The Fear Index

meeting and I’ll sign it. But don’t forget you’re a new boy and this is Alex’s company – Alex’s and mine, though we’re both only here because of him. And if he trusts VIXAL then we all should trust it – Christ knows, we can hardly fault its performance. However, I agree, we also have to keep an eye on the risk level – we don’t want to be so obsessed watching the instrument panel we fly into the side of a mountain. Alex, you’d accept that? So, given that most of these equities are US-traded, what I suggest is we reconvene in this office at three thirty when the American markets open, and review the situation then.’
    Rajamani said ominously, ‘In that case, I think it would be prudent to have a lawyer present.’
    ‘Fine. I’ll ask Max Gallant to stay behind after lunch. You okay with that, Alex?’
    Hoffmann made a weary gesture of agreement.
    At 12.08, according to the minutes, the meeting broke up.

    ‘OH, ALEX, BY the way,’ said Ju-Long, turning in the doorway as they were filing out, ‘I almost forgot – that account number of yours you asked about? It turns out it is on our system.’
    ‘What account is this?’ asked Quarry.
    Hoffmann said, ‘Oh, nothing. Just a query I had. I’ll catch up with you in a second, LJ.’
    The trio walked back to their offices, Rajamani leading the way. As Quarry watched them go, the expression of suave conciliation with which he had ushered them out changed to a sneer of contempt. ‘What a pompous little shit that fellow is,’ he said. He imitated Rajamani’s flawless, clipped English: ‘“I really must talk to their board.” “It would be prudent to have a lawyer present.”’ He mimed taking aim at him along the barrel of a rifle.
    Hoffmann said, ‘It was you who hired him.’
    ‘Yes, all right, point taken, and it’ll be me who fires him, don’t you worry.’ He pulled an imaginary trigger a second before the trio rounded a corner and moved out of sight. ‘And if he thinks I’m paying Max Gallant two thousand francs an hour to come and cover his ass he’s in for a shock.’ Suddenly Quarry dropped his voice. ‘We are okay here, aren’t we, Alexi? I don’t have to be worried? It’s just that for a second in there I had the same feeling I used to get when I was at AmCor, selling collateralised debt.’
    ‘What feeling was that?’
    ‘That every day I’m getting richer but I’m not sure how.’
    Hoffmann regarded him with surprise. In eight years he had never heard Quarry express anxiety. It was almost as unsettling as some of the other things that had happened that morning. ‘Listen, Hugo,’ he said, ‘we can put an override on VIXAL this afternoon if that’s what you want. We can let the positions wind down and return the money to the investors. I’m actually only in this game in the first place because of you, remember?’
    ‘But what about you , Alexi?’ asked Quarry urgently. ‘Do you want to stop? I mean we could, you know – we’ve made more than enough to live out the rest of our days in luxury. We don’t have to carry on pitching to clients.’
    ‘No, I don’t want to stop. We have the resources to do things here on the technical side that no one else is even attempting. But if you want to call it quits, I’ll buy you out.’
    Now it was Quarry who looked taken aback, but then he suddenly grinned. ‘Like hell you will! You don’t get rid of me that easily.’ His nerve seemed to revive as quickly as it had wilted. ‘No, no, I’m in this for the duration. I suppose it was just seeing that plane – it spooked me a bit. But if you’re fine, I’m fine. Well then?’ He gestured for Hoffmann to step ahead of him. ‘Shall we return to that esteemed bunch of psychopaths and criminals we are proud to call our clients?’
    ‘You do it. I’ve nothing left to say to them. If they want to put more money in – fine. If not – screw ’em.’
    ‘But it’s you they’ve come to see …’
    ‘Yeah, well now they’ve seen me.’
    Quarry’s mouth turned down. ‘You’ll come to the lunch at least?’
    ‘Hugo, I really cannot stand these people …’ But Quarry’s expression was so forlorn that Hoffmann capitulated at once. ‘Oh Christ, if it’s really that important, I’ll come to the goddam lunch.’
    ‘Beau-Rivage. One o’clock.’ Quarry seemed on the point of saying something else, but then looked at his watch and swore. ‘Shit, they’ve been on their own for a quarter of an hour.’ He