Chapter 19 — Cry

_October 25, 1983, Chicago, Illinois_

{psc} "You called it," Mr. Matheson said on Tuesday morning. "Stand pat, per your analysis?"

"Yes. The barracks bombing on Sunday caused a small blip in oil and precious metals but no long-term effects. Invading Grenada this morning won't change anything, and counterintuitively reduces overall tensions."

"How do you figure?"

"Consider it a relief valve," I said. "It allows Reagan to blow off some steam without actually risking a broader war. Cuban involvement won't matter, and we won't attack them. Castro will whine to Moscow and the UN, but the UN is toothless. The only reason the UN was able to intervene in Korea was that the Soviets were boycotting the Security Council because the UN recognized Taiwan. Had they not done that, they could have vetoed any involvement. That's what will happen if Castro asks the UN to intervene.

"Then, consider the propaganda value for Reagan, especially following the barracks bombing. It also provides a way to say that we 'did something' to counter Soviet moves following KAL 007. So, in the end, no real effect on global markets. It does tell me that Reagan is going to be re-elected, though."

"A bold prediction when the first primaries are four months away."

"I have Tony working on a political analysis. It's not ready for prime time yet, but everything points to Reagan winning fairly easily. The only Democrats who might challenge Reagan seriously are John Glenn and Gary Hart. Former Vice President Mondale, who everyone thinks is the frontrunner, would lose in a landslide based on our projections. I think he has enough superdelegates sewn up that he'd have to make a major misstep to lose the Democratic primary."

"House and Senate?"

"It's WAY too early to predict anything reliably, but the Republicans have more seats up for election. In the House, I can't imagine the Democrats losing control, given they have a hundred more seats. You'll start seeing poll amalgamations in our reports in January or February."

"OK. Are you ready to hire the second data analyst?"

"Yes. I arranged with Julie for Mr. Spurgeon to interview our top candidate on Thursday. I'd also like to hire for the open analyst position. Based on the research Tony has done into S&Ls, I think we need a full-time banking analyst."

"You're predicting a shitstorm with the thrifts.

"I believe the word we used was 'catastrophic collapse'," I replied with a grin. "Legal frowns on profanity in analyst reports!"

"The SEC is a bunch of pearl-clutchers with fainting couches!"

"I don't know that one," I said.

"Think old ladies clutching their pearl necklaces in shock at some vulgarity and fainting onto a sofa with its back raised and wrapping around one end with the other one open."

"There weren't too many women with pearl necklaces in Goshen," I chuckled.

"It's usually the prudish society set; think Margaret and Jeri Lundgren."

I suppressed my reaction because Jeri was anything _but_ prudish. That said, she did give off that vibe with everyone except me.

"What's your thought on hiring?" I asked.

"You have the open requisition, so it's up to you. Do you have someone in mind?"

"Pete Mueller, an underwriter at Continental Illinois."

"The bank you say is toxic?"

"He's a good guy. He's been part of my contact group for about eighteen months."

"How sure are you on this S&L thing?"

"I am not uncertain," I replied.

"OK. Get his résumé for me, and have Tony talk to him. If you guys both agree, then arrange things with Noel."

"Will do."

I left his office and returned to my desk. Just before noon, Keiko called.

"Jonathan, there's a letter for you from the IRS," she said.

"Go ahead and open it, please."

She did.

"It's a request for an interview. It says you can bring an advisor with you. You're supposed to call a specific number and make arrangements. Is something wrong?"

"No. This is all part of the false accusations by Enderlee. I've done nothing wrong, and last year's tax return was actually very simple. This year's will be far more complicated."

"What should I do?"

"Read me the number, then set it aside. I'll call Nancy King at Hart-Lincoln and have her call them to set up a meeting with the two of us and Robert Black."

Keiko read me the number, I thanked her, said I loved her, then we ended the call. I immediately called Nancy King and was put through to her by her assistant.

"What can I do for you, Jonathan?" Nancy asked.

"I received an interview letter from the IRS," I said.

"Do you know what they're looking for?"

"Nothing specific," I replied. "I'm positive it's related to a bogus complaint filed by a disgruntled former Spurgeon employee. The SEC is conducting an investigation which, according to Compliance, will not turn up even a hint of a rules violation. He actually suggested the IRS might talk to me."

