Jeffrey Archer - Sons of Fortune

‘Yes I did. He never gives up, does he?’ added Brubaker with a smile. ‘Why don’t we go through to the library and I’ll fix you both a drink. Jenny should be down shortly.’

‘How’s your boy?’

‘He’s fine, thank you, Mr Goldblatz. His absence turned out to be caused by an affair of the heart.’

‘How old is he?’

‘Sixteen.’

‘A proper age to fall in love. Now, my son, do you have anything to confess?’

‘Yes, father, by this time next week I will be the chairman of the largest bank in the state.’

‘By this time next week, you might not even be the chief executive of one of the smaller banks in the state.’

‘What makes you think that?’ asked Nat.

‘Because what might have turned out to be a brilliant coup could have backfired, leaving you over-extended. Your brokers must have warned you that there is no chance of you laying your hands on fifty per cent of Fairchild’s by Monday morning.’

‘It’s going to be a close-run thing,’ said Nat, ‘and I still believe we can make it.’

‘Thank heavens neither of us is a Catholic, Mr Cartwright, otherwise you would be blushing, and I would be recommending a penance of three Hail Marys. But fear not, I see redemption for both of us.’

‘Do I need redemption, father?’

‘We both do, which is wh... wh... why I asked to see you. This battle has done neither of us any favours and if it continues beyond Sunday, it will harm both the institutions we serve, and possibly even close yours.’

Nat wanted to protest, but he knew that Goldblatz was right. ‘So what form does this redemption take?’ he asked.

‘Well I think I’ve come up with a better solution than three Hail Marys, which may cleanse us both of our sins and might even show us a little profit.’

‘I await your instructions, father.’

‘I’ve watched your career with interest over the years, my son. You’re very bright, extremely diligent and ferociously determined, but what I admire most about you is that you’re straight — however much one of my legal advisors would have me believe otherwise.’

‘I’m flattered, sir, but not overwhelmed.’

‘And neither should you be. I am a realist, and I think that if you don’t succeed this time, you might well try again in a couple of years, and go on trying until you do succeed. Am I right?’

‘You may well be, sir.’

‘You have been frank with me, so I shall respond in kind. In eighteen months’ time I will be sixty-five, when I wish to retire to the golf course. I would like to hand over to my successor a thriving institution, not an ailing patient continually returning to hospital for more treatment. I believe you may be the solution to my problem.’

‘I thought I was the cause.’

‘All the more reason for us to try and pull off a coup that is both bold and imaginative.’

‘I thought that’s exactly what I was doing.’

‘And you still may, my son, but for political reasons I need the whole thing to be your idea, which means, Mr Cartwright, that you’re going to have to trust me.’

‘It’s taken you forty years to build your reputation, Mr Goldblatz. I can’t believe you’d be willing to trade it in just months before you’re due to retire.’

‘I too am flattered, young man, but, like you, not overwhelmed. Therefore might I suggest that it was you who requested this meeting to put forward your proposal that, rather than continue to fight each other, we should in fact work together.’

‘A partnership?’ said Nat.

‘Call it what you will, Mr Cartwright, but if our two banks were to merge, no one will have lost out, and more important, all our shareholders will benefit.’

‘And what terms are you suggesting that I should recommend to you, not to mention to my board?’

‘That the bank be called Fairchild Russell, and that I remain chairman for the next eighteen months, while you are appointed my deputy.’

‘But what will happen to Tom and Julia Russell?’

‘Obviously they would both be offered a place on the board. If you become chairman in eighteen months’ time, it would be up to you to appoint your own deputy, although I think you might be wise to keep Wesley Jackson on as your chief executive. But as you invited him to join your board some years ago, I can’t believe you’d find that a setback.’

‘No, I wouldn’t, but that doesn’t solve the problem of stock allocation.’

‘You currently hold ten per cent of Russell’s, as does your chairman. His wife, who incidentally I think should manage our combined property portfolios, did at one point possess as much as four per cent of the stock. But I suspect that it has been her shares that you have been releasing on to the open market for the past few days.’

‘You could be right, Mr Goldblatz.’

‘In turnover and profits Fairchild’s is rou... rou... roughly five times the size of Russell’s, so I would suggest that when you put forward your proposal, you and Mr Russell ask for four per cent and settle for three. In the case of Mrs Russell, I would have thought one per cent would be appropriate. All three of you will of course retain your present salaries and benefits.’

‘And my staff?’

‘The status quo should remain for the first eighteen months. After that, the decision will be yours.’

‘And you want me to approach you with this offer, Mr Goldblatz?’

‘Yes I do.’

‘Forgive me for asking, why don’t you simply make the proposal yourself, and let my board consider it?’

‘Because our legal advisors would recommend against it. It seems that Mr Elliot has only one purpose in this takeover, and that is to destroy you. I also have only one purpose, and that is to maintain the integrity of the bank I have served for over thirty years.’

‘Then why not just sack Elliot?’

‘I wanted to, the day after he sent out that infamous letter in my name, but I couldn’t afford to admit we might have an internal disagreement only days before we were facing a takeover. I can just imagine what the press would make of that, not to men... men... mention the shareholders, Mr Cartwright.’

‘But once Elliot hears the proposal has come from me,’ said Nat, ‘he’ll immediately advise your board against it.’

‘I agree,’ said Goldblatz, ‘which is why I sent him to Washington yesterday so that he can report directly back to me once the Securities and Exchange Commission announces the outcome of your takeover bid on Monday.’

‘He’ll smell a rat. He knows only too well that he doesn’t need to sit around in Washington for four days. He could fly down on Sunday night, and still brief you on the Commission’s decision on Monday morning.’

‘Funny you should mention that, Mr Cartwright, because it was my secretary who sp... sp... spotted that the Republicans are having their mid-term get together in Washington ending with a dinner at the White House,’ he paused, ‘I had to call in more than one favour to ensure that Ralph Elliot received an invitation to that august gathering. So I think you’ll find he’s fairly preoccupied at the moment. I keep reading in the local press about his political ambitions. He denies them, of course, so I assume it has to be true.’

‘So why did you employ him in the first place?’

‘We’ve always used Belman and Wayland in the past, Mr Cartwright, and until this takeover, I hadn’t come across Mr Elliot. I blame myself, but I am at least attempting to rectify the mistake. You see, I didn’t have your advantage of losing to him twice in the past.’

‘ Touche ,’ said Nat, ‘so what happens next?’

‘I have enjoyed meeting with you, Mr Cartwright, and I shall put your proposal to my board later this afternoon. Sadly one of our members is in Washington, but I would still hope to be able to phone you back with our reaction later this evening.’