Billions (2016–…): Season 1, Episode 4 - Short Squeeze - full transcript

After getting one of his Portfolio Managers out of trouble with the police, Axe takes a spontaneous trip to see Metallica in concert with his childhood friends. While there, he meets a free spirited young woman who makes him face the limits of his own freedom. He also must fend off a short squeeze-an attack on one of his important holdings-led by Chuck's father. Back in New York, Chuck has an epic day-long proffer session with Pete Decker, learning important facts about the inner workings of Axe Capital. But Chuck must also take action against his own father for his stock manipulation. Axe reckons with a cold betrayal by one of his old friends, and upon his return, Axe makes a momentous decision about the direction of his firm.

Previously on "Billions"...

So, the key to bagging Axe is...?

Pete Decker.

Mr. Decker, we have an
awful lot to talk about.

You think you're
gonna fucking blackmail me?

You're gonna watch, listen, and report.

We got a subpoena on your
folks' investment portfolio,

and it seems that they were
in on the Pepsum trade.

Yeah, I'll come in on Monday.

I just lost my mojo
somewhere along the line.

It's fucking gone.

Everyone else is up double digits.

I'm down.

You're just listening to the wrong voice.

It's what I like to call
the prisoner's dilemma.

No, you don't like to call it that.
That's what it's called.

Does no one ever
check you on this bullshit?

You have to ask yourself,

"What is he gonna attack next?"

Find a way to bury the son of a bitch.

I haven't been able to get
Garth Sykes on the phone.

He bails, it hurts us.

When can I see Axe and
talk to him about it?

It's a crush-the-other-guy business.

It's like Highlander.

There can be only one.

I want to give you a short
that you're not gonna bail on.

Do you know Cross-Co.?

I don't see the short play.

I don't need you to see it.
I need you to do it.

- sync and corrections by Caio -
- -

Drop the weapon!
Let's see your hands!

Drop the weapon now!



Okay. Where?

I'm coming.

How you keeping?

I appreciate this.


You got something in your stomach now.

The cops are far away.

This is when you tell me
what the fuck transpired

inside that head of yours.

I was blowing steam, I guess.

You're not tanking anymore.

I've seen your runs.
You pulled past even.

Open road ahead of you.

It was an $8 million day to the good.

I had a drink. Three.

Watched the Yanks lose.

And then there was just... nothing.

You don't feel anything.

Maybe a twinge when I get crushed.

Nothing when I'm up.

It happens.

You ever do this thing where
you pull up your positions

and just stare at them on the screen?

Try to really hold on to
all that money inside?


Does it make you feel happy when you do?

Like it's enough?



Because what drives you
doesn't understand "enough."

Well, last night, I was doing it...
Staring at the numbers.

I look away from the
screen, out the window,

and I see them out there,

eating everything we planted

like it's a fucking salad bar for them.

And then just... rage

over how fucking stupid they are.

Eat, move, shit. Eat, move, shit. Repeat.

I mean, how can things
that dumb have the gall

to occupy the same space that I do?

Does that one make any sense to you?

Yeah, more than you know.

Is that Pete Decker?


He used to work at Axe.

Do you have business with him?

Which guy?

Decker. There.

I don't know. I guess I missed him.

I love you.

Talk to you, okay?

Look, there won't be any
record of what happened here.

It's been worked out.

But I'll remember.

I can't have this.

Can't give the world
another reason to hate us.

Can't give a wedge to law
enforcement, a way in.

You understand?

Go get yourself coffee.
Shower in the gym.

Don't fucking talk about
any of this to anyone.

Keep it together. All right?

What you need to
know before we even start

is how tight these guys
are with each other.

They are grateful,
and they're scared.

Let's get started.

This is a proffer session,

otherwise known as Queen for a Day.

As the documents
you signed state,

you lay out everything illegal

you've done in the securities industry,

particularly in regards to Axe Capital,

in return for a felony 5K
letter-reducing sentence.

If you are untruthful or withholding,

you can and will be prosecuted.

"Sing for your supper and you'll
get breakfast in the morn'."

But what they don't spell out
in that, uh, fine show stopper

is what happens when you decide
that you forgot the tune.

Well, then you go to jail,
Pete, and so do mom and dad.

So, is it prison or start talking?

Just another schnook
running his own money.

Fucking egg noodles with ketchup.

Okay. Let's do this.

How does the day start at Axe Capital?

What does Axe do?

The real answer is anything he wants.

