‘So what are we going to do about it? Well, in the long term, if we get there, we’re going to turn Gissings into a thriving, expanding company, with a healthy balance sheet, a bloody good product line and a fat order book. But right now, our aim is to survive and we can’t do that with our costs the way they are. As of today, I am suspending thirty-five of you. Val will read out the names in a moment. I say suspending because I hope to take you back on as soon as I can. But that won’t be much comfort to you because your pay cheques are stopping as of now and in all probability we’ll go bust within a matter of months anyway. I owe you some redundancy money. Some of you, who have been with us longest, are owed quite a lot. Well, you’re not going to get it, because we don’t have it. You can take us to court if you want, and you’ll win. But you won’t get your money because by the time you get your award, this company will have been picked bare. I’m sorry, but that’s how it is.’
Val stood beside him with the thirty-five names. Everybody in the sawmill would go. There was no point in a sawmill, when you could get better quality product delivered more cheaply. On the factory floor, everyone who had looked up and dawdled on George’s first tour of inspection was going. Those who had stayed working were the lucky ones.
‘As for the rest of you, I’m cutting your pay by fifteen percent. If any of you want to give up more than that for the good of the company, then I’ll write your name in gold on the factory gates just as soon as we can afford the paint. I’m not allowed to cut your pay like that. Once again, you can take me to court, and you’ll win. But you won’t get any cash back and you won’t have a job, because the company will be as dead as a doornail. For what it’s worth, I don’t intend to take one penny in pay, until this company has made enough money to cover its costs including interest. And I’m going to work my tits off to see that it does.
‘Are there any questions?’
There was silence from the assembled company. Weak sunshine threaded its way through the dirty plate-glass windows. The yard beyond looked grey and empty. Standing on his desk, George felt exposed and vulnerable, but also renewed. He had said what needed saying, done what needed doing. He stayed standing. ‘Any questions at all?’
The silence lasted half a minute or so. Then somebody at the back of the room cleared his throat.
‘Why the fuck don’t you just write a cheque to the fucking bank for the fucking money and leave us poor bastards alone?’
15
‘Now try without the rails. Use your stick if you need to.’
The nurse was patient and kind. Helen Gradley let go of the wooden rail that ran along the wall towards the mirror and stepped forwards, her stick thrust in front of her, not for support so much as proof that the ground in front continued solid. One step. Two step. Three step. The nurse and Josephine counted them out as Helen watched her reflection grow larger.
‘Well done, Mum. You can do it. Four more steps.’
It was an encouragement too far. Helen leaned forwards, letting the point of her cane slide away from her. There was a moment of suspense as competing forces tussled for supremacy, then gravity played the ace of trumps and Helen Gradley and her stick fell crashing to the floor. She began to cry. A rising smell warned that her bladder control had come tumbling down as well.
‘Oh, dear,’ said the nurse. ‘Bumps-a-daisy. Best call it a day.’ To Josephine she added: ‘You often get incontinence with a stroke, I’m afraid. I’ll get some stuff to clean up.’
She left the room, briskly efficient. Josephine let her mum continue sitting, just rubbed the back of her neck for reassurance. Her mother’s recovery was proving painfully slow. No one at the physical therapy centre had suggested it directly, but Josie caught an undertone which hinted that Helen could be trying harder. She didn’t disagree. One of the doctors had proposed a further trial of antidepressants and Josephine had readily agreed.
She looked at her watch. Time to go, back to her job as secretary in a big London bank. Her employers were amazingly generous, giving her time off to be with her mum when she needed it, but there were limits. Josie picked up the cane from the floor and tossed it from hand to hand. Part of her handled it as it was meant to be handled: a cane, a mobility aid, a support for the weak. But part of her felt the stick as a man might feel it: a hockey stick, a baseball bat, a sword.
Two months into the training programme. Long days of economics, bond maths, computer analysis. Evenings of study and developing friendships. Manhattan cold, but getting colder. The park empty of leaves, stores crowded with merchandise. The weekends are full of skating, window-shopping, Christmas lights, phone calls home.
It is 14 December 1998. There are 942 days to go until Bernard Gradley’s deadline.
1
Could it be that Matthew was falling in love? If so, it would be a first. Until now, Matthew’s love life had been like dining off sushi: plenty of variety, but nothing more than a mouthful. And now? Well, it was too soon to say and they were still just friends, but Sophie was charming, clever, ambitious, cool-headed and she liked Matthew. What was more, she was beautiful and dressed like a dream, enough to satisfy – more than satisfy – Matthew’s not inconsiderable vanity. He wooed her carefully, attentive but not pushy.
Tonight he was taking her to a trattoria in Little Italy. He’d make his move then. And for the first time in his prolific romantic career, he really felt anxious about the outcome. Could it be love?
Perhaps love or perhaps just nerves. Because before evening came, Matthew was to face the toughest test of the course so far, when the first of the trading games took place. Calling them games was a joke, really. They were more serious than any exam. You’d never make an outstanding trader without knowing the bond maths, the economics and all the rest of it. But if you got one hundred percent in all of that and still couldn’t trade, you could kiss your dream home in Long Island goodbye.
The game was simple enough. The students were divided into three groups. One group were investors, the second salespeople, the third traders. The investors each had a pile of fictional money and fictional government bonds. Their aim was to invest their assets to make as much money as they could. The investors worked alone and competed against each other.
The salespeople and traders worked in pairs. Each pair represented an investment bank. The banks started with no government bonds and just a small amount of money. Their object, too, was to make money. As much as they could, as fast as they could. These are the rules of Wall Street.
As it happened, Matthew was to be a trader, Sophie a salesperson. They teamed up, to Matthew’s delight, calling themselves the Banque Entente Cordiale. They were competing against each of the twenty or so other investment bank pairs in the game.
There were just a couple of other rules. Investors were not allowed to trade with each other, only with the banks. Suppose, for instance, that Fareshti (the podgy oil princess who played an investor) wanted to buy a particular government bond – say, the bond falling due in 2017. She’d need to contact a number of salespeople to check the price they were selling at. When she found a good price, she’d agree the deal and scribble out a ticket to record it.
And where did Sophie get her prices from? Simple. She got them from Matthew. And where did Matthew get his prices? Simple again: he made them up. But when Matthew quoted a price, he had to try to pick a price fine enough to win the deal, but fat enough to leave a margin for the Banque Entente Cordiale. Remember: any trading floor is