Debt of Honor

taxes, was six hundred fifty-seven million dollars. Basic conservatism would not allow him to leave his money behind, and besides, he was concerned about where the market was heading, and so he was taking it all out, cashing in and switching over to a more conservative manager. It seemed a strange course of action even to himself, but he just didn't want to be bothered with this business anymore. Going 'conservative' was dull, and would necessarily cast away enormous future opportunities, hut, he'd asked himself for years, what was the point? He owned six palatial homes, two personal automobiles at each, a helicopter, he leased a personal jet, Cristobol was his principal toy. He had everything he'd ever wanled, and even with conservative portfolio management, his personal wealth would continue to rise faster than the inflation rate because he didn't have the ego to spend even as much as the annualized return would generate.

And so he'd parcel it out in fifty-million-dollar blocks, covering every segment of the market through investment colleagues who had not achieved his personal success, but whose integrity and acumen he trusted. The switchover had been under way for three years, very quietly, as he'd searched for a worthy successor for the Columbus Group. Unfortunately, the only one who'd stepped forward was this little bastard.

'Ownership' was the wrong term, of course. The true owners of the group were the individual investors who gave their money to his custody, and that was a trust which Winston never forgot. Even with his decision made, his conscience clawed at him. Those people relied on him and his people, but him most of all, because his was the name on the most important door. The trust of so many people was a heavy burden which he'd borne with skill and pride, but enough was enough. It was time to attend to the needs of his own family, five kids and a faithful wife who were tired of 'understanding' why Daddy had to be away so much. The needs of the many. The needs of the few. But the few were closer, weren't they?

Raizo Yamata was putting in much of his personal fortune and quite a bit of the corporate funds of his many industrial operations in order to make good the funds that Winston was taking out. Quiet though Winston might wish it to be, and understandable as his action surely was to anyone with a feel for the business, it would still become cause for comment. Therefore it was necessary that the man replacing him be willing to put his own money back in. That sort of move would restore any wavering confidence. It would also cement the marriage between the Japanese and American financial systems. While Winston watched, instruments were signed that 'enabled' the funds transfer for which international-bank executives had stayed late at their offices in six countries. A man of great personal substance, Raizo Yamata.

Well, Winston corrected himself, great personal liquidity. Since leaving the Wharton School, he'd known a lot of bright, sharp operators, all of them cagey, intelligent people who'd tried to hide their predatory nature behind facades of humor and bonhomie. You soon developed an instinct for them. It was that simple. Perhaps Yamata thought that his heritage made him more unreadable, just as he doubtless thought himself to be smarter than the average bear—or bull in this case, Winston smiled to himself. Maybe, maybe not, he thought, looking down the forty-foot table. Why was there no excitement in the man? The Japanese had emotions, too. Those with whom he'd done business had been affable enough, pleased as any other man to make a big hit on the Street. Get a few drinks into them and they were no different from Americans, really. Oh, a little more reserved, a little shy, perhaps, but always polite, that's what he liked best about them, their fine manners, something that would have been welcome in New Yorkers. That was it, Winston thought. Yamata was polite, but it wasn't genuine. It was pro forma with him, and shyness had nothing to do with it. Like a little robot…

No, that wasn't true either, Winston thought, as the papers slid down the table toward him. Yamata's wall was just thicker than the average, the better to conceal what he felt. Why had he built such a wall? It wasn't necessary here, was it? In this room he was among equals; more than that, he was now among partners. He had just signed over his money, placed his personal well-being in the same boat as so many others. By transferring nearly two hundred million dollars, he now owned over one percent of the funds managed by Columbus, which made him the institution's largest single investor. With that status came control of every dollar, share, and option the fund had. It wasn't the largest fleet on the Street by any means, but the Columbus Group was one of the leaders. People looked to Columbus for ideas and trends. Yamata had bought more than a trading house. He now had a real position in the hierarchy of America's money-managers. His name, largely unknown in America until recently, would now be spoken with respect, which was something that ought to have put a smile on his face, Winston thought. But it didn't.

The final sheet of paper got to his chair, slid across by one of his principal subordinates, and, with his signature, about to become Yamata's. It was just so easy. One signature, a minute quantity of blue ink arranged in a certain way, and with it went eleven years of his life. One signature gave his business over to a man he didn't understand.

Well, I don't have to, do I? He'll try to make money for himself and others, just like I did. Winston took out his pen and signed without looking up. Why didn't you look first?

He heard a cork pop out of a champagne bottle and looked up to see the smiles on the faces of his former employees. In consummating the deal he'd become a symbol for them. Forty years old, rich, successful, retired, able to go after the fun dreams now, without having to stick around forever. That was the personal goal of everyone who worked in a place like this. Bright as these people were, few had the guts to give it a try. Even then, most of them failed, Winston reminded himself, but he was the living proof that it could happen. Tough-minded and cynical as these investment professionals were-or pretended to be-at heart they had the same dream, to make the pile and leave, get away from the incredible stress of finding opportunities in reams of paper reports and analyses, make a rep, draw people and their money in, do good things for them and yourself-and leave. The pot of gold was in the rainbow, and at the end was an exit. A sailboat, a house in Florida, another in the Virgins, another in Aspen… sleeping until eight sometimes; playing golf. It was a vision of the future which beckoned strongly. But why not now?

Dear God, what had he done? Tomorrow morning he'd wake up and not know what to do. Was it possible to turn it off just like that?

A little late for that, George, he told himself, reaching for the offered glass of Moet, taking the obligatory sip. He raised his glass to toast Yamata, for that, too, was obligatory. Then he saw the smile, expected but surprising. It was the smile of a victorious man. Why that? Winston asked himself. He'd paid top dollar. It wasn't the sort of deal in which anyone had 'won' or 'lost.' Winston was taking his money out, Yamata was putting his money in. And yet that smile. It was a jarring note, all the more so because he didn't understand it. His mind raced even as the bubbly wine slid down his throat. If only the smile had been friendly and gracious, but it wasn't. Their eyes met, forty feet apart, in a look that no one else caught, and despite the fact that there had been no battle fought and no victors identified, it was as though a war was being fought.

Why? Instincts. Winston immediately turned his loose. There was just something—what? A nastiness in Yamata. Was he one of those who viewed everything as combat? Winston had been that way once, but grown out of it. Competition was always tough, but civilized. On the Street everyone competed with everyone else, too, for security, advice, consensus, and competition, which was tough but friendly so long as everyone obeyed the same rules.

You're not in that game, are you? he wanted to ask, too late.

Winston tried a new ploy, interested in the game that had started so unexpectedly. He lifted his glass, and silently toasted his successor while the other people in the room chattered across the table. Yamata reciprocated the gesture, and his mien actually became more arrogant, radiating contempt at the stupidity of the man who had just sold out to him.

You were so good at concealing your feelings before, why not now? You really thinkyou're the cat's ass, that you've done something…bigger than I know. What?

Winston looked away, out the windows to the mirror-calm water of the harbor. He was suddenly bored with the game, uninterested in whatever competition that little bastard thought himself to have won. Hell, he told himself, I'm out of here. I've lost nothing. I've gained my freedom. I've got my money. I've got everything. Okay, fine, you can run the house and make your money, and have a seat in any club or restaurant in town, whenever you're here, and tell yourself how important you are, and if you think that's a victory, then it is. But it's not a victory over anyone, Winston concluded.

It was too bad. Winston had caught everything, as he usually did, identified all the right elements. But for the first time in years, he'd failed to assemble them into the proper scenario. It wasn't his fault. He understood his own game completely, and had merely assumed, wrongly, that it was the only game in town.