When you're at his level,

you're more like a
nation-state than a person.

There is no schedule he's following.

I mean, when he shows
up, the meeting starts.

I got it. He's rich. Let's go.


Rich is a Marquis Jet card,

uh, flying out East on a chopper.

This is more like, "Hey,
I want a cheesesteak.

Send some guy to Philly

and bring them back for everyone."

Jim's or Shank's?

Both. And Tony Luke's.

The fact is, he does not
need to call meetings.

Everywhere he goes, they form around him.

I mean, he's like a...
Like an aircraft carrier

in the center of a strike group.

When he turns left,

battleships, destroyers, subs,

they all turn left with him.

- I could use a coffee.
- Yeah.

- Anyone else?
- In a minute.

Keep going.

You just don't know where
his focus is gonna stand.

Sometimes, you hope it lands on you.

Sometimes, you wish you were invisible.

Because when it does land
on you, he sees everything.

No, no.

I did get the offer, but
I did turn it down.

That's what I was coming to tell you.


Because it seemed like maybe
you were trying to tell me

if I didn't match it,
you were gonna leave.

No, I was... trying to be loyal.

You don't try to be loyal. You just are.

Or you're not.

I am.

Well, that's heartening, Mafee.

Information flow.

When you are Bobby Axelrod,

you don't chase information.

Information flows to you.

- What kind?
- All kinds.

It could be an owner of a sports team

inviting him to sit in a box

at a... at an all-star game

or some leader of an African republic

looking for a-a handout.

While the rest of us are
plugging away, ants,

he sees the whole board.


You always
said to call this number,

and only this number, in a
circumstance like this.

I understand.

This has to be an in-person conversation.

I'll tell you a time and place.

Hey, and thanks for the
call, Constantine.

You're a good friend.

You never really know
what he's doing or why.

I mean, he says he's going to Morocco

to check out a seven-star hotel,

but then you find out
he's really in Hangzhou

making a web-portal play.

Oh, hey. Pouch needs a minute with you.


Metallica's playing one North
American gig this year.

Tonight. Quebec.

We going?

You're half right. You
got the conn, brother.

And like I always say...

Don't fuck it up. I know.

- There he is!
- Hey!

There he is!

Kill 'em all, baby!

- Whoo-hoo!
- Yeah, kill 'em all!


Fuck, fellas. It is good to see you.

- How are you, bro?
- Metallica? Holy shit.

I couldn't be more psyched if you told me

Jillian Barberie was gonna ride
my face like American Pharoah.

That's beautiful. I want
that on my tombstone.

All yours.

Hey, where's Freddy? Not coming?

Yeah, he's late, as usual.

Yeah, you know what? We
should leave his ass.

Rule is if a guy is flying you somewhere,

he gets to show up last,
step on the plane,

close the door, take off, right?

If you own the plane, you don't wait.

That's the rules, but not for you guys.

Never for you guys. Come on.

Ah, that's not Freddy. Shit.


How far do I have to
go not to be bothered?

I wanted to catch you...

- Sorry I'm late, man.
- Freddy!

Freddy! Hey, what's up, brother?

- Hey.
- Hey, jump on. Jump on.

- I'll be there in a sec.
- Okay.

Have to talk about the Cross-Co. short.

I didn't understand the play

when you had me make it.

Now I do.

We should get out of the position.

I'd never do that.

It's the only way to eliminate
potential conflict of interest.

- There's no conflict.
- Come on.

It won't look good.

You set the position then jump
onto the board of YumTime.

If I made moves...

...based on what looked good,

I'm damn sure I wouldn't
have this puppy right here.

And I'm on lots of boards.

Those don't have contracts
they're dumping

with Cross-Co. Trucking.

A guy I talked to

who traffics in the name

says he's hearing whispers

the contract's going to be cancelled.

This opens us up to contract steering,


It opens me up.

I didn't have the board seat
when we took the short position.

And I don't have anything to do
with the day-to-day at YumTime

or their contracts with vendors.

There's no paper that says I do.

So, the only thing you're
open to is making some money,

which would make a nice change.

Like your wife says, hold
the fucking position

until I tell you I'm done.

Come on. Come on.

I guess that meeting's over, huh?


All right.

Inside information, specifically.

Where is it coming from?

Where does rain come from?

The sky. God himself.

Information comes
from everywhere and all at once,

from guys who owe him,

guys he's worked, charmed,
hired, paid off for years.

Sell-side traders looking to get
a gold star next to their name.

