They were the first, Winston saw, and being first in the trend, they cashed in big. That sort of hit was of a magnitude to cause more than a few expensive dinners in Hong Kong, a city well suited to the indulgence.

"Look innocent to you?" he asked Gant with a stifled yawn.

The executive shrugged. He was tired, but having the boss back in the saddle gave everyone new energy. "Innocent, hell! It's a brilliant move. They saw something coming, I suppose, or they were just lucky."

Luck, Winston thought, there was always that. Luck was real, something any senior trader would admit over drinks, usually after two or three, the number required to get past the usual "brilliance" bullshit. Sometimes it just felt right, and you did it because of that, and that's all there was to it. If you were lucky, it worked, and if not, you hedged.

"Keep going," he ordered.

"Well, then other banks started doing the same thing." The Columbus Group had some of the most sophisticated computer systems on the Street, able to track any individual issue and category of issues over time, and Gant was a quintessential computer jockey. They next watched the sell-off of other T-Bills by other Asian banks. Interestingly, the Japanese banks were slower off the mark than he would have expected. It was no disgrace to be a little behind Hong Kong. The Chinese were good at this thing, especially those trained by the Brits, who had largely invented modern central banking and were still pretty slick at it. But the Japs were faster than the Thais, Winston thought, or at least they should have been . . .

It was instinct again, just the gut-call of a guy who knew how to work the Street: "Check Japanese treasuries. Mark."

Gant typed in a command, and the rapid advance in the value of the yen was obvious—so much so, in fact, that they hardly needed to track it via computer. "Is this what you want?"

Winston leaned down, looking at the screen. "Show me what Bank of China did when they cashed in."

"Well, they sold off to the Eurodollar market and bought yen. I mean, it's the obvious play—"

"But look who they bought the yen from," Winston suggested.

"And what they paid for it . . ." Gant turned his head and looked at his boss.

"You know why I was always honest here, Mark? You know why I never screwed around, not ever, not even once, not even when I had an in-the-bank sure thing?" George asked. There was more than one reason, of course, but why confuse the issue? He pressed his fingertip to the screen, actually leaving a fingerprint on the glass. He almost laughed at the symbolism. "That's why."

"That doesn't really mean anything. The Japanese knew they could jack it up some and—" Gant didn't quite get it yet, Winston saw. He needed to hear it in his own terms.