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announced, we benefit when the price of the stock we hold runs up toward the offer price, which, as you probably know, is always above the current trading price because acquirers must pay a premium for control.”
    “Sure.”
    Oliver smiled as if he were consuming a delicious dessert. “It’s beautiful when we buy a stock before the first offer is announced, because that’s where the real juice in the takeover game is. That’s when the stock price can double or triple overnight. After the first offer, subsequent bids are usually only a few dollars higher.” He laughed. “We sit back and watch the stock price soar. Ultimately we make millions, sometimes tens of millions in those deals.”
    “It’s got to be tough to hit on many deals where you buy the stock even before the first offer is announced,” Jay pointed out. “You’d have to have privileged information to do it consistently.”
    Oliver’s eyes narrowed slightly. “Do you mean inside information?”
    Jay hesitated, aware that he had stepped into noman’s-land.
    “Trading on inside information would be illegal,” Oliver said quietly after an uncomfortable silence. “Listen to me and listen to me good. We are absolutely ethical around here. If a deal smells at all, we don’t get involved. It’s like that piece of week-old meat in the refrigerator that doesn’t look or smell too good. Some idiots are willing to risk food poisoning because they can’t bear to see the meat wasted. So they eat it and end up in the hospital. Here at McCarthy and Lloyd, we don’t care. We make enough money that we don’t have to take those kinds of foolish risks. We toss the rotten meat out and make a fresh kill. Our chairman wouldn’t have it any other way. All you have in this business is your reputation, Jay. We want to keep ours pristine.”
    “Of course,” Jay agreed. “How many people work in the arbitrage group?” he asked, quickly steering the conversation in a different direction.
    “Right now three professionals, a secretary, and an administrative assistant. You’ll be the fourth professional.” Oliver hesitated. “We may hire one more at some point. Anyway, I run the desk, and my title is managing director,” he continued, gesturing at the door. “Bullock is a director, one title below me, and my right-hand man. We also have an associate. Her name is Abigail Cooper. You’ll be a vice president, the title between director and associate, and report to Bullock, as Abby does.”
    Jay nodded. It wasn’t going to be much fun reporting to Bullock, but then, life couldn’t be perfect. And Jay knew Bullock’s attitude would improve if Jay made money.
    “Now let’s focus on compensation,” Oliver said.
    Here was the crux of the issue. The reason Jay was willing to have no life outside of McCarthy & Lloyd.
    “Your annual salary will be fifty thousand dollars.”
    “Excuse me?” Jay’s exhilaration faded.
    Oliver saw the disappointment evident in Jay’s expression. “Yup, fifty grand. That’s what every professional at your level makes here at McCarthy and Lloyd.”
    “But I earn more than fifty thousand a year now.”
    “And we don’t make any fringe benefits available to the professional staff,” Oliver continued, ignoring Jay’s objection. “No health or life insurance, no 401K plan, not even a pension.”
    “Are you serious?”
    “Absolutely.”
    Jay looked down.
    “But I will make you one promise, Jay West.”
    “What’s that?”
    “I’ll guarantee you a minimum bonus of a million dollars, and I’ll guarantee it to you in writing. You show up on the arbitrage desk every day until the end of the year, and on January fifteenth McCarthy and Lloyd will stroke you a check for at least a million.”
    Jay managed to control his show of emotion despite the anticipation tearing through his body. “Really?”
    “Absolutely.” Oliver watched Jay’s reaction carefully, vaguely disappointed that the younger man hadn’t been more