"I should probably speak with him before I call the IRS. What's his name, please.'

"Kendall Roy. I'll let him know to expect your call."

"Thanks. Once I speak with him, I'll call the IRS and see what they have to say. I'll have a good idea from what documents they request."

"What kinds of things?" I asked.

"Pay stubs, bank statements, investment statements, mortgage documents, and so on. I assume you can account for the origin of all of the money in any accounts?"

"Absolutely. I keep meticulous records, and Robert Black completed my taxes for 1982."

"OK. I'll give you ten minutes to let Compliance know I'll be calling."

"Thanks."

We ended the call, and I dialed Mr. Roy's number and let him know that Nancy King would be calling him.

"Don't sweat this at all, Jonathan," He said. "It's routine, and I'm positive it'll go away fairly quickly. We've seen it before."

"Thanks."

At 11:30am, I met Beth Schoenburg at a kosher deli. After lunch, the rest of the day went along as usual. Just before 3:00am, Nancy King called to let me know we had an appointment with an IRS examiner on November 7, at 3:00pm. They had asked for the documents Nancy had suggested, and I promised to have Robert Black send everything to her.

Because I'd come in early, as was my usual practice now, once the call ended, I headed home to relieve Keiko's grandmother.

"You're sure you aren't in any trouble?" Keiko asked as soon as Atsuko had left.

"Positive. I keep meticulous records, and I don't use any tax shelters. Well, OK, the carried interest exemption, but that's not a shelter; it's considered unrealized gains until I take it out, and I haven't touched those funds, and they actually don't accrue to me until January. We do have to pay taxes on my part of the management fee because that's actual realized income. But, rest assured, Robert Black and Nancy King have every i dotted and every t crossed."

"You're not worried at all?"

"Not one bit," I said. "How was your day?"

"OK. No real changes, so other than feeling typically weak and tired, it was fine. I'm able to complete the work for my correspondence courses, and Ellie stopped by for a few hours around lunch. My friend Niki from High School is coming over Friday afternoon and will stay with me while you go out."

"Good."

I spent about ninety minutes with Keiko, we ate dinner, and then I called Pete Mueller.

"I know you feel safe," I said after we greeted each other, "but I need a banking analyst, and I'd like you to come for an interview. The ship you're on is sinking."

"You're not wrong. Sure, why not? The worst that can happen is the status quo."

"Get me your résumé, please," I said.

"I should ask the salary."

"I actually can't tell you, as all of that is confidential and up to Mr. Spurgeon. He may or may not tell me, but the usual way is for me not to know. I do have an idea of the range, and from your application for my fund, I know your current salary, and I can't imagine a situation where your base pay and bonus wouldn't be significantly higher."

"OK. I'll fax over my résumé. Should I use the number on your card?"

"Yes, please."

We said 'goodbye', I hung up, and after I kissed Keiko, I headed to Circle for my stats class and my pie and coffee with Violet.

_October 27, 1983, Chicago, Illinois_

On Thursday, I skipped class, as did Violet, and she, Jack, Kristy, and I went to Chicago Stadium to see the Hawks play the Pittsburgh Penguins. It should have been an easy game for the Hawks, given the Penguins were having a terrible season at 2–8. But it wasn't a hockey game, it was a street fight with twenty-three penalties, including a game misconduct for Al Secord of the Hawks.

The Penguins had scored first and built a 3–0 lead before the Hawks came back with two goals. The Hawks pulled Murray Bannerman to try to tie the game, but Bob Errey scored an empty-netter with thirty-four seconds remaining to give the Penguins a 4–2 win.

"That STUNK!" Violet groused as we walked to my car so I could drive her home.

"It didn't help the Hawks to take twelve penalties and for Al Secord to be ejected. He was in two fights and tried to start a third one when they ejected him! Later, Denis Savard was ejected along with Dave Hannan from the Penguins. The Hawks lost two of their best players, and that hurt them badly."

"I haven't seen a game that nasty except against the Flyers," Violet observed. "The teams seemed to hate each other!"

"It's like the old joke — 'I went to a boxing match, and a hockey game broke out'!"

"I really appreciate you bringing me to the games. Have you thought more about season tickets?"