Disgruntled employees,

execs at the company in question,

an analyst covering a stock
who feels underpaid.

Like rain, it comes.

Sounds like it's great to be Axe.

It is. But it's a zero-sum game.

Kill and eat or be eaten.

I mean, don't kid yourselves.

These guys are like kings.

Someone is always coming
to assassinate them.

You ready, Quince?


But you're gonna love what I just heard

from this British fruit, Farraday,

my guy on the stock loan desk.

Guess which hedge-funder's got himself

in a precarious short,

ripe for a squeeze?

If you're talking Bobby Axelrod,

this just became my
favorite round of the year.

- You have details?
- I do.

Hit first. And talk.

I want to know what stock
I'm running up his ass.

It's a trucking company... Cross-Co.

Right here on the course?

I'm President Emeritus.

I do what I want.

All right. To me.

Come on.

Eat those.

- Wow.
- Fuckers.

There's nothing I can do.

It was the only diamond in my hand.

You know I can still read you,

same as in ninth grade, right?

I know when you're lying.

I know when you're telling the truth.

- Which is fucking rare.
- Blow me.

- Truthful request.
- Exactly.

- Eat another.
- Guys, come on.

You even think about letting me win?

- My plane?
- Oh, yeah?

When we boxed in my basement,
you think about letting me win?

I'd try.

You'd stick your fucking jaw out
every time you threw a cross.

It would just, like,
sit there, begging to be hit.

Freddy the cheat.

Yeah, but I seem to recall
beating all of your asses.

- Indeed.
- You had the ape strength.

Ape smell, anyway.

You know, the best thing was
is that you always thought

that you were gonna win, Axe,

right up until the moment that you fell.

You know, some
of us have changed.

Like when we used to play this,

I always used to try to shoot the moon.

Back then, I was reckless

and, you know, I had nothing to lose,

so I'd risk it all at the same time.

But, you know, not now.

- You're still reckless.
- You just mask it better.

You still need to crush, not just win.

Still need to knock me the
fuck out in my own basement.

Whoa, Freddy. Take it easy.

What the fuck?

I mean, we used to go at each other hard

all the time out of respect.

That's the kind
of friendship it was.

What kind of prick would he
be if he took it easy now?

Hey, I'm just pointing out
that while he's telling us

he doesn't shoot the moon anymore,

he just shot the fucking moon on us.

Unless you can take
this, which you can't.

No. Sh...

Freddy, you're the
one who fucked that one up.

I mean, you saw what he was up to.

I mean, I caught on a little bit later,

but I didn't have the cards
to do anything about it.

But you did.

I mean, you haven't changed at all.

I mean, y-you were just waiting

for somebody to stop him, like Ike...

- Right.
- ...and you were just trying

to preserve your own position.

So, now I'm a dick 'cause
I'm trying to win?

- Yes.
- Yeah.

- You're the dick.
- Yeah. You're the dick.

The king. Who protects his flank?

My client is getting hungry.

You are.

We'll take an hour... in a minute.


Prime brokers, trading
arms of the big banks.

On paper, they're supposed
to serve two functions...

Provide credit and execute trades.

They're like loan sharks

for guys too rich to use loan sharks.


They let you trade on margin,

lever up your book two,
close to three times,

even these days.

And when you stumble,
they're there to catch you,

even if it means they
take a short-term loss.

Why would they do that?

Their business model is like a casino's.

Take care of the whales.

So, it's in their interest to serve him

in whatever way he needs.

Right up until the whale gets beached.

Wags, Roytan upgraded CXC, Cross-Co.

to a "strong buy."


That's bad for our short. Target?

They think it could hit $90.


Double scoop of shit.

Look at that e-mail.

They're recalling our shares.

Pulling the fucking rug.

I'm calling Axe.

Hey, Chief. Sorry to bother you.

Roytan analysts pumped it
up on Cross-Co., target of $90,

right when the prime e-mailed
to take the stock back.

That can't be a coincidence.


Son of a bitch.

It's a short squeeze.

Someone found out about our position.

Guys on the prime broker
desks have looser lips

than my first wife after the second kid.

What do you want to do? Bleed some off?

No. We got to hold.

It's gonna pay off big time.

Get the fucking prime broker
on the phone right now.

Farraday. Wags and Axe.


Don't "gentlemen" me.

We need another day on
Cross-Co., plain and simple.

Axe, you know how important
your business is to me,

and ordinarily, I would, but
we need the shares back now.

Or you can
buy in on the market.

