The Moneychangers

The lawyer looked at his watch. "Well, I have to go. I've a heavy date tonight. You know how it is." A jailer let him out.

Next day Miles Eastin was transferred to a federal prison, out of state.

***

At First Mercantile American Bank, when news of Miles Eastin's sentencing was received among those who knew him, some felt regret, others held the view that the retribution was what he had deserved. One opinion was unanimous: No more would be heard of Eastin at the bank again.

Only time would prove how much in error that last assumption was.

Part Two

1

Like a bubble surfacing from underwater, the first hint of trouble appeared in mid-January. It was an item in a gossip column, "Ear to the Ground," published in a city newspaper's Sunday edition. The columnist wrote:

… Whispers around downtown predict major cutbacks soon at Forum East. His said the big rehab - project has bankroll problems. Nowadays who hasn't? ..

Alex Vandervoort was unaware of the item until Monday morning when his secretary placed it, ringed in red, on his desk with other papers.

During Monday afternoon Edwina D'Orsey telephoned to inquire if Alex had read the rumor and if he knew of anything behind it. Edwina’s concern was not surprising. Since the beginning of Forum East, her downtown branch bank had handled construction loans, many of the mortgages involved, and accompanying paperwork. By now the project represented an important segment of branch business.

"If there's something in the wind," Edwina insisted, "I want to be told."

"So far as I know," Alex reassured her, "nothing's changed."

Moments later he returned his hand to the telephone intending to check with Jerome Patterton, then changed his mind. Misinformation about Forum East was nothing  new. The project had generated much publicity; inevitably some was inaccurate.

It was pointless, Alex decided, to bother the bank's new president with needless trivia, particularly when he wanted Patterton's support on a major issue a large-scale expansion of FMA savings activity, now being planned for consideration by the board.

However, Alex was more concerned a few days later when a longer item appeared, this time in the regular news column of the daily Times-Register. The report read:

…

Anxiety about the future of Forum East persists amid growing rumors that financial backing may shortly be reduced severely or withdrawn.

The Forum East project, which has as its long-term goal a total rehabilitation of the city's downtown core both business and residential, has been underwritten by a consortium of financial interests spearheaded by First Mercantile American Bank.

A spokesman for First Mercantile American today acknowledged the rumors but would make no comment except to say, "An announcement will be forthcoming in due course."

Under the Forum East plan, some inner city residential areas have already been modernized or rebuilt. A high-rise, low-rental community development has been completed. Another is in progress.

A ten-year master plan includes programs to improve schools, assist minority businesses, provide job training and employment as well as cultural opportunities and recreation. Major construction, begun two and a half years ago, has so far remained on schedule.

Alex read the morning news story at his apartment over breakfast. He was alone; Margot had been out of town on legal business for the past week. On arrival at FMA Headquarters Tower he summoned Dick French. As vice-president of public relations, French, a burly, blunt-speaking ax-financial editor, ran his department knowledgeably.

"In the first place," Alex demanded, "who was the bank spokesman?"

"That was me," French said. "And I'll tell you right now I wasn't happy about that 'statement in due course' crap. But Mr. Patterton told me to use those words. He also insisted I shouldn't say more." "What more is there?"

"You tell me, Alex. Obviously something's going on and, good or bad, the sooner we put it on the line, the better."

Alex curbed a rising anger. "Is there a reason I wasn't consulted about any of this?"

The PR head appeared surprised. "I thought you revere. When I talked on the phone to Mr. Patterton yesterday I know Roscoe was with him because I could hear them talking. I assumed you were in there, too." "Next time," Alex said, "don't assume anything."

He dismissed French, then instructed his secretary to inquire Of Jerome Patterton were free. He was informed that the president had not yet arrived at the bank, but was on his way, and Alex could see him at 11 A.M. He grunted impatiently and went back to work on the savings expansion program.

At eleven Alex walked the few yards to the presidential suite two corner rooms, each with a view of the city. Since the new president had taken over, the second room usually had the door closed and visitors were not invited in. Word had leaked out through secretaries that Patterton used it to practice putting on the rug.

Today, bright sunshine from a cloudless winter sky shone through the wall-wide windows onto Jerome Patterton's pink, near-hairless head. Seated behind a desk, he wore a light patterned suit, a switch from his usual tweeds. A newspaper in front of him was folded open to the news story which had brought Alex here. On a sofa, in shadow, was Roscoe Heyward. The three exchanged good mornings. Patterton said, 'I asked Roscoe to stay because I had notion what the subject might be." He touched the paper "You've seen this, of course."

"I've seen it," Alex said. "I've also had Dick French in. He tells me that you and Roscoe discussed the press queries yesterday. So my first question is, why wasn't I informed? I'm as involved as anyone with Forum East."

"You should have been informed, Alex." Jerome Patterton seemed embarrassed. '`The truth is, I guess, we got a little rattled when the press calls showed there had been a leak." "A leak of what?"

It was Heyward who answered. "Of a proposal I’ll be bringing before the money policy committee next Monday. I'm suggesting a reduction of the bank's present commitment to Forum East by approximately fifty percent."

In view of the rumors which had surfaced, the confirmation was not surprising. What astounded Alex was the extent of the proposed incision.

He addressed Patterton. "Jerome, do I understand that you are in favor of this incredible piece of folly?"

A flush-suffused the president's face and egg-like head. "It's neither true nor untrue. I've reserved judgment until Monday. What Roscoe has been doing here yesterday and today is some advance lobbying."

"Right." Heyward added blandly, "An entirely legitimate tactic, Alex. And in case you object, let me remind you that on plenty of occasions you took your own ideas to Ben in advance of money policy meetings."

"If I did," Alex said, "they made a damn sight better sense than this one." "That, of course, is solely your opinion." "Not solely. Others share it."

Heyward was unruffled. "My own opinion is that we can put the bank's money to substantially better use." He turned toward Patterton. "Incidentally, Jerome, those rumors now circulating could be helpful to us if the proposal for a cutback is agreed to. At least the decision won't come as a sudden shock."

"If you see it that way," Alex said, "maybe it was you who leaked the rumors." "I assure you it was not." "Then how do you explain them?" Heyward shrugged. "Coincidence, I suppose."

Alex wondered: Was it coincidence? Or had someone close to Roscoe Heyward floated a trial balloon on his behalf? Yes. It might well be Harold Austin, the Honorable Harold, who, as head of an advertising agency, would have plenty of contacts with the press. It seemed unlikely, though, that anyone would ever find out.

Jerome Patterton raised his hands. "Both of you save any more arguments until Monday. We'll go over all of them then."

"Let's not fool ourselves," Alex Vandervoort insisted. "The point we are deciding today is how much profit is reasonable and how much is excessive."

Roscoe Heyward smiled. "Frankly, Alex, I've never considered any profit excessive."

"Nor have I," Tom Straughan put in. "I recognize, though' that making an exceptionally high profit is sometimes indiscreet and asking for trouble. It becomes known and criticized. At the end of the financial year we have to publish it."

"Which is another reason," Alex added, "why we should strike a balance between achieving profit and giving service."