"Yes, but there's a long waiting list. I added my name to it, but it could take as long as ten years. With my new position, I'm allowed more tickets next year. I assume we're still on for Hawks and Bears games?"

"Yes! Absolutely! I really enjoy going and I'm happy Keiko is OK with it."

I drove Violet home, then headed to my house, where I quietly climbed into bed with Keiko.

_October 28, 1983, Chicago, Illinois_

"The pressure on the Aussie dollar is building," I said to Scott when he came to my desk on Friday morning. "What does your analysis say will happen?"

"I don't think I can draw any firm conclusions," Scott said. "The futures contracts are all in a range that predicts stability, which makes zero sense given we know they have to devalue."

"All things being equal, I agree, but something is bugging me, and I can't quite place it. I wish Mr. Matheson had information for us, but his friend in the Finance Ministry is mum, which, after today's news, I think we can understand."

"So what's the play?" Scott asked.

"That's the $64 question," I replied. "All indicators we have, and our rudimentary model say short the currency. I think we go with the model. It hasn't been wrong yet. What confidence factor?"

"It's a toss-up as to how much and when."

"And if we write that, I'll have Noel Spurgeon on the phone before the ink is dry on the report bitching about wanting a one-handed researcher!"

"OK, but it really _is_ a tossup!" Scott protested.

"I agree, so let's go with the model. Just say that, and give our confidence factor at 60% for shorting the currency now and starting to apply pressure. I'm going to use an actual short but cover it with call options. The spread from our predicted exchange rate is such that it's cheap insurance."

"Let me go write it up."

"Thanks."

He left my desk, and I used my trading terminal to double-check the current exchange rate for the Australian dollar and the price of call options, then called Mr. Steinem to place the orders.

"Short a million AUD and cover with December call options for the full amount, right?" He asked.

"Yes. You can expect Mr. Matheson to begin the dogpile soon."

"How the hell do you sniff this stuff out?" Mr. Steinem said. "It's uncanny."

"Good research. I have the analyst reports and the computer model to back it up."

"No doubt, but you get it right every time!"

"Until I don't," I replied.

"Yeah, that is always the risk! Which, of course, is why you cover with options. Your orders are in. You'll see confirmations on your screen as soon as they're filled."

"Thanks."

A few minutes later, John Peters, the lead equities analyst, came to my desk.

"I want to check on a recommendation to go long on the Nikkei 225. Every sign points to a rapid increase in stock prices."

"How much and over what timeframe?" I asked.

"Based on property values and corporate earnings, it'll double in two to three years, and I think there's upside beyond that."

"You're the equities expert," I said. "If that's your recommendation, I'll back it."

"Thanks."

He left, and I looked over my asset allocations in my main fund, as well as the segregated fund for Jeri's trust, and decided to shift some money from S&P Index options to Nikkei Index options. I entered those trades directly, as they were within my trading limits and the asset mix guidelines for both my fund and Jeri's trust. Because it was a straight trade with no options, my limits were far higher, as it placed no risk beyond the invested capital.

If John was right, and the trend was what he believed it to be, I'd move more funds into the Nikkei, but to do that, I'd need to modify the asset allocation guidelines for the Cincinnatus Fund. I made a note to do that and then began reviewing the analyst reports which appeared on my screen on the IBM system.

After the reports were delivered, I met with Bianca to finalize the proposal for the Novell network and the Sun-1 workstation.

Later that morning, my phone rang.

"Research; Kane."

"Jonathan, this is Stan Jakes from the _Trib_. We met at the art show in Evanston. I'd like to buy you lunch and pick your brain. Off the record, of course."

"Sure. Tuesdays and Thursdays are best for me."

"How about next Tuesday, the 1st. You pick the place, but I don't have your kind of money!"

"How about Billy Goat Tavern?" I asked.

"Perfect! See you at 11:45am on Tuesday."

"Sounds good."

I had just hung up when Julie called me to say that Mr. Spurgeon wanted to see me. I let her know I'd be right up, then headed up to 32. When I arrived, Julie sent me directly in.

"You're authorized to hire Steve Smith," he said. "He'll have the same base and bonus structure as Pérez, and she'll receive a nice bump as of January 1st."

"Thank you."

"Murray tells me you want to fill the final position with someone you know."