Why don't you buy the stock for us

and hold it as a courtesy?

Ordinarily, I'd take the loss
for you with a smile, Axe,

but no accommodations.

This one's coming from on high.

- Quincy's office?
- No comment.

You are making a $100
million fuck-up here.

You spent years becoming my main prime.

You're losing me now.

I'm pulling my business.

My hands are tied.

If you don't make the borrow on the stock

by opening bell tomorrow,

I've been instructed to buy you in

on your entire position.

This isn't coming from me, Axe.


I hung up on the little tool.


What now?

Scour the 13-F for Cross-Co.

Find me the top 10 shareholders.

Hedge funds, not institutions.

I need someone I can
call for these shares.

You got it.

- Hey.
- Hey.

Were you in the proffer
on Axelrod this morning?

No. Why?

Who was it with?

Are they signing up a cooperator?

I could get a jump on the release.

You'll find out when
it's time to find out.

Of course.

So, what happened
on the plane, man?

Oh, nothing I'm bothering you with.

Oh, come on.

When I thought that Cynthia
was cheating on me,

who'd I turn to?

Yeah, but...

Now, look, dude,

I can see it in your face

that this isn't some typical speed bump.

Someone's trying to fuck me.

Oh, so it is just like Cynthia.

Yeah, but it's more expensive.

I'm being short squeezed.


Uh, someone's trying
to make a stock go up,

and I need it to go down.

If you short a stock,

you borrow someone's shares who has them,

betting that the stocks
are gonna go down.

But sometimes, the stocks go up,

then you have to buy in
at the market price.

And sometimes, the stocks
just keep going up.


Being squeezed on a stock, Axe?

Yeah, they're trying.

Eh, they're always trying.

Oh, yeah.

This is Purple Urkle.

THC level... 24.3%.

- Ooh!
- It's connoisseur cut.

You guys said something about golf.

This will be beautiful out on the links.

Oh, yeah.

One step closer? Whoo-hoo!

Yeah, his life goal is to
play on at least one course

in every country on the planet.

- And then...
- Augusta, baby!

- Gentlemen, have fun.
- Will do.

Guys, you go on ahead of me.
I got to make a call.

I know who's squeezing me.

Chuck Rhoades' goddamn father.


I just flashed on the
last time I played it.

Farraday's boss, Quincy, and Rhoades Sr.

In the clubhouse together,
drinking fucking Azaleas.

Crusty old bastard's coming after you.

Feels like it.

So, big shareholders of CXC.

Yeah, you found one?

Yeah, but you're not gonna like it.

Ken Malverne at Vista Verde.


All right. Get with his office.

Have him call me as soon as he can talk.

You're gonna make a deal with that devil?

Gonna try.

Garth Sykes called about
our exposure on Cross-Co.

He's looking for you.

This kind of shit worries him.

You usually handle the worries.

But today, you are.

My sources says that Rhoades
is proffering a witness

against Axe Capital.


I don't know yet. I will.

Find out.


I have reason to believe
that Rhoades, Sr.

Is making a play against me.

Use it. Go after him.

Well, I'm gonna see if
we're gonna hold these gains

here in the futures market...

Hey, I thought you'd left.

I was waiting for you.

Hey, you see this?

Cross-Co. is on a run.

- Are you... Are you concerned?
- Turn that shit off.

Come on. Let's go.


Oh, sorry.

I... Donna wasn't out there,

and I have some AUSA
quotes for your approval.

Not now.

What the fuck are you doing?

Shit, I-I... Shit.

I don't want to go to jail.

Well, that's where you're going.

Oh, there might
be a path to rehab.

She was compromised. She wasn't paid off.

But, uh, this is an attack,
any way we look at it.

We need to move on it right away.

You do.

I can handle this proffer session myself.

How did he make contact?

He texts me.

And he makes me tell him

about every single financial case,

all the big ones.

We'll run the phone number.

It'll come up a burner, but we'll run it.

He tells me when and where to meet.

Well, this time, you're texting him.

And you tell him that
you have something big.

All right?

You know, compromised or not,

this was a personal betrayal.

For all of us.

Well, we are watching shares
of Cross-Co. Pop this morning

after unconfirmed reports
from a trucking-industry blog

speculating of an acquisition of CXC... trucking behemoth

JT Hunsicker.

And yet, other reports indicate

that Hunsicker has an exclusive...

Oh, yeah. Of course I'm
watching it, Quince.

Hell, I'm bathing in it.

