1. Why did Alex summon Dick French?

2. Dick French didn't have to make a statement, did he?

3. What did the pr head assume?

3. At eleven, Alex walked in the presidential suite. Jerome Patterton was behind his desk. There was a newspaper in front of him. On a sofa, in the shadow, was Roscoe Heyward. The three exchanged good mornings.

"You have seen this, of course," Patterton touched the paper.

"I've seen it," Alex said. "I've also had Dick French in. He tells me that you and Roscoe discussed the press queries yesterday. So my first question is, why wasn't I informed?" Patterton looked embarrassed. "We had to take prompt action. We had to stop a leak."

"A leak of what?"

It was Heyward who answered. "Of a proposal I am bringing before the money policy committee next Monday. In my view, we must reduce the bank's present commitment to Forum East by fifty per cent. My opinion is that we must put the bank's funds to better use."

The news was surprising. Alex turned to Patterton who raised his hands. "You needn't argue now. Save your arguments until Monday."

1. Why did Jerome Patterton look embarrassed?

2. The bank didn't have to take prompt action, did it?

3. What did the bank have to do in Heyward's view?

4. Was the news surprising?

4. The bank's money policy committee was in session in an executive conference room. The committee which had four members, met every other Monday morning with Roscoe Heyward as chairman. The other members were Alex and two senior vice-presidents — Straughan and Orville Young. The president of the bank sat in at the committee's more important meetings, voting only if it became necessary to break a tie. The committee's purpose was to decide the uses to which the bank put its funds. Individual sums discussed here were seldom less than in the tens of millions.

"Do I have to go into every detail," Alex insisted. "The point we are deciding today is how much profit is reasonable and how much is excessive."

Roscoe Heyward smiled. "Frankly, Alex, 1 have never considered any profit excessive."

"Nor have I," Tom Straughan put in. "I recognize, though, that making an exceptionally high profit is sometimes asking for trouble. It becomes known and criticized. At the end of the financial year we have to publish it."

"Which is another reason," Alex added, "why we should strike a balance between achieving profit and giving service."

"Profit is giving service to our shareholders," Heyward said. "That's the kind of service I put first."

1. Who made up the bank's money policy committee?

2. What was the committee's purpose?

3. When did the President have to vote?

4. There were many items on the agenda of the meeting, were there not?

5. What did the bank have to publish at the end of the financial year?

5. The power struggle between Alex Vandervoort and Roscoe Heyward was already well known. The split was evident in the line up of the monetary policy committee. Alex was sure that Tom Straughan was his supporter. The man was the bank's chief economist. He was young but with a broad spectrum of interests. Orville Young, treasurer of FMA, was Heyward's man.

"I must remind you of one thing," Alex said. "In banking it is not hard to make large profits. We have opportunities, our own experience and reasonable banking laws. The last is probably the most important. But the laws won't always be as reasonable if we go on abusing the situation. We don't have to fool ourselves. For generations banking has ignored public problems. Even now we do the minimum. We have no right to opt out of Forum East." Alex paused.

"And we will not have to opt out of Forum East," Heyward put in. "In light of other commitments we'll have to adjust the flow of funds. This year must be a bumper profit year. There is something else I must mention. It will have a bearing on our decision today. I am hopeful, that we shall enjoy substantial business with Supranational Corporation. It's another reason I'm reluctant to commit funds elsewhere. It appears likely that we will open substantial line of credit for Supranational." Supranational — or SuNatCo — was a multinational giant, the General Motors of global communications.

1. What was evident in the line-up of the money policy committee?

2. What did Alex have to remind all those present of?

3. The bank didn't have to adjust the flow of funds in Heyward's view, did it?

4. Why was Roscoe Heyward hopeful?

6. For the first time Alex understood Heyward's strategy. A year of exceptional profit for the bank would make Jerome Patterton a hero to its shareholders and directors and Patterton was human. The scenario afterwards was equally easy to guess. The money policy committee divided two by two — Alex Vandervoort and Tom Straughan opposed to the cutback of funds, Roscoe Heyward and Orville Young in favour of it. Heads turned to Jerome Patterton who had to cast the decisive vote. The bank president hesitated only briefly, then announced, "Alex, on this one I'll go with Roscoe."