Chapter 29
AS WE WALK BACK TO THE CAR, a library of unsaid words stacks up between us. My phone pings with a text from Alyssa, who almost always emails.
Temor and I have something. Are you in the office this afternoon?
I glance over at Clint, who seems to not be paying me any mind.
Wasn’t planning to be. Might be taking a few days. Something important?
The dots dance for a bit before her response appears.
We can talk by phone but better in person.
Even without knowing what they’ve found, I somehow know this is the pivot.
A weight settles across my stooped shoulders.
This is when I either embrace Betsey’s extortion or I stop.
I turn to Clint here and now and tell him.
I let him rail. Maybe only one of us goes to the cottage.
But I take away Betsey’s power. If the data is legitimate and it points to something illegal with our investors, I can quit.
I can manage the collateral career damage, and we can survive the quake.
Or I can plow headfirst and confront Betsey with the truth.
“Honey.” My voice breaks.
He stops and turns, looking not at me but at the park.
I wait for him to choose me. He doesn’t.
“Just go,” he says with a shrug.
“What?” I step forward, careful not to spook him.
“It’s work, right? They need you to come, and I need you to go. I need you to figure out whatever has you stuck.” At last he focuses his clear hazel eyes on mine and swipes his thumb over my shoulder with almost a tenderness. Almost.
With all my heart, I want to lean in, but I keep myself rigid. He misconstrues even my weekend invitations. I need to hear what he has to say.
“And then come back and be excited to go away with your family. Whether it be to this blasted cottage or somewhere else.”
I wither under his hand. “But, Clint, I—”
“Don’t. Just go. Erika needs time to cool off.” He pulls me against his hard chest. “This is a huge week for you. I keep forgetting. Own it, and then let’s figure us out.”
I nod into his chest, unsure if I’m being a good wife by listening to my husband’s needs or simply doing what I know, way deep down, under the wreckage, I want to do. Fearing the latter, I breathe in the rustic woody scent of him.
He’s the first to step back.
^^^
An hour later, I’m approaching the address of the coffee shop Alyssa texted me, only to see a septic van parked up on the curb and men in overalls walking in and out of the propped door.
We won’t be going anywhere near here. I dig for my phone and see a five-minute-old text from her telling me of a sewer pipe issue at the café and saying they’re heading around the corner to the Rotterdam Room.
I rock back on my pony heels. I could text her back and divert us, but what reason would I give?
Alyssa and Temor smile up at me as I enter the restaurant.
Part café, part bar, it has the vibe of a members-only club but is open to all.
I’ve never seen an advertisement. The dark lighting, lack of Wi-Fi, and small tables make it an unusual spot for our kind of business.
I keep my gaze directly on them, and pull my thoughts and my eyes from scampering toward the red velour corner booth.
I take a deep breath and shove back my shoulders.
“Thanks for the field trip, boss. Nice to get out of the office.” Alyssa unfolds a hook under the table and hangs her bag on it.
I blink. Did she just happen to find that handy gadget? I never knew the tables had those. Always just plopped my bag on our booth. I still refuse to look in that direction.
Temor glances around. “This is a cool place. No idea it was here.”
That was always the point.
“I’ve been here a few times.” Alyssa looks directly at me.
The hairs on the back of my neck twitch.
Her unlined face appears relaxed, but is there something odd in her tone?
“How about you, Meredith?” Temor asks as he picks up the beverage list in the center of the table.
I smile. “Why don’t we get something to drink, maybe a snack, and you guys can let me know what you found.”
After our seltzers with splashes of various fruit juices are placed in front of us, Alyssa takes a tiny sip and then clears her throat. “Temor and I combed through the agreement. The terms were clear, very straightforward.”
Temor continues when Alyssa raises her napkin to her lips. Probably covering a little burp. That’s the thing about seltzer drinks. “We also reviewed the indemnities, guarantees, and exit strategies. It would probably have been better to have a lawyer with us—”
“Don’t let him fool you.” Alyssa jumps in. “He may not be a lawyer, but he can certainly play one on TV. He knows the phrasing, can parse the references, and could even anticipate future clauses.”
I grin at this obvious pairing. I should have teamed them up ages ago. “Strong praise. So, what did you find?”
Alyssa and Temor look at each other. “Nothing.”
My shoulders deflate. “Nothing? Why are we here?”
Alyssa nods at Temor, prompting him to speak. “The point is why the contract exists at all. Our ETFs are listed but with no obvious counterparty.”