...billion dollars, or
about $90 a share...

It's good to be alive, huh?


Look at the action on

Cross-Co. trucking.

Cross-Co. Trucking? What about it?

Hello? Hello?

Look at this, man.

Oh, yeah.

- Holy shit.
- Whoa!

The band's really excited
you're getting to see this.

Oh, man.

That's the opening act
setting up right now,

and then Metallica will check.

Oh, okay.

You guys can help yourself to
anything here while you wait.

- Great. Thank you.
- Yeah. I'm already there.

- Thank you. Thank you.
- Already there.

Oh, yeah.


Ooh. Beer?

All right. I'll supervise.

You guys need some supervision.

Oh, hello, ladies.

Hey. How you doing?

You're not going hunting?

No. No, I'm here for the band.


Elise. I'm here for the band, too.

You want to pass me a water?

I practically wore out
my Ride the Lightning CD

by the time I was 12,

so this is basically my
childhood dream come true.

I can die after tonight.

I wore that album out, too.

Yeah, okay.

Best song.

- Fade to Black.
- Wrong.

Creeping Death.

But yours is respectable. Classic.

Well, you can't beat a classic.

Friends, cars, music.

New things can be fun, too.

Unless you're afraid of change.

Oh, I'm not afraid of much,

and I can change in an instant,

but, uh, not just for the fuck of it.

Sometimes, you just got to
make the change blindly

and pray that it all goes well.

And most of the time, it does.

Or it blows up in your face.

Yeah. It can.

It takes guts to make change.

That's also called progress.

I think I'll stick with the classics.

Elise, we're ready for you.

Yeah, well, here's the problem...

Who gets to decide?

You wouldn't want to miss one.

I'm pretty good at spotting 'em.

Yeah, we'll see.

Hey, let's, um...


One, two, three, four.

♪ Out on the streets,
that's where we'll meet ♪

♪ You make the night, I
always cross the line ♪

♪ Tighten our belts, abuse ourselves ♪

♪ Get in our way, we'll
put you on your shelf ♪

♪ Another day, some other way ♪

♪ We're gonna go, but then
we'll see you again ♪

♪ I've had enough, we've had enough ♪

♪ Cold in vain, she said ♪

♪ I knew right from the beginning ♪

♪ That you would end up winning ♪

♪ I knew... ♪


Ken Malverne.

You were looking to talk to me?

Cross-Co. Trucking.

♪ ...through my heart ♪

♪ Round and round ♪

♪ With love, we'll find a
way, just give it time ♪

You got your balls
in a vice on that one,

don't you?

Well, if you heard that, you
must know why I'm calling.

Well, it'll be fun hearing you say it.

I need to borrow your shares
to keep my short position.


What's your proposal?



This must really matter to you.

It does.

Well, I'm long the stock, obviously,

which is on quite a little tear,

but if you're right and
this company tanks,

my position is screwed and
I'll be holding it forever,

waiting for it to recover.

But you're gonna have to...

make it more worth my while

and pad my loss in the near term.

More than 8%? Okay. 10%.



Am I a poacher, Axelrod,

or am I your goddamn savior?

Am I a plugger

or am I the smartest guy
on this phone call?

How much do you want it?

I want it. Done.

I'm gonna enjoy the hell
out of telling this story.

You got your borrow.


Hey, Axe?

There can be only one.

Hey, Axe? Are you all right?

Yeah, yeah, yeah.

You know... You know, it's just bullshit.

You know, I came out here to unplug,

but I can't, um, you know, really unplug.

I... Do you mind me...
You mind me saying this?

I just thought I'd get
to a point where, uh,

you know, I really fly, you know?

Just feel free,

let go of all that earthbound shit

- and just, you know...
- I hear you. free.

Yeah, you should, man. You should.

How do you do it, man?

Mm, I play, man. I play.

♪ Harvester of sorrow ♪

♪ Language of the mad ♪

♪ Harvester of sorrow ♪

♪ Language of the mad ♪

♪ Harvester of sorrow ♪


♪ Harvester of sorrow ♪

Who gets to talk to Axe?

Anyone can talk to him.

But you better not waste his time,

and you better not be wrong.

These are time-sensitive.

Excuse me a minute.

How fucked are you?

Really fucked.

What do you want?

Your father is fluffing Cross-Co.
Trucking stock.

How much is your cut?

Your inheritance is being
held in a blind trust

so your financial motives

are beyond reproach while in office.

Uh, if what you're telling me
is true, then my cut is none.