"Yes. Pete Mueller from Continental Illinois. He's an underwriter, and I'm sure you read our analyst report, which says that there is no chance the bank survives."

"The Feds will bail them out; they always do!"

"Are you _sure_ about that?" I asked. "FDIC did not make Penn Square depositors whole. That had never been the case before, but nobody would assume the deposits, so the uninsured portions were wiped from the books. If the Feds were willing to force Chase Manhattan to take a haircut, all bets are off."

"Continental Illinois is orders of magnitude larger than Penn Square."

"Yes, it is, and my team thinks the Feds would be forced to guarantee deposits beyond the insurance limits to prevent cascading failures, but Penn Square says that cannot be a sure bet."

"You're just full of good news, Kane," Mr. Spurgeon said.

"I only report the news," I said with a grin. "I don't make it!"

"Smart ass! Set up an interview for me with your friend. I'm going to ask Jackson to move our accounts from Continental Illinois. The last thing I want is to wait on the Feds to give me access to my money or, worse, take a haircut."

"I didn't know we had accounts with them."

"Cash accounts for settlement at the CFTC and CBOT. Not a lot, but enough, and overnight paper for the same purpose."

"Ah, that's why I didn't know. I have zero to do with trade settlement!"

"I want to see a risk analysis of all the major banks as soon as you can produce one."

"We'll get on that," I said. "We can start with the non-performing loan percentage as a rough indicator until Pérez and Smith develop the new model. Speaking of them, I have a proposal for a computer network and a data analysis computer."

"Murray primed me. I'll approve them. We have a real edge and need to double down on that."

"Thanks."

"Go make some money!"

"On it!" I declared.

I left his office and went down to 30 to speak to Mrs. Peterson about arranging for an interview for Pete, and once I'd filled out and signed the necessary forms. I went to my desk to get his résumé and brought it to her. She promised to take care of it right away and let me know that Steve Smith would start on December 1st. I had hoped it would be sooner, but given he was moving from California, there wasn't much that could be done.

Things were coming together really well, though I was having less success with raising capital than I would have liked. The problem was that I didn't have enough time to dedicate to it, and my other duties had to be a priority. And that wasn't a bad thing, really, in that AUM wasn't the key factor for me at the moment. What was key was being able to take the Series 30 exam, which I would do in March.

 While I didn't foresee leaving Spurgeon, no matter the size of my AUM, I couldn't run my own shop with other licensed professionals without the Series 30 license. In addition, I was interested in the Chartered Financial Analyst accreditation, as those credentials would have a serious impact on my ability to attract new money. And that required I continue working on my degree in night school.

The rest of the day was typical, and I was home at 3:30pm to be with Keiko.

"Jonathan, this is my friend Niki," Keiko said, introducing a tall, thin girl with thick glasses. "She's pre-law at Northwestern."

"Nice to meet you, Niki," I said. "Do you need anything, Keiko?"

"No."

"Then I'll leave you two alone. I'll come kiss you before I leave for dinner and the movie."

"OK!" she agreed.

I went to my room and read until it was time to go out with Jack, Kristy, and CeCi. The four of us went to Star of Siam, then saw _The Dead Zone_, which was based on a Stephen King novel of the same name.

_October 31, 1983, Chicago, Illinois_

On Monday, I sent the computer purchase proposal to Mr. Spurgeon and was surprised when Julie called me just before noon to say that it had been signed. I went up to Julie's desk and hand-carried it to Phil, the head of Information Systems.

"That was fast," he said. "It usually takes forever to get spending approved."

"The key is showing how the money we spend makes us more money in the long run," I said. "I learned from the whole redundant equipment fiasco that arguments about fewer or shorter outages weren't cutting it, even with the claims of 'losing millions' which couldn't be quantified. I could show better results for the FX desk once we began using data analysis, compared to the other desks, and that's what sealed the deal. It also didn't hurt to have Murray Matheson onside, and more importantly, able to take the credit."

"That's your true ace in the hole," Phil said. "Jack Nelson doesn't have a P&L and isn't in a position to take credit for things with the Suits. And I don't include you in that, because you aren't an asshole."

I chuckled, "So far as YOU know!"

"All I care about is that you aren't a jerk when it comes to computers and phones! Anyway, how is your wife?"

"She had blood drawn this morning, so we'll know more on Wednesday."

