Zero Coupon

What's an '80s-style financial shark to do in the brave new waters of '90s business? Whatever it is, Erdman's ( The Panic of '89 ) scenario isn't really convincing. After serving his full three years and a day in a country club-like federal prison, 46-year-old former junk bond finagler Willy Saxon has, in his mind, paid his debt to society. He despises ``cooperators'' like his old pals Boesky and Milken who got shortened jail terms for informing on friends. Barred from the business, Willy uses his $74 million European nest egg to buy covert control of a foundering San Francisco investment house and (with a little blackmail) of a bond rating agency. He also buys a Napa Valley ranch where he sets up a high-tech trading exchange. Business booms, but when he needs collateral, Willy floats and sells a couple of bogus bonds. Just when it seems he'll be going back to jail, Willy correctly predicts the German mark's plunge and makes $500 million. Though Willy is revered by his young computer wonk employees (and bedded by two beauteous, older leaders of San Francisco's pretentious, self-absorbed high society), readers will find him shallow, selfish and no fun. But cardboard characters and barely serviceable prose probably won't put off Erdman's fans. This is the first title for Forge Books, a new Tor imprint. 250,000 first printing; advertising; author tour. (Oct.)