She entered the living room, and there he was, standing awkwardly next to the sofa. He was wearing track pants and a T-shirt. A newspaper was spread out on the sofa, and an empty beer bottle sat on the floor next to him, along with an ashtray.

“You’re smoking again?” she asked, stupidly. Of all the questions running through her head, why was that the one that had popped out? She tried again: “What are you doing at home? It’s Friday.”

Ted sat down on the sofa, elbows on his knees, and put his head in his hands.

“Ted!” Maja said, her voice sharp. “What’s going on?” As she said this, she realized that they hadn’t had a real conversation all week. They’d talked, of course, but it had been rushed—just quick updates on the construction and the problems she was having with the insurance company. Now something was obviously very wrong, and Maja had a queasy sense that she had been purposely avoiding finding out what it was.

Ted didn’t look at her, but he finally lifted his head from his hands. He picked up the newspaper lying next to him, refolded it, and handed it to her. It was a copy of that day’s New York Post, with its signature bold white headline:

FOX ON THE RUN!

Big bank Foxfield Barnes begs for bailout on bankruptcy fears.

Foxfield Barnes, brought to the edge of bankruptcy last week by risky mortgage security plays in the midst of a global credit crisis, will be acquired by J.P. Morgan in a last-minute deal. J.P. Morgan scores a sly deal for Fox, paying a paltry $2 a share for the struggling firm, which was trading at just over $20 a share last week. One year ago, Foxfield’s shares sold for $150. J.P. Morgan takes control of the firm’s brokerage business and its Wall Street tower, valued at over a billion dollars. The deal saves Foxfield from filing for bankruptcy and causing a domino effect of failures on other banks. It remains to be seen how many of Foxfield’s employees, who own one-third of the company, will retain their jobs.

Maja skimmed to the end of the article, but the details of the deal only half made sense to her. What was clear was that something very, very bad had happened.

“I had no idea things were this grim,” she said. “The firm is being sold?”

Ted finally looked up at her. “Sold for scrap,” he said. “It’s a bloodbath out there. We’re the first, but we won’t be the last.” He sighed. “Not that it matters. Just because everyone is fucked doesn’t mean we’re not fucked.”

“Have they said what’s going to happen?” Maja asked, her mind racing. “Will you go work for J.P. Morgan?”

Ted looked at her for a long moment. “No,” he said, finally. “Maja, I was laid off.”