‘Because Wall Street is filled with guys like you,’ Zorn thought to himself, in answer to Trimble’s question. He was not in any way a prude, but he neither liked nor needed the business of paying for female company. Still, the club’s steaks were among the best in the city, and he did not want to deny his brokers the chance to celebrate a coup that had made them all millions, too. So he had come along for the ride and done his best to be civil.

‘You know, Don, what I find unbelievable isn’t the fact that I could see the whole damn system was bust,’ Zorn said. ‘It’s that so many other people couldn’t. I mean, three years ago the FBI was reporting that mortgage-related frauds had gone up by a factor of five. Record numbers of people were falling behind on their mortgage payments or flat-out defaulting, and there were just two things keeping the whole thing going. The first was all the suckers who thought that their house price could only go up. And the second was all the lenders who gave money to anyone, absolutely anyone, who asked for it. And even if you didn’t ask, they shoved it down your throat anyway. I mean, did you ever hear of an interest-only negative-amortizing adjustable-rate subprime mortgage?’

‘Uh, no, can’t say I did,’ said Trimble, who was evidently less interested in obscure forms of mortgage than in his companion’s fine young breasts.

‘Well, I’ll tell you then, Don. It was a mortgage that didn’t require the borrower to repay any of the capital, and if they fell behind with their payments, that was OK because the value of any missed payments just got added on to the mortgage debt. So some poor dumb bastard who probably didn’t have a job, let alone enough income to buy a home, just kept getting deeper and deeper in the hole till he said, “The hell with this,” and walked right away from the property, the mortgage, the whole damn shebang. And all he left behind was a pile of debt secured on a worthless property.’