The Manhattan sky had been a dull gray since morning, as if a heavy rainstorm was waiting to break.
Joseph Salucci, the chairman of Goldman Sachs, stood by the window with a stylish designer tie around his neck, looking down at the crowded thicket of Wall Street skyscrapers while speaking on the phone with Dan Perry, the chairman of Merrill Lynch.
"We bought more than two hundred million shares of Enron over the past week, and they still refuse to give up. They keep shorting. They're relentless."
Perry's voice on the other end of the call sounded lower than usual.
They had poured more than fourteen point eight billion dollars into the stock, yet Eldorado Fund didn't waver. If anything, they had doubled down and increased their short positions even further. His tone made perfect sense.
Salucci studied his reflection in the glass and replied with practiced calm.
"They won't back off easily. Pride alone won't let them. But even Park Seok-won, the so-called Midas of the market, is still human. No one can withstand a beating forever. If we absorb every sell order and keep driving the price up, he'll eventually have no choice but to fold."
A faint smirk tugged at the corner of his lips.
"For all we know, he may be putting on a calm front while burning up inside."
"That's true. We're many, but Chairman Park is alone. The pressure on him must be far heavier."
Salucci's voice sharpened.
"Exactly. Our buying volume is huge, but when it's divided among us, we still have plenty of capacity left. Eldorado, on the other hand, has to keep glancing over its shoulder. The more their short position grows, the more dangerous a forced cover becomes."
"Agreed."
"And that ten-million-share dump yesterday? I'd say it was a sign of panic. Watching Enron's price crawl higher must have rattled them."
"Now that the short position has already exceeded half of all outstanding shares, and with other investors and hedge funds smelling profit and piling into Enron stock, it's only natural they're getting anxious."
Salucci let a sharp, crooked smile touch his lips.
"Showing their whole hand and shorting so openly was reckless. No matter how talented Chairman Park is, no one can beat the market alone."
"Exactly. He got drunk on success and slipped into arrogance."
"They'll fight to the end, but once Enron hits eighty dollars, Eldorado Fund will have no choice but to abandon their short."
"The longer they wait, the bigger their losses will snowball."
Perry agreed wholeheartedly, because the plan was airtight from every angle.
Salucci's eyes gleamed like a hunter eyeing prey that had nowhere left to run.
"Let's crush Park and those Eldorado punks so thoroughly that they never strut around again just because they won a few bets."
"Absolutely. Honestly, I've been sick of watching those Eldorado guys walk around with their chests puffed out."
To the major Wall Street investment banks—who had ruled the market for decades—Eldorado Fund was an irritant. A sudden upstart that kept hitting massive jackpots and stealing the spotlight.
Worse, every time Eldorado booked huge profits—like during the dot-com collapse—the big firms, including Goldman Sachs, suffered enormous losses in the opposite direction. Their resentment was inevitable.
"Once the short squeeze begins, we'll be popping champagne."
Perry laughed.
"I'll bring the champagne."
"Got something good?"
"I have a few bottles of the 1975 Joseph Perrier."
"What? The same champagne served at Prince Charles and Princess Diana's wedding?"
"Haha, you know it well."
Salucci smacked his lips in anticipation.
"Don't you dare go back on your word later."
"I'll bring them the next time we meet, so don't worry."
Neither man doubted for a moment that they would win, despite Eldorado Fund's continued defiance.
When the call ended, Salucci rolled up his sleeve and checked the watch on his wrist. The opening bell was only minutes away.
He turned and walked to his desk, sat down, and opened the pre-market order book with a swipe of his mouse.
As expected, the screen was filled with sell orders clearly placed by Eldorado Fund, all aimed at pushing Enron back down from yesterday's close of seventy-five dollars forty-two cents.
Across from them were Goldman Sachs, the other major investment banks aligned with Salucci, and the swarm of hedge funds and investors drawn by the scent of profit—everyone waiting for the market to open.
Just from the pre-market book, it was obvious that today would be another fierce tug-of-war over Enron's stock price.
"They've already stacked five million shares in sell orders before the opening? They're desperate to break the upward trend. But that won't happen."
Salucci snorted in contempt and picked up the keyphone handset sitting on the corner of his desk.
After tapping a speed dial number and leaning back in his chair, he waited a moment before the head of trading, Jeffrey Lewis, answered.
"Lewis speaking."
"What can I do for you, Chairman?"
"I know you're busy with the open around the corner, so I'll keep this quick."
Salucci kept his eyes on the pre-market order book as he spoke.
"Place another five hundred million dollars in buy orders."
"That much, sir?"
Lewis sounded stunned as he repeated the question.
"If the other side wants to come out swinging, we can't afford to lose the momentum. We need to match them blow for blow."
"…Understood."
After a brief pause, Lewis finally answered, and Salucci's face brightened with satisfaction.
"Call me immediately if anything changes during the session."
"Yes, sir."
After setting the phone down, Salucci folded his arms and looked at the monitor with a relaxed expression.
"The day isn't far off when they'll be begging us to take their Enron shares off their hands."
The thought of crushing those arrogant upstarts brought a broad smile to Salucci's lips.
***
"Handle this as it is."
"Yes, Mr. President."
Once the aide took the approval folder and stepped out, President George W. Bush sank back into the mahogany sofa and rubbed the bridge of his nose as if exhausted.
