“So, how’s the new star of the firm holding up?” Chris Alexander was standing in the door of Michael’s office, surveying the stacks of files, and taking a measure of how much stress Michael could handle.

“I’m OK,” said Michael. He didn’t sound convincing. “I can’t believe this stuff wasn’t more automated before I got here. I mean, how the hell did you guys keep track of everything?”

Chris laughed. “I guess we didn’t. That’s why we pulled you out of sales. You’ve got more experience in back office systems than any of the kids out there.” Chris gestured to the brokers that Michael could see through the glass wall that separated his office from the trading floor. “Mike, a year ago we had fifty brokers, now we have five times that many. There’s bound to be growing pains. Hang in there, kid. You’re gonna make a lot of money here.”

“Hey, Chris,” said Michael, “while you’re here, I’ve got a question for you.”

“Yeah, what is it?”

“You know the Paramount Medical IPO we did last week?”

“Yeah.”

“Well, one of the insiders who registered his shares for sale, Harvey Kahn, had us wire the proceeds of his sale to an account in the Caymans. Here, look.” Michael held out a wire transfer confirmation slip.

“So, what about it?” Chris asked.

“You see the account name at Barclays, it’s Lexicon Holdings. Well, last week I settled a purchase for Carmine. He bought about $400,000 of Two-Year Treasuries from Solomon. Anyway, I got a call from Kevin Pollard over there confirming payment, and he says they got the money from a Barclays branch in the Caymans, an account called Lexicon Holdings…” Michael paused. He was waiting for Chris to explain it all, but Chris gave him a blank stare. “Chris, are you trying to tell me that it’s a coincidence that one week, we do an IPO and wire an inside seller $800,000 from the proceeds of the sale of his stock, and the next week, the owner of our fucking firm buys $400,000 in T-bills, paid for from the same account? Is that what I’m supposed to think, Chris, that it’s a coincidence?” Michael lowered his voice before he finished. “Chris, I know we cut a few corners around here, but… I gotta ask you… what the fuck is going on?”

Chris Alexander looked at Michael. He took a few seconds to think. He turned to the desk outside Michael’s office where his secretary was sitting. “Cathy, hold Michael’s calls, OK?” Then he came in and shut the door behind him. He pulled up a chair and sat close enough to Michael so their knees were touching. He leaned forward and spoke in a low voice as if, even with the door closed, he was worried about being overheard. “Mike, let’s you and I have a little talk, OK?”