"They haven't found a compatible donor?"

"No. We've had a few hundred people tested in Tokyo, but her family on both sides is from rural areas far from Tokyo. There's been an attempt to find other relatives there, but so far, no matches."

"That sucks, man. Sorry."

"Thanks."

"I'll get these orders placed. I'm going to have Ned shadow the _Novell_ consultant so we can do our own support."

"That's a good idea."

"I also need to talk to Jack Clinton and ensure the proper cables are installed. They're not quite to the point, so it won't be a problem."

"Thanks."

We shook hands, and I headed back to 29 to have lunch with Bianca and then go to the gym for our workout. After lunch, Bianca and I sat down with Tony to discuss the requests she had from the team and to prioritize them.

"We're still going to have more work than we can do even after Steve Smith comes aboard," Bianca observed.

"Which is why we're prioritizing," I said. "And I think some of the requests can be consolidated as well. I think the banking analysis is the most important right now, but I don't think we can start on it until Pete comes on board."

"Is that a sure thing?" Bianca asked.

"So long as he doesn't blow his meeting with Mr. Spurgeon tomorrow," I said. "He'll start December 1st along with Steve Smith. Until then, we'll use the simple risk analysis based on non-performing loan percentages. It's rough, but it does flag potentially troublesome banks. But what we really need is to know their exposure to S&Ls and smaller banks like the former Penn Square."

"I'm both surprised and not surprised we haven't seen any indictments," Tony said. "There's clear criminal activity, but bankers skate on things that would have the three of us locked up."

"The FDIC is more interested in the stability of the banking system than they are in bringing criminal charges," I replied. "I do see their point, but all that does is encourage bad behavior."

"Moral hazard," Bianca observed. "They're socializing the losses and privatizing the profits. That guarantees risky behavior on the part of the banks. Things we'd _never_ get away with."

"I have a concern about FSLIC if this goes the way things are looking," Tony said. "They won't have the reserves to cover the losses."

"They have printing presses in DC and Fort Worth," Bianca observed. "That's the solution."

"Plus the Fed's discount window," I added. "We'll know their plan when Continental Illinois goes under, which we think will be late Spring or early Summer. Mr. Spurgeon is sure enough that he moved some clearing accounts and overnight paper services from Continental Illinois to First Chicago."

"How do you have the timing down?"

"Conversations with Pete and reading Continental Illinois' public disclosures. We have no positions in Continental Illinois, so there are no concerns about insider trading, and Pete has been scrupulous about not naming any S&Ls or banks other than Penn Square, and all the information about them is public. Remember the rule — if we can source it from public information or a third party who is not an insider, we're covered. And we have to be meticulous about it."

We finished our analysis, and each of us went back to our desks to complete our day.

_November 1, 1983, Chicago, Illinois_

"Close out all my gold and silver contracts, please," I said to Mr. Steinem first thing on Tuesday morning.

"Matheson is still sticking to the end of the year?"

"Yes. I hit my numbers, and I'm going to lock it in."

"It'll take me about fifteen minutes to unwind everything. The cash will be available on Thursday."

"Put it all in Nikkei 225 Index options with December '84 maturity."

"All of it?" he questioned.

"All of it."

"Your wish is my command!"

"Thanks, Mr. Steinem."

"Joel, please."

"Thanks, Joel."

"You're welcome!"

I hung up and began my usual morning review of world events. Things were relatively calm, as military operations on Grenada had concluded earlier in the morning with the capture of the island of Carriacou, about 15 miles off the coast. The lack of response by the Soviets, besides what amounted to whining at the UN, had been muted.

It was a busy morning, and at about 11:20, I left the office to meet Stan Jakes at Billy Goat Tavern. He bought our cheeseburgers, chips, and soft drinks, and we sat down at a table in the noisy tavern.

"How does this work?" I asked.

"Unless I specifically say otherwise, everything you say is off the record," he replied. "That means your name and where you work will never be mentioned and won't appear in my notes. The only person besides me who will know your identity is my editor. Not even a court order will work to reveal your identity."

"How is that possible?" I asked.

"Because reporters are generally shielded by the First Amendment, and when judges try to circumvent that, we keep our mouths shut and go to jail. That's rare, and in every case, the reporter is released without revealing his or her sources. We simply can't ever violate that rule without making news-gathering impossible. My calendar shows only an entry for lunch, with no name or location."