Then the S.E.C. will just take down

your father and his confederates.

"Will" take down?

It's not, uh... It's
not in the system yet?

It was the end of the day

by the time I'd gotten it all together

with a small, trusted team.

And the reason it really seems to me

that you're involved

is there's someone we care
a fuck of a lot about

on the other side getting squeezed.


No, my father would never...

He did.

Did he, uh... Did he sell yet?

No. Not yet.

But when he does...

The block buys in his and
his friends' accounts,

the unlikely news

coming at just the right time...

Your father is an esteemed old bull,

and he probably should
have been nailed before.

Just get to it.

A little respect.

No, a lot of fucking respect.

Courtesy on Axelrod.

I speak first.

I answer questions first
at every presser.

And in the future, if I
put you onto a case,

you take it ASAP.

And in the future, if I put
you on

Who's the confused dog now?

Tell me about short squeezes.

Why? Because I want to know.

Specific to Axelrod.

Well, no one has
successfully squeezed him.


I mean, sure, he's lost on shorts,

but if he takes a big position,

it's because he knows something.

So, if the squeezers are winning,

uh, riding it up...?

They better sell
quick, because with Axe,

it's gonna go down at
some point soon.


I know.

Do not make another phone call tonight.

Do not go on the Internet.

Do not call your broker or make a trade

or do one fucking thing

until I see you first
thing in the morning.

And the only words

I want to hear you say are "Okay, son,"

and then the phone going dead.

Okay, son.

No. This went bad.

How are you sure?

She knows.

♪ Come crawling faster ♪

♪ Obey your master ♪

Give it to me!

♪ Your life burns faster ♪

♪ Obey your master, master ♪

♪ Master of puppets,
I'm pulling your strings ♪

♪ Twisting your mind,
smashing your dreams ♪

♪ Blinded by me, you
can't see a thing... ♪

Hey, Garth. What's up, brother?

Hey, I'm not in the office today,

but believe me, I'm all over this thing.

Sounds like you at the end
of the goddamn world.


I got people asking

why the hell you've
drifted non-compliant.

Well, we notified you as a courtesy.

No, I was notified

because of the 1.5 large
that I have with you,

which may not be a lot to you,
but it's a mountain to my folks.

Last time I listened to you,

I slapped my name on a
building for the ages.

If that isn't enough, maybe
the fund isn't for you.

You know, you can
go to many other funds

and get 4% nice and fucking quiet.

Go buy some T-bills.

But if you want the
high-altitude returns,

you got to be prepared
to go where eagles dare.

Your granddaddy made a
fortune in bourbon.

Did he fold up shop when they
passed the Volstead Act?

How the fuck do you think you
got to where you are today?

You think you got a
suite in Churchill Downs

because of your winning
goddamn personality?

If you want to stay, stay.

You want to pull, then
tell me in the morning,

but either way, get off my dick.

My source got burnt,
so I don't have any details.

This may be the last thing
we get for a long time.

It was Decker who flipped.

They have Pepsum.


- Thanks.
- No problem.


You walked out on me.

That kind of thing could
give a girl a complex.

I'm sorry. My loss.

It was a work thing. How was your show?

It was your loss.

Peace offering. What are you drinking?

Your best tequila on the
rocks, three limes. On him.

Coming right up.

If it's any consolation, I
almost missed Metallica,

and I flew in especially for
them and my oldest friends.

That's tragic. Why?

Uh, you don't want to hear about it.


You know, the road manager
told me who you are.

Not sure what you're worrying about.

I wouldn't be.

Well, you'd be surprised.

At what? How difficult your day job is?

Ludicrous, I know.

Look, I get it.

But I barely have a dime.

And when I want to do something, I do it.

When I want to go somewhere, I go.

I guess I'm just lucky I do what I love.

Yeah, me, too.

Most of the time.

And when I don't, all
the choices are mine,

which is the fucked thing.

I think I just figured that out.

Well, this is getting tragic again.

Don't go all Charles Foster Kane on me.

You know, I've never seen it.

Seen Rocky seven times.

But never Kane.

If you, of all people, have
never seen Citizen Kane,

you have to, immediately,

projected on a big screen, on film.

That's doctor's orders.

Promise me.

I promise.

I'm not into missed
opportunities, just so you know.

Good. Me neither.

And I'm not down with regret,

so wherever you see this night going,

I'm okay with it.

You know what?

If there were two of me,
I'd go for this right now.

