiel about some feature on the Meyers he’s lined up with the Telegraph, and I let him talk for half a minute before cutting him off.
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