"Back off, Bell. If you think you're going on the air this morning to scoop the Saxton Silvers news, dream on. Roger and I are live in ten minutes."
"Rosario, Rosario," he said with a condescending shake of the head. "Don't you know that at FNN the Money Honey is always the last to know?"
"This Money Honey has a bigger set of balls than you do. So like I said: Back off. This story is mine."
"You don't have a story."
"I broke it this morning. Another twenty-two billion in subprime write-downs."
"That's not the story," he said, smiling thinly. "That's the tip of the iceberg."
Her eyes narrowed. "What do you know?"
He laughed way too hard, then snagged an assistant producer as she was trying to sneak past the two clashing stars in the hallway.
"Sandra," said Bell, "how are we coming on the Palm Beach connection?"
Sandra checked her clip board. "Shooting for nine forty, maybe nine forty-five at the latest."
"That's during my show!" said Rosario The assistant producer hurried away without a word. Rosario shoved Bell so hard that his shoulder blades bumped against the wall.
"What are you trying to pull?" she said sharply.
"I'm not trying trying to do anything. It's done. FNN is bumping you for a special edition of to do anything. It's done. FNN is bumping you for a special edition of Bell Ringer Bell Ringer."
"That's not fair! I worked hard on this story."
"Aww," he said, patting her head. "Poor Money Honey."
She knocked his hand away. "You're such an asshole."
"Thank you."
"I am not not going to let this happen," she said. going to let this happen," she said.
"You don't have a choice," said Bell. "If these subprime write downs create the kind of liquidity problems that people are talking about, this could be the beginning of the end for one of the oldest investment banks on Wall Street. But all you've got are rumors. I've got a source."
She gave him an assessing look. "You're lying."
"Maybe I am. Maybe I'm not."
"I'll have your ass if you bump my show and don't have someone on the inside."
He smiled thinly. "Under normal circumstances, I might be worried. But you're overlooking one crucial fact, Rosario."
"What?"
He leaned closer, as if to share a secret. "There really is no adult supervision at FNN."
12.
THE THUMB AND INDEX FINGER ON MY LEFT HAND WERE STARTING to blister. I didn't think I needed a doctor, but it hurt enough to make me reconsider the sender's agenda. Maybe the FBI was wrong. Maybe it wasn't just a warning. to blister. I didn't think I needed a doctor, but it hurt enough to make me reconsider the sender's agenda. Maybe the FBI was wrong. Maybe it wasn't just a warning.
Maybe he did want to see me dead.
I was still in Eric's office waiting for a chance to fill him in on my situation, and he was still on the phone talking through his headset. He suddenly stopped pacing long enough to grab the remote control from his desk and switch on the flat screen that was mounted on the wall above the wet bar. Like everyone else on Wall Street, Eric's television was pre-set to FNN. The only thing worse than a business news network spreading rumors was being the only financial player in New York who hadn't heard them. Chuck Bell was on the air, which caused me to do a double take. I'd been awake all night and my internal clock was off, but I was pretty sure it was just coming up on nine-thirty A.M A.M., not Bell's regular time slot.
"Good morning, all you mavericks and moneymakers," he said, his usual greeting. "And welcome to the second half hour of this special edition of Bell Ringer Bell Ringer."
The familiar ding-ding-ding-ding ding-ding-ding-ding of the NYSE opening and closing bell pulsated over the television, followed by a streaming banner at the bottom of the screen that proclaimed the reason for the special edition of Bell's show: of the NYSE opening and closing bell pulsated over the television, followed by a streaming banner at the bottom of the screen that proclaimed the reason for the special edition of Bell's show: LIQUIDITY P PROBLEMS AT S SAXTON S SILVERS?.
It was classic FNN: report something outrageous and potentially libelous to grab the viewers' attention, and then put a question mark after it to keep from being sued.
Eric was red faced with anger. "Bell, you son of a bitch."
Bell continued on the air. "Rumors, rumors, rumors. Such a vicious thing on Wall Street."
"Then why do you start them?" Eric shouted at the screen.
Bell said, "We here at FNN are dedicated to bringing you only the facts. Unfortunately, the facts have investors, lenders, and players at every corner of the financial world nervous about one of the most prestigious institutions on Wall Street: the investment banking firm Saxton Silvers."
Eric took a seat, glancing nervously back and forth from the television to the NYSE ticker that streamed across the wall behind his desk. As always, trading had started at nine-thirty A.M A.M., and we were keeping an eye on the price of Saxton Silvers' stock.
"Here is what we know as trading begins this morning," said Bell.
"God help us," said Eric.
"Fact: Saxton Silvers reported last fall that a write-down of one-point-six billion in subprime losses would stop the bleeding. Fact: FNN has confirmed that Saxton Silvers will announce another twenty-two billion in subprime losses later today."
Bell paused, and Eric looked at me, as if to will Bell to stop right there. It was merely a pregnant pause, however, and Bell proceeded to do what he did best, throw gasoline on smoldering embers.
"The question becomes: Can Saxton Silvers take a hit of this magnitude to its capital reserves? Is this latest write-down of twenty-two billion dollars really the end of the downward spiral? Why should investors think so when management told us six months ago that one-point-six billion was the real number? Could Saxton Silvers face charges from regulatory authorities for misleading investors about the full extent of its worthless mortgage-backed securities? Rightly or wrongly, can multibillion-dollar class actions alleging fraud and mismanagement be far behind?"
Bell kept talking, but I was watching Eric, who truly looked to be on the verge of an aneurysm.
"Somebody needs to shut that lunatic up," said Eric.
Bell said, "Joining me now from Palm Beach is Saxton Silvers chief executive officer Stuart Wyle. What better person is there to address these issues? Sir, thank you very much for joining us on Bell Ringer Bell Ringer."
