THE TAINTED TRUST (Volume 2 of The King Trilogy)

CHAPTER 18

         Within seconds of Raza's departure, Visconti telephoned Miles Dennis, a friend and senior account executive with Iacardi & Sons, Commodity Brokers.

Dennis, a fifty-three year old high school dropout, was instrumental to the continued success of Iacardi & Sons. Hired in 1947 as an office boy, he began to study the commodities business by night and any free moment he could steal. He was promoted to floor trader in 1951. In 1960, he became an account executive. With street smarts, an infectious personality and a wonderful sales ability, he established himself as the number one producer in the company. "Why would the Crown Prince of Wall Street be calling a peasant like me?" Dennis asked. "Is he seeking new worlds to conquer?"

"Cut the bull-shit, Miles," Visconti retorted. "This is a business call. I need to know what your research people think of the price of crude oil. Where's it going?"

"Probably nowhere exciting. Why are you asking?"

"I just had a meeting with a big hitter from Kuwait. He told me crude oil was about to go south, big time. His name is Assif Raza. You ever heard of him?"

"I certainly have. He's one of the founding fathers of Q8."

"What's Q8?"

"The Kuwaiti national oil company."

"So he's for real?"

"That's putting it mildly...How far south?"

"He thinks it's going to five bucks. Maybe lower. He's prepared to put a ton of money where his mouth is."

"He's shorting crude?"

"No. He's diversifying out of it."

"So why are you calling me?"

"I want to short crude."

"Why does that not surprise me? How high do you want to fly?"

"A thousand July contracts."

"At the market?"

"Sure. Let's not quibble over nickels and dimes."

July 31, 1987.

Primarily as a result of Visconti's astute stock picks, the value of the King's trust had grown by astounding proportions, now exceeding eight hundred million dollars. Save and except for the money used for the margin deposit on the crude oil short, every nickel of the trust was committed to the purchase of stocks.

Visconti was once again a big winner when the spot price of West Texas Intermediate crude oil dropped to seventeen dollars and ten cents a barrel. The thousand July contracts he had shorted at twenty-two dollars and fifteen cents, now showed a paper profit of slightly over four million. The most spectacular aspect of the transaction was the return on his original investment. He had come close to doubling the margin deposit in the space of three months. As an encore, Visconti promptly shorted a thousand October contracts at seventeen dollars and twenty-five cents a barrel.