But there's not. There's just one.

You're married?


And it's a real thing.

Road manager didn't tell me that.

I get it. That's cool.

She must be, uh...

a real classic.

She is.


I don't usually misread
situations like this.

Don't. Don't. You didn't.

No, I know. You totally led me on.

And now I'm gonna let it go

because you made the tough choice,

and that's rare.

Your wife is lucky.

Although you know what? You're
probably the lucky one.


Don't forget it.

Describe the setup once
you left Axe Capital

and hung up your own shingle.

Well after
your years of service,

if you leave with the right combination

of loyalty and ass-kissery,

he wishes you well.


He gives you a chunk of
capital, seed money,

and in return,

you give him transparency
on all your ideas.

You open the kimono, so to speak.

More like a colonoscopy.

He makes bigger, faster
moves on all your ideas,

often rendering them useless,

but then the tips start to come in,

and it's all worth it.


So, he directs you to make
trades on his behalf?

Not exactly.

Just say information starts to show up.

And what does he get in return?

A taste.

A sweet taste.

So, he was an investor with you?

We couldn't find any
documentation or linkage.

Not exactly.

There are accounts with
names of holding companies,

LLCs, re-insurers on them

that clear to other
accounts with other names.

At what point... At what exact moment

did Axelrod instruct you to
buy Pepsum Pharmaceuticals?


What the fuck? What... What the fuck?

You will be prosecuted for lying
in this room, Mr. Decker.

He never instructed me.

But you believe it was insider trading?

I know it was.

How? Who told you?

It was a voice on the phone.

If it wasn't Axelrod, who was it?

Well, I can't be 100% sure,

but if I had to guess, it
was probably "Dollar" Bill.

Bill Stearn.

Which is odd, because his portfolio

is in industrials and agriculture.

But that is the last
thing you need to know

about how this all works.

Because you can't
know, not really.

That's why even though I
opened up my own place,

I could never have really
done it, been him.

There's so much you have
to keep in your head...

Balancing, weighing, deciding.

You can't let anyone know
all of it, maybe any of it.

I mean, to be Bobby Axelrod

is to keep so much in your head,

just to keep it from
blowing up your brain

takes Benedictine-monk-like discipline.

Not sure the Benedictines
would dig the comparison.

We're done.

Well, we didn't get what we
wanted, but we got something.

Bill Stearn. Get the FBI on him now.

I want this motherfucker's genome mapped.

That is how deep I want this to go.

Find out how he got what he got on Pepsum

and whatever else dirty
he may do in this life.

I want to put him on the rack

and stretch him until he gives us Axe.

Constantine, my old friend.

- You showed.
- Of course.

You said it was important,

but I knew that meant total disaster.

I have been at Mundia
Tel my entire career.

What people thought was
bedrock was really bullshit.

But now everyone is going
to finally see the truth.

I sensed that you, of all people,

would understand...

and would know what to do with
what I'm going to tell you.

So tell me.

Hey. Hey.

Where are the guys?

Uh... after party with the band.

Oh, I picked that up for you.

Thought you'd like it.

Yeah, nice. Thanks.

Thanks, man.

What the fuck's wrong?

I'm in some shit.

I fucked up.

Yeah? Fucked up how?


I heard your Cross-Co.
play on the runway,

and I-I-I jumped on it.

You rode along on my intel?

I piggybacked because I
figured you always know.

You stole my fucking idea.

You're like Paulie Pennino.


Paulie, Adrian's brother,

putting the Shamrock Meats
logo on Rocky's robe.

You should've asked, man,
like any friend would.

If you had, we could have worked it out

to get you in on this without
attracting attention.

Instead, you... you promoted
me like someone at work.

They don't get to be here. You do.

I know. I-I know. I fucked up.

I fucked up.

I-I put pretty much
everything into that short.

And then, when the stock took off,

it was too late to ask you for help,

and now I-I'm getting a margin call.

Broker's saying I got to
make good by morning,

but I can't cover.

I'm ready to... I'm ready
to puke all over myself.

How much?

How much do I owe?


I want to know how much
our friendship's worth.

I'm in the hole just a
little over $210,000.

I'm gonna be pretty much wiped out.

This your brokerage?


I'm sending instructions to my people

to guarantee your margin.

Axe, I...

It'll turn around in the morning.

Stay short.

Don't cover until then.

The thing you got to remember is
if a short's going against you,

you got to be able to
withstand the pressure

or it'll crush you.

You see it all so clearly.

