The first defaulter was a big guy, savage, ferocious, pretty much subnormal in the head. Hobie smiled. Forgave him his debt and wrote it off. Suggested that he might repay this generosity by getting alongside him and taking on the role of enforcer. There were no more defaulters after that. The exact method of deterrence was tricky to establish. A broken arm or leg just sent the guy way back behind the lines to the field hospital, where he was safe and surrounded by white nurses who would probably put out if he came up with some kind of heroic description about how he got the injury. A bad break might even get him invalided out of the service altogether and returned Stateside. No kind of deterrence in that. No kind of deterrence at all. So Hobie had his enforcer use punji spikes. They were a VC invention, a small sharp wooden spike like a meat skewer, coated with buffalo dung, which was poisonous. The VC concealed them in shallow holes, so GIs would step on them and get septic crippling wounds in the feet. Hobie’s enforcer aimed to use them through the defaulter’s testicles. The feeling amongst Hobie’s clientele was the long-term medical consequences were not worth risking, even in exchange for escaping the debt and getting out of uniform.

By the time he got burned and lost his arm, Hobie was a seriously rich man. His next coup was to get the whole of his fortune home, undetected and complete. Not everybody could have done it. Not in the particular set of circumstances he found himself in. It was further proof of his greatness. As was his subsequent history. He arrived in New York after a circuitous journey, crippled and disfigured, and immediately felt at home. Manhattan was a jungle, no different from the jungles of Indochina. So there was no reason for him to start acting any different. No reason to change his line of business. And this time, he was starting out with a massive capital reserve. He wasn’t starting out with nothing.

He loan-sharked for years. He built it up. He had the capital, and he had the image. The burn scars and the hook meant a lot, visually. He attracted a raft of helpers. He fed off whole identifiable waves and generations of immigrants and poor people. He fought off the Italians to stay in business. He paid off whole squads of cops and prosecutors to stay invisible.

Then he made his second great breakthrough. Similar to the first. It was a process of deep radical thought. A response to a problem. The problem was the sheer insane scale. He had millions on the street, but it was all nickel-and-dime. Thousands of separate deals, a hundred bucks here, a hundred fifty there, 9 or 10 percent a week, 500 or a 1,000 percent a year. Big paperwork, big hassles, running fast all the time just to keep up. Then he suddenly realized less could be more. It came to him in a flash. Five percent of some corporation’s million bucks was worth more in a week than 500 percent of street-level shit. He got in a fever about it. He froze all new lending and turned the screws to get back everything he was owed. He bought suits and rented office space. Overnight, he became a corporate lender.

It was an act of pure genius. He had sniffed out that gray margin that lies just to the left of conventional commercial practice. He had found a huge constituency of borrowers who were just slipping off the edge of what the banks called acceptable. A huge constituency. A desperate constituency. Above all, a soft constituency. Soft targets. Civilized men in suits coming to him for a million bucks, posing much less of a risk than somebody in a dirty undershirt wanting a hundred in a filthy tenement block with a rabid dog behind the door. Soft targets, easy to intimidate. Unaccustomed to the harsh realities of life. He let his enforcers go, and sat back and watched as his clientele shrank down to a handful, his average loan increased a millionfold, his interest rates dropped back into the stratosphere, and his profits grew bigger than he could ever imagine. Less is more.

It was a wonderful new business to be in. There were occasional problems, of course. But they were manageable. He changed his deterrence tactic. These civilized new borrowers were vulnerable through their families. Wives, daughters, sons. Usually, the threat was enough. Occasionally, action had to be taken. Often, it was fun. Soft suburban wives and daughters could be amusing. An added bonus. A wonderful business. Achieved through a constant willingness to change and adapt. Deep down, he knew his talent for flexibility was his greatest strength. He had promised himself never ever to forget that fact. Which was why he was alone in his inner office, up there on the eighty-eighth floor, listening to the quiet background sounds of the giant building, thinking hard, and changing his mind.

FIFTY MILES AWAY to the north, in Pound Ridge, Marilyn Stone was changing her mind, too. She was a smart woman. She knew Chester was in financial trouble. It couldn’t be anything else. He wasn’t having an affair. She knew that. There are signs husbands give out when they’re having affairs, and Chester wasn’t giving them out. There was nothing else he could be worried about. So it was financial trouble.

Her original intention had been to wait. Just to sit tight and wait until the day he finally needed to get it off his chest and told her all about it. She had planned to wait for that day and then step in. She could manage the situation from there on in, however far it went exactly, debt, insolvency, even bankruptcy. Women were good at managing situations. Better than men. She could take the practical steps, she could offer whatever consolation was needed, she could pick her way through the ruins without the ego-driven hopelessness Chester was going to be feeling.

But now she was changing her mind. She couldn’t wait any longer. Chester was killing himself with worry. So she was going to have to go ahead and do something about it. No use talking to him. His instinct was to conceal problems. He didn’t want to upset her. He would deny everything and the situation would keep on getting worse. So she had to go ahead and act alone. For his sake, as well as hers.

The obvious first step was to place the house with a realtor. Whatever the exact degree of trouble they were in, selling the house might be necessary. Whether it would be enough, she had no way of telling. It might solve the problem on its own, or it might not. But it was the obvious place to start.

A rich woman living in Pound Ridge like Marilyn has many contacts in the real estate business. One step down the status ladder, where the women are comfortable without being rich, a lot of them work for realtors. They keep it part-time and try to make it look like a hobby, like it was more connected with an enthusiasm for interior decoration than mere commerce. Marilyn could immediately list four good friends she could call. Her hand was resting on the phone as she tried to choose between them. In the end, she chose a woman called Sheryl, who she knew the least well of the four, but who she suspected was the most capable. She was taking this seriously, and her realtor needed to, as well. She dialed the number.

“Marilyn,” Sheryl answered. “How nice to talk to you. Can I help?”

Marilyn took a deep breath.

“We might be selling the house,” she said.

“And you’ve come to me? Marilyn, thank you. But why on earth are you guys thinking of selling? It’s so lovely where you are. Are you moving out of state?”

Marilyn took another deep breath. “I think Chester’s going broke. I don’t really want to talk about it, but I figure we need to start making contingency plans.”

There was no pause. No hesitation, no embarrassment.

“I think you’re very wise,” Sheryl said. “Most people hang on way too long, then they have to sell in a hurry, and they lose out.”

“Most people? This happens a lot?”