Kane & Abel (1979) Read online

  ‘You don’t feel we ought to know what you have in mind?’

  ‘No, Mr Leach. You must appear to be uninvolved, and doing no more than carrying out your duty as directors of the bank. However, it will be important for Mr Rodgers to be fully prepared to conduct an election without looking as if he was aware it was coming.’

  It was beginning to dawn on Ted Leach and his two colleagues why Charles Lester had chosen William Kane to be their next chairman. They left the Metropolitan Club a few minutes later, more confident than when they had arrived, despite being totally in the dark about what Kane had planned for the board meeting they were about to call. William, on the other hand, having carried out the first part of Thomas Cohen’s instructions to his satisfaction, was actually looking forward to the more difficult second part.

  He spent most of the afternoon and evening in his room at the Yale Club, making copious notes and going over his tactics for the next day’s meeting. At six o’clock, he took a short break to call Kate.

  ‘Where are you, darling?’ she said. ‘Stealing away in the middle of the night to I know not where.’

  ‘To my New York mistress,’ said William.

  ‘Poor girl,’ said Kate. ‘What’s her advice on the devious Mr Parfitt?’

  ‘Haven’t had time to ask her, we’ve been so busy doing other things. While I have you on the phone, what’s your advice?’

  ‘Do nothing Charles Lester or your father wouldn’t have approved of,’ said Kate, suddenly serious.

  ‘They’re probably playing golf together on the eighteenth cloud and taking a side bet, while keeping an eye on me the whole time.’

  ‘Whatever you do, William, you won’t go far wrong if you remember they’re watching you.’

  37

  WHEN DAWN BROKE William was already awake, having managed to sleep only fitfully. He rose a little after six, had a cold shower, went for a long walk through Central Park to clear his head and returned to the Yale Club for a light breakfast. There was a message waiting for him in the front hall from his wife. He read it, and laughed out loud. ‘If you’re not too busy, could you remember to buy a New York Yankees baseball cap for Richard?’

  He picked up a copy of The Wall Street Journal, which was still running the story of friction in Lester’s boardroom over the selection of a new chairman. It now had Parfitt’s version of events, hinting that his appointment would be confirmed at Thursday’s board meeting. William wondered whose version would be reported in tomorrow’s paper. How he would have liked to read Friday’s Journal now.

  After another call to Thomas Cohen, he spent the morning double-checking the articles of incorporation and the bylaws of Lester’s Bank. He skipped lunch in favour of F.A.O. Schwarz, where he bought a baseball cap for his son.

  At two-thirty he took a cab to Lester’s Bank in Wall Street, and arrived outside the front door a few minutes before three. The young doorman asked him who he had an appointment with.

  ‘I’m William Kane.’

  ‘Yes, sir. You’ll want the boardroom.’

  Good Heavens, thought William, I don’t even know where it is.

  The doorman noticed his embarrassment. ‘Take the corridor on the left, sir, and it’s the second door on the right.’

  ‘Thank you,’ said William, and walked slowly down the long corridor. Until that moment, he had always thought the expression ‘butterflies in the stomach’ a stupid one. He felt that his heartbeat must be louder than the ticking of the clock in the hall; he would not have been surprised to hear himself chiming three o’clock.

  Ted Leach was standing at the entrance to the boardroom. ‘There’s going to be trouble,’ were his opening words.

  ‘That’s hardly a surprise,’ said William. ‘But that’s the way Charles Lester would have liked it, because he always faced trouble head on.’

  William strode into the impressive oak-panelled room, where a number of men were standing in groups of two or three, deep in conversation. He did not need to count heads to know that every director was present. This was not going to be one of those board meetings a director could afford to miss. The buzz of talk ceased the moment William entered the room. He took the chairman’s place at the head of the long mahogany table before Peter Parfitt could realize what was happening.

  ‘Gentlemen, please be seated,’ he said, hoping his voice sounded authoritative.

  Ted Leach and some of the other directors took their seats immediately; others seemed more reluctant.

  ‘Before anyone says anything,’ began William, ‘I would, if you will allow me, like to make a brief opening statement, and then you can decide how you wish to proceed. I feel that’s the least we can do to comply with the wishes of the late Charles Lester.’

  One or two reluctant board members took their seats. Every eye in the room was fixed on William.

  ‘Thank you, gentlemen. To start with, I would like to make it clear to all of you that I have absolutely no desire to be the chairman of this bank’ - he paused for effect - ‘unless it is the wish of the majority of its directors. I am, gentlemen, at present deputy chairman of Kane and Cabot, and own fifty-one per cent of that bank’s stock. Kane and Cabot was founded by my grandfather, and I think it compares favourably in reputation, if not in size, with Lester’s. Were I required to leave Boston and move to New York to become the next chairman of this bank, in compliance with Charles Lester’s wishes, it would not be easy for myself or for my family. However, as it was Charles Lester’s desire that I should do just that - and he was not a man to make such a proposition lightly - I am bound to take his wishes seriously. I would also like to add that his son, Matthew Lester, was my closest friend for over fifteen years, and I consider it a tragedy that it is me, and not him, who is addressing you today as your prospective chairman.’

  Some of the directors nodded their approval.

  ‘Gentlemen, if I were fortunate enough to secure your support today, I would be willing to sacrifice everything I have in Boston in order to serve you. I hope it is unnecessary for me to give you a detailed account of my banking experience. I shall assume that you will have taken the trouble to find out why Charles Lester thought I was the right man to succeed him. My own chairman, Tony Simmons, whom many of you know, has asked me to stay on at Kane and Cabot, and to ignore Mr Lester’s wishes.

  ‘I had intended to inform Mr Parfitt yesterday of my decision - had he taken the trouble to call me. I had the pleasure of dining with Mr and Mrs Parfitt last week at their home, and on that occasion Mr Parfitt informed me that he had no interest in becoming the next chairman of this bank. My only rival, in his opinion, was Mr Leach, your other vice chairman. I have since consulted Mr Leach, and he informs me that I have always had his support for the chair. I assumed, therefore, that both vice chairmen were backing me. But after reading this morning’s Wall Street Journal, not that I have relied upon its predictions since I was eight years old’ - a little laughter - ‘I felt I should attend today’s meeting to assure myself that I had not lost the support of both vice chairmen, and that the Journal‘s account was inaccurate. Mr Leach called this board meeting, and I must now ask him if he still backs me to succeed Charles Lester as the bank’s next chairman.’

  William looked across at Leach, whose head was bowed. The wait for his verdict seemed interminable, although it was only a few seconds. A thumbs down from him would mean the Parfittlians would slaughter the Christian.

  Leach raised his head slowly and said, ‘Gentlemen, I support Mr Kane unreservedly.’

  William looked directly at Peter Parfitt for the first time that day. He was sweating profusely, and when he spoke he did not raise his eyes from the yellow pad in front of him.

  ‘Some members of the board,’ he began, ‘felt I should throw my hat into the ring—’

  ‘And all this has happened since we spoke last week, when you told me you would be happy to go along with Charles Lester’s wishes?’ interrupted William, allowing a small note of surprise to enter his v