I don't lie to myself,

and I don't hold on to a loser.

The moment it doesn't feel right,

I let it go, get away from it.

Let's call it a night.
Plane leaves at 9:30.

Thanks, man.



You know, I know you know.

But, uh, that was Pete Decker today,

and I'm proffering him.

In that second, I felt, uh,

guilty and defensive,

so I dissembled.

Oh, I put you in a position.

I didn't mean to.

But there were a hundred

legitimate things you could have said,

including, "I can't talk about it."

You're right.

Not to pile on, but your dad called me.

Said he's been trying to
find you for the last hour.

Yeah. He texted me six times.

You know, he has a rare ability...

It's a gift almost... to push my buttons.

You know the plans he had for himself

when he was your age,

before the fire hit that building.

When every paper in New
York calls you a slum lord,

it doesn't help out a
brand-new political career.

Now you're it.

You're the chance to grow his own legend.

If only you'd get into line
and do what he needs you to.

And if you get chewed up in the process,

well, hell, it was a good try.

I just have to keep reminding
myself again and again and again

that he can't help himself, you
know, when it comes to me.

That's right.

You know...

you have to remember when it
comes to yourself, too...

When you're raised by someone like that,

your instincts, no matter
how hard you fight them,

sometimes fall towards self-preservation.

You end up hurting those you love, too.

Yeah, I know.

I'm trying.

I know.


I just wanted to see your face,

hear your voice.

Here I am.

How was it?

Didn't turn out how I thought.

This trip's given me a
lot to think about.

It'll be good to get home.

It'll be good to have you home.

You want to go back to sleep?


I'll sit up with you for a bit.

Bonjour! Housekeeping!

Hello? Monsieur?


And in a near-term
crippling blow for Cross-Co.,

its biggest and longest-running client,

YumTime Bakeries,

has announced it is dropping
the trucking company,

citing rampant driver violations,

even negligence as the cause.

Guys! Guys!

Analysts are
predicting a major dive

for the mid-size shipper's stock...



Breakfast is on me!

Epic, man.

That was an all-timer.

Thanks for bringing us.

Having you here made the trip, man.

Well, I waited.

You pumped the trucking-company stock.

It's a bare-knuckles brawl.
I was just doing...


Market manipulation,
insider trading, fraud.

You bought it, and you propped it up.

I'm just goddamn glad that
you haven't dumped it yet

because then it would
be a slam-dunk case,

and there would be absolutely nothing

that I could do to help you.

Even if my office chose not to prosecute,

Eastern wouldn't.

And as it is, I had to
give my neck to an enemy.

God damn it.

The S.E.C. may be feckless,
but they're not incompetent.

Where's the stock at?

Oh, they just made an announcement.

It's cascading down.

It is time to dump out.

Hold it.

- Come on.
- You'll hold it.

No profit.

Nothing to entice a prosecutor,

nothing fancy or flashy to sell a jury.

The great Charles Rhoades
won't be winning this one

and dazzling the Street once again.

Don't you get it? Don't you understand?

This wasn't about me
making a few shekels.

This was about me striking
at our common enemy,

to hurt him where he lives.

I do understand.

You want me to get Axe

because he fucked with your side piece

and then he beat you.

For both of us! And I
did it because you wouldn't act.

Oh, Christ.

It's at $65.

At least let me take a small piece.

Not even a fucking taste.


You've made your point, son. I get it.

It's not a game.

I shouldn't have gone
off-piste like this.

But by the time I get
out, with commissions,

- I'll be lucky to break even.
- No.

$55. This is where I bought in.

It's not a crime anymore.
It's a sell-off.

A little more medicine.

This is goddamn ridiculous.

It's below $45.

Clark, get me out of CXC.

All of it.

I just dumped $480,000 on this.

Axelrod still made

at least $15 million, despite it all.

Are you happy now?

Do I look fucking happy?

Will you get this son of a bitch already?

I've got a good one to show you, boss.

Hey. Good trip?

Whatever you did to Garth Sykes
gentled him down real good.

He e-mailed, said he's
ready to soar with you,

whatever the fuck that means.

Sorry. Sorry.

Eat. Move.

Shit. Repeat.


Sell everything.


What the fuck happened to you

while you were gone?

5% from all our positions

right across the board, for starters.

De-lever. But take it slow.

Control the bleeding.

Then we'll dump, sector by sector,

starting with telecom.

- People will think...
- That I'm out.

So, are you?

- sync and corrections by Caio -
- -