Thomas Hoover - Project Daedalus

"And thus he gets his funds, all freshly laundered and clean and untraceable," Nogami nodded approvingly. "Style, Michael, style. You always-"

"Yes and no. You see, I never really let go. Instead of ten- year zero-coupons, those debentures are going to be a little unique-they'll be redeemable at any time by the holder, on twenty-four hours' notice."

"And you'll be the holder?" Nogami suddenly seemed considerably less pleased.

"Only indirectly. I'll assign power-of-attorney to a third party. If any unfortunate 'accidents' happen to me or to another individual I'll specify, the bonds will be redeemed immediately. And if he defaults, doesn't pony up the full hundred million on the spot, he can kiss the rest of his big scheme good-bye, because a default by Mino Industries would make the front page of the Financial Times. He won't be able to give away the rest of that bogus paper. He's instant history in this town."

"Michael." Nogami's frown deepened. "I've never heard of-"

"He gets his money, all right, but I retain a firm grip on his cojones."

"Those are pretty rugged terms. I doubt he'll agree."

"It's the only way we play. He gets his money, cleaned, but I come away with a hundred-million-dollar insurance policy. I hope we can do business, because otherwise he'll never see those funds, period. Guaranteed."

"Then if you'll word the language the way you want it, I'll transmit it." He paused. "But I can tell you right now he will not be happy. This is very irregular. Also, I'm not sure I want to start issuing those Mino Industries debentures, no matter what their maturities. Once on that road, how will I ever turn back? You're putting me on the spot here."

"You'll be taken care of. Look, Ken, we can't stop the man from selling phony Mino Industries paper to European suckers. Nobody can. If you back away, he'll just make an end run around you and arrange it some other way. We both know that."

"So what am I supposed to do?"

"Set up what I want, to get me some leverage. I'll take it from there. It's not just the hundred million he'll have hanging over his head. There's also the protocol I mentioned. I want him to know I'm in a position to go public with it if he doesn't lay off. That, together with the threat of exposing his plan to defraud Eurodollar tax dodgers, should be enough to keep him in line."

"Whatever you say." He looked dubious. "But I'm convinced nothing is going to go forward without a meeting. There'll be no getting around it."

"Let's just send that telex and find out."

Tuesday 12:54 P.M.

"And we'll be doing it using Mino Industries debentures?" Novosty listened, startled. "Corporate bonds?"

The black Mercedes-heavily tinted, bullet-proof windows-was parked on the side street behind the Savoy, just above Victoria Embankment Gardens. Vance and Alex Novosty were in the front seat. Vance had the keys; it was part of the deal.

"That's going to be our collateral. We're going to put them up as surety with one of the go-go Japanese banks here and borrow back the hundred million."

"If I understand this right, the money's going to be in two places at once. Michael, it's smoke and mirrors."

"What do you care? If the Japanese banks here won't lend on bearer bonds from Mino Industries, what the hell will they do? You'll have your cash, clean, and be over the hill before the whole thing goes down the drain."

"I have to do this, don't I?" he sighed. "I have to front the street action. Both this and the other part."

"It's give and take, Alex. Nobody in this car's a virgin. You've done worse. Besides, think of it this way. In a couple of days, you'll have your hundred million back and maybe you can go home again in one piece. I'm saving your two-timing Russian ass, for chrissake, so I expect a little gratitude."

"I suppose I should be thankful, but somehow…" He was lighting a cigarette. After the black lighter clicked shut, he peered through the cloud of smoke. "But what about you? Where can you go when this house of cards collapses? You know it will. It has to."

"Eva and I'll both be out of here too, God willing." He paused, his mind racing. "Okay, now tell me what else you know about this prototype."

Novosty's voice was weary. "You guessed correctly. I've been afraid to talk about it to anybody, but now… you're right, it's an advanced airplane. That's all I know for sure. The word I hear is that it's faster than anything the world has ever seen. Much faster. A marvel of high technology."

"We suspected that, from the runway." He glanced out the tinted windows. The late morning above the Thames was still only a glimmer through the misty haze. "Exactly how fast is it supposed to be?"

"Many, many times the speed of sound. Ten, maybe even twenty, who knows. I think the project is at least a decade ahead of the U.S. or Europe. It's almost ready for a first full test flight, or so I understand. Needless to say, it's supposedly intended for peaceful uses, space research, but-"

"Get serious. Tanzan Mino plays for keeps, all the way. And you were laundering the seed money for the deal."

"When I got involved I had no idea." Novosty drew on his cigarette. "I swear it. When Viktor Fedorovich Volodin asked me to help, he said it was merely part of a secret trade agreement. The hardliners were being kept out of it. Now I realize he probably didn't know the real story either."

"Right."

"It was only later that I pieced together the rest. About the prototype and its capabilities."

"Figure it out. Mino Industries is about to become the ultimate arms supplier to the world, sole retailer of the newest must-have weapon, and the Soviets and the Americans get to join each other neck-and-neck in a 'debt race,' buying them up. Your military is just like ours; they never saw a new weapons system they didn't like."

"Inevitably." He was trying to keep his composure. "But I don't see how you can stop it."

"We're going to start by nailing the godfather in his tracks, and you're part of the team. So you've got to keep yourself together. Remember our agreement last night, what you have to do."

"Michael, Tanzan Mino is running out of time. I hear that the prototype can't be unveiled, or the protocol brought before the Diet for a vote, until the powers in the Liberal Democratic Party are well placated. This time it's not just insider stock trading info he's giving out, it's laundered cash. Since the money's still here in London, he's very upset."

"You say you think the whole thing is scheduled to go forward in less than a week." Vance studied him. "But it's possible only if the hundred million is there, in hand."

"Bribes, my friend. Or as they call it, kosaihi. All the way up and down the line." He smiled wryly and rubbed at his beard. "Michael, you of all people should know how things work over there. Very little has changed, really, from the old days when the CIA was running half of Japan's politicians. It's an honorable tradition to take care of the right people. But the timing is crucial."

"No kosaihi payoffs, no deal."

"That's what I hear. Everybody knows the Diet is a rubber stamp. Everything is decided at the top, a 'consensus' among the leaders of the Liberal Democratic Party. But the behind-the-scenes powers in the LDP refuse to endorse such a controversial prospect, a partnership with Russia, unless it's worth their while. At least that's what I hear. So the payoff money must be distributed, in tidy untraceable bundles with fancy gift-wrappings and bows. It's the traditional way, Michael. The dictates of proper etiquette. You know the system."

"Then it shouldn't be too hard to deal with the man at the top. He's in a bind."

"I seriously doubt he will be in a mood for compromise this time. He's used to getting what he wants, no questions asked." Novosty's dark eyes were knowing. "I shouldn't think that would be news to you, considering how you-"