“Wait. The counterparty has to be our custodian. Isn’t it part of the package?” U.S. Bank holds all our lending arrangements across our funds. We didn’t color outside the lines. What was good for our mutual funds was good for our ETFs.
“No.” Alyssa and Temor steal glances at each other.
“But that would mean . . .” I recognize the curiosity on both their faces. They figured out this agreement might be juicy. If this agreement was executed with anyone else, it could be quite bad for Garman Straub and specifically our investors. I freeze, my hand halfway to my drink.
“What else did you just figure out?” Alyssa leans toward me.
Temor begins to respond, but Alyssa speaks over him. “No, not you. Give Meredith a minute. She sees something else.”
They both wait for me, but I’m not ready to share. “I’m going to need more than a minute.”
Alyssa bites on her bottom lip, likely the only way she’ll telegraph her disappointment in me. I was right, Alyssa needs more challenges. She’s too good for her day job.
“Was this just an oversight? Like someone drafted it but never intended to use it?” Temor asks.
“Maybe. When we pitched the idea of the funds to the board almost three years ago, I explained that the revenue we could make on lending out our more unusual assets could offset their expense. Our teams always look for opportunities. Makes no sense to lend Apple stock, for example, as it’s easy to source.
But some of our securities are difficult.
Easier to borrow from us than to try to purchase.
” The existence of this contract could imply an illegal arrangement.
Why would someone risk it? The most obvious answer is money.
But that might be too simple, as loaning out our securities is not exactly going to bring in major financing revenue.
“Excuse me if I ask a question I should know the answer to.” Temor clears his throat. “Our custodian manages the bulk of the lending, but we have these additional contracts for deals we see as lucrative?” He studies the small platter the waitress lays in the center of our table.
“No. All lending runs through our custodian.” I stop talking as Alyssa catches my eye.
We both have been in the business long enough and know where this could end.
It’s kind of like that beach bungalow, if we had an exclusive deal with Airbnb to manage all its rentals but went rogue to rent it on our own.
Of course, Airbnb allows that for real estate.
But our policies and prospectus require we only rent through our version of Airbnb and with precise policies in place.
The SEC demands it. Any arrangement outside of our custodian looks like fraud.
“Where do you want us to take it from here?” Alyssa pops an olive from the Mediterranean appetizer plate into her mouth.
From the way Temor is attacking the rolled grape leaves, I probably should’ve ordered something more substantial. They probably skipped lunch.
Where do I want them to take it from here?
Easy question. It’d be great to have their sharp minds dig into the investment data on the thumb drive—confirm it’s real and how Betsey could’ve created it or gotten her hands on it.
Was that what she was doing on those unscheduled office visits?
Creating or simply verifying the data she’d found?
Temor is running a piece of pita bread through the oil-slicked hummus. Alyssa seems to have given up on the plate and is instead watching as two more couples are seated next to us.
We can’t stay here, and I’m not going back to the office. I need somewhere with privacy. And they need food.
“On the train here, I sent you a brief summary of the board pitch idea. I’d like you to shift gears and look at my presentation for Monday.” I go on to explain about the premise for the new funds.
Both Alyssa and Temor take notes, but I sense an edgy frustration from Alyssa in the way she grips her pen. She knows most of this already and therefore knows exactly what I’m doing.
After a bit more explanation, I rise to leave.
“Are you sure this is all you need?” Alyssa unhooks her bag from under the table and then looks directly at the booth I’ve been avoiding for the last hour. Her gaze swings slowly back to me. “We want to be most helpful.”
The steeliness in her eyes so matches Betsey’s, my breath catches. I would swear they’re working together, but if that was the case, Betsey wouldn’t need me. Alyssa could hand over the agreement and anything else Betsey wants. Alyssa can’t be involved.
But she sure thinks she knows something.
It’s starting to feel like everyone knows something they shouldn’t.
I force my shoulders to relax. “Reviewing my presentation is the way to be helpful. I’ll arrange for some food to be delivered to the office.
This can hardly qualify as lunch.” I wait until they both stand and collect their bags.
I then point to the table and lower my voice.
“As for the matter we just discussed. I’m confident there’s something we’re not seeing or agreements we’re not privy to.
So, leave it with me. I’ll circle back, but for now, you’ll both move on. ”
I make a mental note to remove their permissions from the fundamental share drive folders.
For the sake of their own promising futures, I need to be in this alone.