He let out a quiet sigh and turned to Nick Watt, his chief of staff seated on his left.
"A ten-month-old baby was killed by a Palestinian sniper. Israel won't sit still after that."
Watt, receiving the president's gaze, responded with a grim expression.
"We're barely managing to stop them from launching F-16s to bomb the West Bank and Gaza."
President Bush clicked his tongue and tapped the armrest.
"If it were me… if a helpless baby, not even past its first birthday, was slaughtered like that? I wouldn't just sit on my hands either."
"But the economy is already stumbling after the dot-com crash. If the Middle East destabilises now and oil prices spike, next year's midterms could become very difficult."
"That's true."
The midterm elections scheduled for the following November would decide all House seats, 34 of the 100 Senate seats, and 36 governorships.
It wasn't just a midterm review of the administration. Accusations of fraud from the presidential vote count still lingered, so securing legitimacy and maintaining political momentum made winning the election non-negotiable.
On top of that, although only early in his term, President George W. Bush was already eyeing re-election, making a strong midterm result even more crucial.
Bush frowned, as if the headache was worsening.
"I'll speak with the Israeli prime minister myself and try to restrain their retaliation. Get Tel Aviv on the line."
"Yes, Mr. President."
With that reply from Chief of Staff Nick Watt, President Bush let his body sink deeper into the sofa and exhaled a weary breath.
"Another crisis… First the dot-com collapse, now the Middle East. There's never a moment to rest."
Then something seemed to occur to him. Bush turned to Watt with a sudden thought in his expression.
"Right. I heard Chairman Park has been shorting Enron stock. Is that true?"
Both Seok-won and Enron chairman Jack Haywood were major donors and personal acquaintances of President Bush. Watt chose his words carefully.
"It is true. Because of the short selling, Enron briefly fell below seventy dollars. But with Chairman Haywood's aggressive response and investors attempting a short squeeze, both sides are now locked in a very heated battle."
President Bush placed his clasped hands on his knee and frowned.
"Is there some conflict between the two that I don't know about?"
"Not as far as I'm aware."
"Then why are they fighting each other?"
"Well…"
Watt trailed off, unable to provide any clear explanation.
Bush picked up the teacup from the table, only to find the tea cold. He set it back down with irritation.
"I don't know what the hell they're doing, but the markets are already unstable. Tell them to stop this nonsense and settle things."
"Understood."
Watt started to rise, preparing to leave and give the president some quiet, when a sudden knock sounded. A staff member entered.
"What is it?" Bush asked.
The aide stepped forward and handed him a thick envelope.
"These documents are from Chairman Park Seok-won of the Eldorado Fund."
"Chairman Park?"
"Yes, sir. He said you must see them before the stock market opens today."
Both President Bush and Chief of Staff Watt exchanged puzzled looks.
Park had never sent anything without explanation before, and the sudden delivery only deepened their confusion.
"You may leave now."
After bowing, the staffer exited and closed the door. President Bush immediately broke the seal and pulled out the contents.
The stack was so thick that it was almost difficult to hold with one hand. Bush frowned.
"What on earth is this?"
"Let me take a look."
Watt accepted the heavy bundle from the president.
He examined the text closely, flipping through several pages. As he read, shock slowly spread across his face.
"…"
He hastily turned to the next pages, his hands trembling, his complexion turning pale.
"T-this is impossible…"
Bush, curiosity piqued, asked with a puzzled expression:
"What is it?"
"Well… it's…"
Watt placed the stack of documents on his lap and lifted his head, struggling to form the words.
"It appears… Enron has committed accounting fraud."
President Bush froze for a moment, then his eyes flew wide open.
"What? What are you talking about all of a sudden?"
"If you look at this short-selling report Eldorado Fund prepared, it shows that Enron fabricated billions of dollars in revenue and profit over several years."
Watt spread the documents out in front of the president as he explained.
Even at a glance, it was clear this wasn't some hastily thrown-together report.
Bush stared at the pages, his mouth hanging open in shock.
"Enron… really committed accounting fraud?"
Watt nodded heavily.
"We'll need to verify everything to be certain, but judging from the supporting evidence included… the likelihood is extremely high."
"Good Lord…"
A groan escaped President Bush.
He dragged a hand down his face and let out a long, weary sigh.
"This is a disaster."
If Enron, the seventh-largest company in the United States, had committed accounting fraud, the shock to the stock market and the entire economy would have been unavoidable.
On top of that, Chairman Haywood had been a close family acquaintance since his father's time, and Enron had donated hundreds of thousands of dollars to Bush's presidential campaign.
Worse still, numerous White House and administration officials had direct or indirect ties to Enron. Once the scandal broke, the fallout hitting President Bush was as predictable as sunrise.
It was obvious why Seok-won had sent the report before releasing it publicly: he was warning Bush to prepare.
Bush's face twisted as he shouted:
"Call an emergency meeting. Immediately!"
"Yes, sir!"
Knowing how serious the situation was, Chief of Staff Watt sprang to his feet with a hurried reply.
Left alone, President Bush stared down at the short-selling report on the table and let out a groan without realizing it.
"Good grief… accounting fraud? Why the hell is this falling on me out of nowhere?"
TL/n -
You can read the novel (up to Chapter 750+) by purchasing access through
ko-fi.com/inkbound