The Plan by John Francis Kinsella
Men like Jack Reagan had few illusions as to the complexities of the forces that made the world turn. With each passing day it became more and more obvious to him that most of those who governed the world of business and politics had a pitiful lack understanding of those forces.
Danger stalked when investors, large and small, from London to Beijing and from Moscow to Dubai, had become hypnotized by the phenomenal rise in the price of property. Reagan had avoided the flurry of feverish speculation, as others rushed like lemmings towards the precipice. It was precisely the kind of risk he had always taken care to avoid. The properties he owned had been bought carefully over time to create a solid and lasting investment portfolio, but he had also been lucky, and knew it, buying and selling at the right time was paramount.
If the content of newspapers and TV programs was representative of what most interested his fellow countrymen, it was evident that football came first, followed by football, yes football, and only then property. Football was of course big business. There was no refuting it; the British public was football crazy, but for many, football, or any other sport for that matter, was small beer compared to property. Wheeling and dealing in property had become the national past time and the money involved was staggering. The entry ticket, that is to get onto the first rung of the property ladder, was near two hundred thousand pounds, and half or more again in the London area, and most of that was borrowed money.
Property consultants, advisers and experts abounded and they all had one thing in common, they were smooth talkers, out to earn a quick buck off the backs of the punters. As for Moreau’s pal, Jameson, he was one of them, and to Reagan’s eye nothing less than an outright, perhaps clever, crook; who had however, made the mistake of taking him for a dupe, by suggesting he invest in local property?
Reagan, in spite of his own acquired wealth, never forgot the covetous nature of the world in which he lived, where the winners took all, leaving the crumbs for the rest. How did he differ from less fortunate people? He freely admitted his success had more to do with good fortune than hard work, though he knew that hard work and success often went hand in hand. That did not make him an excessively prudent man, it was the fear of losing that had made him cautious, weighing risks and seizing the right opportunities, whenever they appeared. The moment the Finns manifested their interest in acquiring his business he knew that it was one of those unique occasions created by the fortuitous conjuncture of the business climate and the growing promise of biofuel technology.
His property investments provided him with an enviable income and if their value increased so much the better, on the other hand, any thought of playing Monopoly was out of the question. Economies were built on cycles and it was evident the fallout from the sub-prime crisis was far from being over; his cautious mind told him the situation could only worsen.
Reagan knew what was written by so-called experts on the pages of the Sunday heavies was rubbish, invented by salaried journalists, probably mortgaged up to the hilt themselves, without a real a penny to their name. The same went for the advice of average high street bankers and the products they touted. Their only goal was to get their hands on their customers’ money, handing it over to their investment arms to speculate, where in turn it was skimmed and many other pockets were filled. His own reference was that of his peers, those who like him had made their own money. Better still were those who had inherited money and had been able to hold onto it.
To Reagan most financial experts looked at the world with blinkered eyes, only seeing what lay on the narrow road directly ahead of them; all that was beyond their immediate vision was non-existent. It reminded him of the world of physics, where scientists declared things impossible until a new discoveries refuted all ideas that had gone before.
Life was a series of hazards and what he had earned he intended to hang on to it. There were few Mick Jagger’s and even fewer Bill Gates. He remembered listening to a lone violinist on a cold winter’s night in a Victoria Street shopping arcade, clearly a virtuoso, who after years of study had been forced to turn to begging to earn a crust. There were few jobs for musicians, actors, painters and dancers, many of whom struggled to survive, working as barmen or waiters in Starbucks cafes and pubs.
Following the events of the summer in 2007, Reagan had been surprised by the general return to calm as the Northern Rock fiasco appeared to subside. He moved quickly, relocating and spreading his more liquid investments. First came the announcement of losses at the Swiss bank USB, they were colossal. His fears were soon confirmed when Bear Stearns collapsed, followed in rapid succession by Lehman Brothers in the US and Bradford & Bingley in the UK. There remained little doubt that other troubled financial institutions were hiding in the woods. His worst fears were about to come true as the vultures gathered for the feast that awaited them.