"Couldn't someone see us here?"

"Yes, that's possible, and if someone asks, we're discussing your relationship with Miss Haight and your support for her artwork. And we will. I've never once had a confidential source revealed, and I've never been asked to reveal one. And, to be honest, unless you have 'whistleblower' information about Spurgeon, there's nothing to worry about."

"As Gertrude Stein wrote, _'there is no there there'_," I replied.

"No offense intended, but that is not a quote I'd expect you to know, or at least who wrote it! I'm impressed."

I laughed, "Don't be. It's from Noel Spurgeon's training manuals referring to SEC and CFTC investigations of the firm. I memorized it, along with a number of other relevant quotes. I was not a fan of literature in High School, and most of my reading now is news or research material."

"Research is the lifeblood of journalism, so I'd like to hear about your methods. Again, remember, this is all off the record."

"I hear you, but there are some things which we do I simply can't talk about because even if you write unattributed, it would reveal information to our competitors."

"Something proprietary?"

"Yes. And our employment contracts contain non-disclosure agreements."

"What can you tell me?"

I described the structure of the research team and _some_ of the tools we used, including Bloomberg, Nexis, and Dow Jones, but I was careful to not even hint at the work Bianca was doing.

"All of that," I concluded, "is considered public information."

"How would an insider trading scheme work, if you know?"

"I do because the Spurgeon training material, the licensure exams, and SEC regulations basically spell it out, and anyone familiar with all of those can piece together how to violate the regulations. That's a termination offense at Spurgeon, and I've seen it happen. We're investigated all the time, but no violations have been found. Heck, I've been investigated several times."

"Why is that?"

"Spurgeon, like other similar investment firms, often trades counter to conventional wisdom and, in many cases, trades before the rest of the market. That attracts scrutiny from the regulators, who see that as a sign of cheating. The usual way is to have a contact inside a company or a government, obtain material information that is not publicly available, and make trading decisions based on that."

"How do you defend yourself from those accusations?"

"That is a core component of my team's work — to provide analysis to back up any trade that is made. So long as that exists and is drawn from public sources or inferred or deduced from public information, there is no violation. The key to success, if you want to stay on the right side of the law, is to find the clues before others do or before the information is reported in a way that reveals the information to the general public."

"OK. I think we should start at the beginning if you don't mind. Would you tell me how a stock trade works? I mean, behind the scenes."

I nodded and took him through the steps, including order routing, fulfillment, and clearing. He asked a number of questions and took copious notes, and by the time we finished eating, he had a very good picture of the process.

"Back to the insider trading question — what would happen if I discovered something in the course of my job and told you about it?"

"It would depend on the original source," I replied. "First of all, an 'insider' is, generally speaking, a company's officer, director, or a beneficial owner of more than 10% of a class of the company's stock. Anyone in those positions must file reports with the SEC when they trade.

"If they communicate material, non-public information to someone, that second party cannot trade based on that information without violating the law. A third party might or might not be in violation, and that's where what we call Analyst Notes become important. Those are our defense against claims of insider trading."

"Could I see one of those?"

"They're all proprietary, unfortunately. I could be fired for showing you. The SEC has copies, but I don't believe they're available via a Freedom of Information Act request because they are proprietary."

"OK. I won't ask you to break the rules. Before we leave, could you give me an example of a legal way to trade on inside information? You implied there is."

I nodded, "Yes. Let's say Company A produces a widget, and widget sales have fallen off dramatically. If I talk to an insider at Company A before that becomes public knowledge and make a trade, I've acted illegally. If I know who the suppliers for parts or raw materials are for Company A and find out from them that orders are down, I can trade on that information in almost every case."

"Interesting. So, you analyze the supply chain?"

"Among other things, yes. So, for example, I could know that Company A is going to have a down quarter because Company B reports lower sales of some component of Company A's widget. A concrete example — if GM orders fewer car stereos for a quarter, that tells me they project to sell fewer cars. Or, to put it closer to home, if the _Tribune_'s ink and paper suppliers report lower sales, I could reasonably project the _Trib_ believes circulation is going to fall, advertising revenues are going to fall, or both."

