Michael Ridpath - Free To Trade

'No, I didn't.'

'Then why did you buy the bonds and the shares?'

I knew my answer to this question was important. I leant across the desk and tried to look Berryman in the eye. It was difficult with those bloody lenses.

'Bloomfield Weiss had offered to buy a small position of Gypsums which De Jong had held for a while. I did some research on the company, and it seemed to me that a takeover was a distinct possibility. The company had been badly run, and the previous chief executive had died recently. He had always blocked a takeover in the past.'

'I see.' Berryman tapped his chin with a biro, and thought for a moment. 'There was nothing else that made you suspect a takeover was imminent. What you have told me seems precious little on which to risk De Jong's capital, let alone your own.'

'Well…' I started, and then cut myself off.

'Yes?' Berryman raised his eyebrows so they were just showing above his spectacles.

I had to finish. 'I was suspicious that Bloomfield Weiss knew something. It seemed odd to me that they were willing to pay such a high price for the bonds, all of a sudden.'

'Who was it at Bloomfield Weiss who expressed interest in the bonds?'

'Cash Callaghan, one of their salesmen.'

'I see. And Mr Callaghan gave no indication that the company was about to be taken over.'

'No, he didn't. But then he wouldn't, would he? Not if he wanted to buy the bonds from me cheaply?'

'Are you suggesting that Mr Callaghan knew about the proposed takeover?'

I hesitated here. For a moment, I thought this could be the chance I had been looking for to nail Cash. But only for a moment. I was on dangerous ground; I had better play it straight. But Berryman had noticed my hesitation, no doubt he was putting his own interpretation on it.

'No, I'm not. I have no idea what Cash knew or didn't know. I am merely saying that, at the time, I suspected that he might.'

Berryman didn't believe me. I could tell he didn't. In a way I wished he would come right out and say it, give me a chance to convince him of my innocence. I thought of launching into an impassioned plea to be believed, but I held back. It would probably just make things worse.

'This is an important question, Mr Murray.' Berryman leant forward. 'Did you discuss with Mr Callaghan the possibility of buying shares in Gypsum of America for your own account?'

'No, I did not,' I said firmly.

'Are you quite sure?'

'Absolutely sure.' I wondered where Berryman had got this idea from. Perhaps Cash had been trading on inside information himself. Perhaps he had claimed that he had tipped me off. I didn't know.

The corners of Berryman's mouth twitched upwards again. He seemed very satisfied with my response. I felt as though I had fallen into a trap, but I couldn't for the life of me work out what the trap was.

Berryman continued. 'Did you call the compliance officer at Bloomfield Weiss shortly after the takeover was announced?'

My heart sank. Berryman saw this. 'Yes,' I said.

'Why did you do that?'

'Our compliance officer here was a girl named Debbie Chater. She died recently. When I was clearing up her desk, I found a note to her from Bloomfield Weiss about an investigation into the Gypsum of America share price movements. It asked for her to give them a ring. I called the man at Bloomfield Weiss, a Mr Bowen I think it was, to see if I could help.'

'I see.' Berryman rummaged through his notes. 'You told Mr Bowen that Miss Chater had informed you about the Gypsum investigation.'

'No. Not at all. Well, I mean…' Christ, what had I said? 'I think I said that we had been working on Gypsum together, which we had, in a manner of speaking.'

'Hmm. Mr Bowen is of the opinion that you had discovered that Miss Chater had tipped him off about her suspicions about the movements in the Gypsum share price, and you rang him to try to find out how the investigation into yourself, Callaghan and others was going.'

'That's just not true.'

'It's convenient that Miss Chater died just then, isn't it?' Berryman went on, his tone wheedling.

I exploded. For the last ten minutes I had become confused and afraid, not sure exactly what they thought I had done, or even really sure whether what I had actually done was right or wrong. I had been on the defensive, reeling from one veiled accusation to another. But this last insinuation went one step too far. I wasn't exactly sure who had killed Debbie, but I knew for sure it wasn't me.

'I don't have to take all this crap. Just because you don't have a clue what happened, you can't throw allegations around at random, hoping one will stick. Debbie was a good friend of mine. I didn't kill her, and you have no grounds for thinking I did. If you think I did, let's go to the police and discuss it. If you don't, then shut up.'

Berryman was taken aback by my outburst. He opened his mouth to say something, and then thought better of it. He turned to Hamilton, who had been watching all this impassively.

'Do you mind if I ask you a question or two?'

'I will answer questions of fact, not unsubstantiated allegations.' Hamilton's voice was reasonable but firm. Berryman shrank.

'Was Murray authorised to purchase the Gypsum bonds?'

'Of course he was,' Hamilton replied. 'He is authorised to trade for the firm.'

'Did he receive specific authorisation to buy the bonds?'

'No. I was in Japan at the time. But he didn't need authorisation from me.'

'When you returned, did you approve of the purchase?'

Hamilton paused. Berryman waited. Eventually Hamilton said, 'No, I didn't.'

'Why not?'

'Paul had a hunch that Gypsum of America would be taken over. In my view, he didn't have enough information to back that hunch.'

'But if Murray had known for certain that Gypsum was going to be taken over, then the trade would have seemed a good one?'

'Yes, of course. A sure way to make money.'

'In retrospect, doesn't it seem likely that Murray did in fact know for certain that Gypsum was going to be taken over, and that is why he purchased the bonds?'

Hamilton stood up, 'Now, Mr Berryman, I told you that I would not respond to unsubstantiated allegations. I think you had better leave.'

Berryman tidied up all his papers and put them in his briefcase. The other man, Short, scribbled on for a few seconds and did the same.

'Thank you for your co-operation,' Berryman said. 'I should be grateful if you could send me copies of your own internal records of the bond and share purchases made by Mr Murray, and the tape of all Mr Murray's telephone conversations on the sixteenth of July.' All phone calls in trading rooms are taped, either to settle disputes on who said what, or, very occasionally, to assist the authorities in their inquiries.

Hamilton showed the two men to the lift. I sank back in my chair, shocked and confused. Berryman clearly thought he was on to something. What false trail he could have picked up, I didn't know. Whatever it was, it didn't look good for me.

Hamilton came back into the room. 'Well?' he said.

I sighed. 'I bought the bonds and the shares because I guessed Gypsum was going to be taken over. I had no inside knowledge that it would be.'

Hamilton smiled. 'OK, laddie, I believe you.'

I felt a surge of relief rush over me. It was good to know someone believed me. 'It didn't sound too good, did it?' I said. I wasn't at all sure how I had done, and I needed to know what Hamilton thought.

He stroked his beard. 'They can't prove anything yet, but they seem quite sure they have something on you. Look, why don't you just tidy up your desk for the next few minutes and then go home. You are in no fit state to trade.'

I nodded thankfully, and did as Hamilton suggested. As soon as I got home, I put on my running kit and set off pounding round the park. I did two circuits, eight miles, pushing myself all the way. The pain in my legs and lungs tugged my mind away from the morning's interview, and the steady emission of adrenalin into the bloodstream soothed my nerves.