The following version of this story was used to create this guide: Salter, James. "American Express." Esquire Magazine, 1988: 125-132.

Note that all parenthetical citations refer to the page number on which the quotation appears.

The story begins with the narrator reflecting on the early days of Frank and Alan's friendship. They are low-level lawyers working in New York City, going out to bars and restaurants and sleeping late. Frank and Alan are both sons of very successful lawyers who are famous in their trade. Frank and Alan discuss the attractiveness of the women who work the reception desk at their office, including one named Brenda with whom Frank had a brief relationship. One day, Frank and Alan miss a party at Brenda's apartment and show up after everyone has gone home. They tell Brenda they were working late.

Frank and Alan are assigned to a case called Hardmann Roe. The case is very technical and requires an immense amount of work. Frank and Alan begin researching and preparing for the trial. In the mean time, Brenda gets married. They work on the case for three years, but two months before it goes to trial, they quit their practice. Frank's dad cautions him that they have made a mistake, but Frank tells him they are going to start their own practice and bring the Hardmann Roe case with them. The case never goes to trial and instead ends in a settlement of $38 million, one-third of which goes to Frank and Alan.

Now successful in their own practice, Frank has a brief relationship with a client trying to re-negotiate a settlement with her ex-husband. Alan separates from his wife and worries about losing touch with his two-year-old daughter Camille. One night, Frank and Alan go to a bar, where Alan tells Frank he wants to be married again. Frank says he is fine with things they way they are.

The story shifts to some time in the future. Frank and Alan are on an extended European vacation. They have met up with Brenda in France and are enjoying their time reminiscing together. They part with Brenda before moving on to Italy, where they visit Rome, Padua, Venice, and Verona. One day, Frank asks a young school girl for directions. Her name is Eda, and she ends up joining them for the rest of their trip, having started a sexual relationship with Frank. They continue to travel to through Italy as a threesome, until Alan tells Frank that he wants to go home. Instead, Frank encourages Alan to sleep with Eda. He does, and the next morning from his window he watches a delivery man prepare for his day. Alan thinks the man must live a simple, low-income life, very different from his own.