specialty. This project proposed buying a limited number of questionable South American bonds - sometimes called Bad Debt Bonds - on a carefully set schedule. The theory behind these buys was sound enough, given the limited insurance on them that was available, and the much larger tax-breaks available on turn-overs resulting in a profit (Uncle Sam was practically falling all over himself to keep the complex structure of South American indebtedness from collapsing like a house of cards). It just had to be done carefully.
Craig Toomy had presented a daring plan which raised a good many eyebrows. It centered upon a large buy of various Argentinian bonds, generally considered to be the worst of a bad lot. Craig had argued forcefully and persuasively for his plan, producing facts, figures, and projections to prove his contention that Argentinian bonds were a good deal more solid than they looked. In one bold stroke, he argued, Desert Sun could become the most important - and richest - buyer of foreign bonds in the American West. The money they made, he said, would be a lot less important than the long-run credibility they would establish.
After a good deal of discussion - some of it hot - Craig's take on the project got a green light. Tom Holby, a senior vice-president, had drawn Craig aside after the meeting to offer congratulations... and a word of warning. "If this comes off the way you expect at the end of the fiscal year, you're going to be everyone's fair-haired boy. If it doesn't, you are going to find yourself in a very windy place, Craig. I'd suggest that the next few months might be a good time to build a storm-shelter."
"I won't need a storm-shelter, Mr Holby," Craig said confidently. "After this, what I'll need is a hang-glider. This is going to be the bond-buy of the century - like finding diamonds at a barn-sale. Just wait and see."
He had gone home early that night, and as soon as his apartment door was closed and triple-locked behind him, the confident smile had slipped from his face. What replaced it was that unsettling look of blankness. He had bought the news magazines on the way home. He took them into the kitchen, squared them up neatly in front of him on the table, and began to rip them into long, narrow strips. He went on doing this for over six hours. He ripped until Newsweek, Time, and US News & World Report lay in shreds on the floor all around him. His Gucci loafers were buried. He looked like the lone survivor of an explosion in a tickertape factory.
The bonds he had proposed buying - the Argentinian bonds in particular - were a much higher risk than he had let on. He had pushed his proposal through by exaggerating some facts, suppressing others... and even making some up out of whole cloth. Quite a few of these latter, actually. Then he had gone home, ripped strips of paper for hours, and wondered why he had done it. He did not know about the fish that exist in trenches, living their lives and dying their deaths without ever seeing the sun. He did not know that there are both fish and men whose bete notre is not pressure but the lack of it. He only knew that he had been under an unbreakable compulsion to buy those bonds, to paste a target on his own forehead.
Now he was due to meet with bond representatives of five large banking corporations at the Prudential Center in Boston. There would be much comparing of notes, much speculation about the future of the world bond market, much discussion about the buys of the last sixteen months and the result of those buys. And before the first day of the three-day conference was over, they would all know what Craig Toomy had known for the last ninety days: the bonds he had purchased were now worth less than six cents on the dollar. And not long after that, the top brass at Desert Sun would discover the rest of the truth: that he had bought more than three times as much as he had been empowered to buy. He had also invested every penny of his personal savings... not that they would care about that.
Who knows how the fish captured in one of those deep trenches