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Prodigal Son
Danielle Steel

Chapter 1

Peter McDowell sat in his office, surrounded by cardboard bankers’ boxes after what had been the worst week of his life. The last month had been a nightmare, not just for him but for everyone on Wall Street. Peter stared at the screen on his desk, which he had been doing since early that morning, and for the past five days. It was Friday, the tenth of October, 2008, and stock prices had been plummeting since Monday. It was the worst stock market crash since the Great Depression.

Landmark events had taken place in recent weeks that had heralded the collapse of the house of cards. Twenty-six days earlier, Lehman Brothers, one of the oldest and most respected investment banks, had filed for bankruptcy, stunning the financial world. Even more stunning was the government’s refusal to bail them out, although six months before they had done so for Bear Stearns, which had been bought by JPMorgan Chase. Just before Lehman Brothers’ historic announcement, Bank of America had announced that it was acquiring equally venerable and respected Merrill Lynch. Investment banks and financial institutions were staggering like drunks all over Wall Street, and several smaller banks had already closed. And the day after Lehman Brothers declared bankruptcy, the largest insurer in the nation lost 95 percent of its value, and six days later was removed from the Dow Jones.

And with everyone reeling over alarming daily announcements, Whitman Broadbank, the investment bank where Peter McDowell worked and had established his meteoric career, announced that they were folding as well. Peter had been told three days before, as the stock market continued to plunge. It was hard to wrap his mind around it, as he leaned his head against the boxes on his desk. That afternoon at six o’clock, they were closing their doors. Peter’s golden career, and famously high-risk investments, with previously outstanding results, were no more. He was putting whatever he had left in his office in boxes. He had told his wife, Alana, and their boys, Ryan and Ben, the night before.

“What does that mean, Dad?” Ryan had asked him with a look of panic. He was fourteen years old. Peter didn’t dare read off the litany of things that were about to change for them all. Everything had to be sold. The firm had been leveraged to the hilt. The stock that Peter had gladly acquired in lieu of profits or salary on many occasions, and that comprised most of his personal fortune, was worthless paper now. The house in the Hamptons was history, the time share of a plane, their penthouse on Fifth Avenue, private schools, credit cards, the Ferrari he played with on the weekends and the boys loved to ride in, Alana’s Bentley, and the brand-new Rolls. All were expensive unimportant toys and symbols of his success. More important, all of their security and way of life had evaporated into thin air. His money and investments were all in Whitman Broadbank, and whatever else he had had gone down the drain with the stock market collapse in the past five days. There was virtually nothing left, or so little that it hardly counted. Peter couldn’t think of a single area of his life that wouldn’t be affected by what had just happened to the economy, except his marriage and his boys. Alana had been painfully silent and watched him, as he explained it all to them. But even Peter didn’t fully understand it yet. No one did. The day before, Iceland had declared the country bankrupt and closed its stock market, and other countries around the world were watching in panic, as they saw the American stock market fall and implode.

Peter finally managed to tear his eyes from the screen that had mesmerized him all week. His secretary had already left that morning, and there was silence in the halls. Others were doing what he was, loading a few personal things into boxes, and carrying them downstairs. All of them were facing the demise of their careers and radically changed lives as a result.

Peter stood up and dropped one of the boxes in the doorway. It was hard to imagine now what he was going to do about work. People were getting fired left and right, and there were hundreds of overqualified candidates for whatever jobs remained. In the musical chairs of the financial game, thousands had wound up without a seat, and Peter was no better off than the rest. His success had been extraordinary for the past twenty-one years, since he hitched his wagon to the star of Whitman Broadbank fresh out of business school when he was twenty-five. Now he was forty-six, virtually broke, and out of a job, and so was almost everyone he knew, with the exception of the lucky few who had survived the tidal wave of the past month. No one he knew had been untouched.

Peter had been famous for years, with almost every deal he made, but not this time. This time he had taken a fall with all the rest. His luck had finally run out. This wasn’t the way he had expected his career to end, but it wasn’t over yet; he wasn’t about to give up. He was ready to do whatever it took to clean up the mess, tighten his belt, and he knew that sooner or later he’d be back. He just didn’t know when, or how to accomplish it yet. And for now things were going to be tough. He had warned Alana and the boys of that. They were putting both the house in the Hamptons and the apartment in New York on the market that weekend, although real estate prices had already been hit, and were going to experience a severe drop. He would take whatever they could get. And as soon as the New York apartment sold, he was going to have to figure out where they were going to live. He knew that as long as the family stuck together, they’d be all right.

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