Chapter 17 HENDAYE
Danger stalked when investors, large and small, from London to Beijing and from Moscow to Dubai, had become hypnotized by the phenomenal rise in the price of property. Reagan had avoided the flurry of feverish speculation, as others rushed like lemmings towards the precipice. It was precisely the kind of risk he had always taken care to avoid. The properties he owned had been bought carefully over time to create a solid and lasting investment portfolio, but he had also been lucky, and knew it, buying and selling at the right time was paramount.
If the content of newspapers and TV programs was representative of what most interested his fellow countrymen, it was evident that football came first, followed by football, yes football, and only then property. Football was of course big business. There was no refuting it; the British public was football crazy, but for many, football, or any other sport for that matter, was small beer compared to property. Wheeling and dealing in property had become the national past time and the money involved was staggering. The entry ticket, that is to get onto the first rung of the property ladder, was near two hundred thousand pounds, and half or more again in the London area, and most of that was borrowed money.
Property consultants, advisers and experts abounded and they all had one thing in common, they were smooth talkers, out to earn a quick buck off the backs of the punters. As for Moreau’s pal, Jameson, he was one of them, and to Reagan’s eye nothing less than an outright, perhaps clever, crook; who had however, made the mistake of taking him for a dupe, by suggesting he invest in local property?
Reagan, in spite of his own acquired wealth, never forgot the covetous nature of the world in which he lived, where the winners took all, leaving the crumbs for the rest. How did he differ from less fortunate people? He freely admitted his success had more to do with good fortune than hard work, though he knew that hard work and success often went hand in hand. That did not make him an excessively prudent man, it was the fear of losing that had made him cautious, weighing risks and seizing the right opportunities, whenever they appeared. The moment the Finns manifested their interest in acquiring his business he knew that it was one of those unique occasions created by the fortuitous conjuncture of the business climate and the growing promise of biofuel technology.
His property investments provided him with an enviable income and if their value increased so much the better, on the other hand, any thought of playing Monopoly was out of the question. Economies were built on cycles and it was evident the fallout from the sub-prime crisis was far from being over; his cautious mind told him the situation could only worsen.
Reagan knew what was written by so-called experts on the pages of the Sunday heavies was rubbish, invented by salaried journalists, probably mortgaged up to the hilt themselves, without a real a penny to their name. The same went for the advice of average high street bankers and the products they touted. Their only goal was to get their hands on their customers’ money, handing it over to their investment arms to speculate, where in turn it was skimmed and many other pockets were filled. His own reference was that of his peers, those who like him had made their own money. Better still were those who had inherited money and had been able to hold onto it.
To Reagan most financial experts looked at the world with blinkered eyes, only seeing what lay on the narrow road directly ahead of them; all that was beyond their immediate vision was non-existent. It reminded him of the world of physics, where scientists declared things impossible until a new discoveries refuted all ideas that had gone before.
Life was a series of hazards and what he had earned he intended to hang on to it. There were few Mick Jagger’s and even fewer Bill Gates. He remembered listening to a lone violinist on a cold winter’s night in a Victoria Street shopping arcade, clearly a virtuoso, who after years of study had been forced to turn to begging to earn a crust. There were few jobs for musicians, actors, painters and dancers, many of whom struggled to survive, working as barmen or waiters in Starbucks cafes and pubs.
Following the events of the summer in 2007, Reagan had been surprised by the general return to calm as the Northern Rock fiasco appeared to subside. He moved quickly, relocating and spreading his more liquid investments. First came the announcement of losses at the Swiss bank USB, they were colossal. His fears were soon confirmed when Bear Stearns collapsed, followed in rapid succession by Lehman Brothers in the US and Bradford & Bingley in the UK. There remained little doubt that other troubled financial institutions were hiding in the woods. His worst fears were about to come true as the vultures gathered for the feast that awaited them.
Chapter 17 HENDAYE