"I think I see how this works now," Stan said, "at least at a basic level. I'd like to digest all of this then come back to you with more questions about the process. I'd also like to be able to ask you questions, _ex post facto_, about major events and how they affect the market beyond the headline numbers from Dow Jones."

"Once the information is public, I can discuss it," I said.

"Good. Last question before we go — how many paintings did your friend sell?"

"All of the ones she displayed — four to collectors, three to the gallery owner."

"I'd like to do a further piece on her, if she's willing."

"I'm positive she'll be willing. May I ask a question?"

"Sure."

"You write for the Entertainment section; why the interest in the financial markets?"

"I want to develop a rep as an investigative reporter. So long as I file my human interest stories on time, my editor allows me to work on serious topics. One last thing — if there is legal action against anyone in your industry, I'd like to call you for background information."

"Sure. So long as you understand the limits of what I can say."

"I'll push the limits, but I won't be upset if you push back."

We shook hands, left the tavern, and he headed for Tribune Tower while I headed to the Hancock Center. I completed my workday and then headed home to relieve Atsuko. I had dinner with Keiko, then headed to class.

"How are you doing?" Violet asked when we met at the diner after class.

"Hanging in there."

"The test results are back tomorrow, right?"

"Yes."

"You don't expect them to be positive, do you?"

"I don't see how they can be," I sighed. "The best we could hope for is the infection is gone. But that doesn't solve the larger problem of not having found a marrow donor."

"And there's nothing else you can do?"

"No," I replied. "Nothing."

"That stinks."

"Yes, it does," I replied. "Yes, it does."

_November 2, 1983, Chicago, Illinois_

"An IV?" I asked Keiko when I arrived home on Wednesday afternoon.

"My white count was up significantly, and Doctor Morrison suggested an antibiotic cocktail — three separate strong antibiotics. He's hoping to eliminate the infection because my blast count is up."

"How high?"

"13%," she said. "Almost back to when I was initially diagnosed."

"I take it Doctor Morrison would like to try another round of chemo?"

"If possible," she said. "I'm not sure."

"What's your temp?"

"101.5°F," she replied. "My white count has to return to a semblance of normal, and my fever has to go down before it's even a possibility. He did suggest one more transfusion, but if the antibiotics don't work…"

"Tell me what you want to do, Keiko-chan."

"I'm tired of fighting a losing battle," she said. "Mentally, physically, and emotionally. But I don't want to die."

I held out my arms, and she stepped into them, and I hugged her tightly because, from all evidence, nothing was going to stop her from dying, barring what most people would describe as a miracle — finding a marrow donor and beating the infection so she could have the procedure.

"You know I love you," I said. "And I don't want you to die, either. What happens next has to be your decision, though I would suggest having the transfusion to give you more energy to do whatever it is you want to do before…before you can't. If there's one special thing you want to do, tell me, and I'll make it happen. I have vacation time, and I trust Tony and Bianca to keep things running if I take time off. I'm positive Mr. Spurgeon will be accommodating."

"I can't really travel anywhere," she said.

"Actually," I said. "You can. Finish the course of antibiotics and have the transfusion. We'll go wherever you want because a few days without the checkups won't change anything."

"Someplace quiet and peaceful," Keiko suggested. "Perhaps The American Club in Kohler, Wisconsin? Kristy had suggested it for our honeymoon."

"Where is Kohler?"

"North of Milwaukee, near Sheboygan. She said it's hard to get a reservation."

"I think I know someone who could solve that problem," I replied. "How long is this course of antibiotics?"

"Ten days."

"Then, if I may, I'll suggest having the transfusion around day eight, and then on day eleven, we'll go away for a few days."

"And you'll make love to me?"

"As much as you need me to. We'll just be together, with no distractions and no interruptions, save allowing housekeeping to make up the room."

"That's what I want to do," Keiko said.

"Then I'll make the necessary arrangements tomorrow. If, for some reason, Mr. Spurgeon can't call in a favor or pull strings, is it OK to find another place we can go?"

"Yes, so long as we can be alone together. I'm so sorry, Jonathan."

"You have nothing to apologize for, Keiko-chan. You've done nothing wrong."

"I know, but…I'm leaving you."

"Not by choice, and not without having put up a fight."

"What will you do? You know, after?"

"Cry."