Arbitrage is historical fiction, linking two major catastrophes that have been separated by over two decades of time. In late 2001, Enron filed for bankruptcy protection in the wake of its ballooning debt, fraudulent accounting, and its grossly overstated financial growth, all of which combined to create the most scandalous corporate collapse in history. Twenty-one years later, another catastrophe occurred. Russia invaded Ukraine, causing tens of thousands of civilian deaths and hundreds of thousands of military casualties. The vast majority of Enron’s former employees, always regarded as “the smartest guys in the room,” were completely unaware of the fraud that was perpetrated by a handful of senior executives. Thus, the otherwise promising careers of those employees were as much the victims of Enron’s collapse as were the shareholders and customers of the energy giant. Arbitrage is the story of one such employee, Zack Sullivan. Another former Enron employee, Vince Petrenko, was a brilliant economist and an expat from Ukraine. Seeing the peril and suffering that his family members in Kyiv were facing, Petrenko decided to apply his skills to cut off a major portion of Russian’s revenue stream that was helping finance the war. Petrenko needed to enlist the aid of two others to execute his plan. Dale Bradley was an accomplished derivatives trader at Enron who had Petrenko’s complete trust, earned over many years of working together. Unlike Sullivan and hundreds of others like him, Petrenko and Bradley could see the writing on the wall. They both had resigned from Enron well before it would collapse. Bohdan Ivanov was a munitions expert. He had retired from the intelligence branch of the Ukrainian army, where he had acquired some limited experience with submersible drones. He, like Petrenko, was also an expat from Ukraine, and now living in Latvia, near the Baltic Sea. While Bohdan needed to share his experiences with Petrenko and Bradley to convince them of his competency, the identities and experiences of the two Americans were not divulged to Bohdan, for security reasons, in case something were to go wrong. Then something went wrong.