"Uh, you're very welcome."
I couldn't help but cringe. Bell had just laid out a case of financial Armageddon for Saxton Silvers, and pictured on television screens everywhere was our fearless leader speaking from the golf course at the Breakers Hotel, his nose shiny with sun-screen and a plaid golf cap atop his head. He must have looked ridiculous to anyone who wasn't within three blocks of tony Worth Avenue.
"Mr. Wyle, let me begin by asking you this: Why are traders dumping their shares in Saxton Silvers?"
"No one's dumping anything," said Wyle.
"Sir, it is now nine forty-six A.M A.M. Eastern time, and in just sixteen minutes of trading your stock has dropped from one hundred ninety per share to one hundred thirty."
"Because of you!" Eric said to the screen.
Our CEO, fortunately, kept his cool. "The firm's capital reserves are more than sufficient to cover the write downs that we will announce later today. The market will correct itself, and the price will come back just as soon as these silly rumors stop."
"If that's the case, sir, then why are Saxton Silvers' most talented people dumping their stock in the firm?"
"That's ridiculous. I don't have any idea what you're talking about."
"Well, let me give you an example. Michael Cantella has twice been named Saxton Silvers' investment advisor of the year, correct?"
"I believe that's true."
Eric and I looked at each other, equally confused.
"He also holds the title of vice president, as head of your Green Division?"
"He's certainly one of our most outstanding young talents."
"No argument there," said Bell. "He's appeared a half dozen times on FNN, including twice on my own show-which, by the way, normally appears Monday through Friday at five P.M P.M., so viewers, please set your TiVo."
"And your point is?" said Wyle.
"Simple," said Bell-and he seemed to be struggling not to smile. "My sources tell me that just yesterday, Mr. Cantella liquidated his entire personal holdings in Saxton Silvers-nearly two million dollars' worth of stock and options."
On screen, our CEO looked stunned. Across the room, Eric looked even more stunned. I stared at the screen with my mouth hanging open.
Bell said, "Sir, what about that?"
"I-I can't comment, except to say that it sounds like more silly rumors."
"It's no rumor," said Bell, holding up a document. "I have here-"
My cell rang, and I recognized the incoming number: It was Sonya, the general counsel.
"Be in my office in two minutes," Sonya said, without even a hello.
"Michael, what the hell is going on?" said Eric.
"I can explain," I told him, then went back to the phone. "Sonya, I'm with Eric."
"I'll be right there," she said, and hung up.
"I'm listening," said Eric.
"This is not what it looks like," I said, taking a deep breath to start my story.
But Eric was now staring past me in disbelief. On FNN, Bell was going to a commercial-but not before the network flashed a new BREAKING N NEWS banner on the screen: S banner on the screen: SAXTON S SILVERS "A "ADVISOR OF THE Y YEAR" DUMPS ALL S&S S&S HOLDINGS. HOLDINGS.
My burned hand was stinging worse by the minute, and echoing in my ear once again was Stanley Brewer's warning about the type of work I did, the enemies I'd surely made-enemies I didn't even know I had.
"That's the thing about revenge," I said, watching the screen.
"Revenge?" said Eric. "Who said anything about revenge?"
"No one, forget it," I said, but the lawyer's words were still ringing.
You never know when-if ever-they are going to call it even.
13.
ERIC DIDN'T OFTEN MAKE ME SWEAT, BUT HE WASN'T WEARING HIS mentor hat this morning. It was hard to believe that twelve hours earlier I had been celebrating my birthday with scores of guests-including Eric-who probably thought I was one of the luckiest guys on the planet. Not one of them would have traded places with me now. mentor hat this morning. It was hard to believe that twelve hours earlier I had been celebrating my birthday with scores of guests-including Eric-who probably thought I was one of the luckiest guys on the planet. Not one of them would have traded places with me now.
"Stuart is going to call me as soon as he putts out on the next hole," said Eric, only slightly facetious about our CEO's priorities, "so I need some straight talk: Is there any truth to what Chuck Bell just said about selling your stock?"
Eric had only a rough idea of my identity theft problems, so I laid out the details as quickly as I could. Sonya arrived just as I was getting to the FNN report: "In typical FNN style," I said, "the report is technically accurate, but it's grossly misleading. True, all of my stock in Saxton Silvers was liquidated, but it was liquidated along with all of my other holdings-not by me, but by an identity thief who has taken everything I own and moved the cash into a secret offshore account."
I expected Sonya to jump in and second my explanation, but she was silent. Not merely silent. She seemed skeptical.
Eric said, "Is there something you'd like to add, Sonya?"
"I'm concerned," she said.
My stomach churned. I didn't know where this was headed, but I suddenly recalled that it was within Saxton Silvers' protocol to fire someone so long as there were more than two people in the room. At least I still had clients to go with me.
Thank God I didn't drink the Kool-Aid.
"Concerned about what?" I asked.
She came to the edge of her chair and leaned toward Eric, hands folded atop her knees. It was her I'm-talking-to-the-president-and-only-to-the-president posture.
"Here's the thing," said Sonya. "Michael's in management-an officer of the company-with access to inside information. He sold his shares the day before the firm publicly announced another twenty-two billion dollars in subprime write-downs. That could trigger an SEC investigation for insider trading."
"But I I didn't sell anything. An identity thief liquidated my account and moved the money offshore." didn't sell anything. An identity thief liquidated my account and moved the money offshore."
"But if I'm the SEC, your explanation raises an obvious question: Who controls the secret Cayman Islands account? In other words, are you operating behind a cleverly crafted financial and corporate shell game to avoid going to jail for illegal insider trading?"
"I hear what you're saying," said Eric, shaking his head. "But that's a very cynical view."