Billions (2016–…): Season 2, Episode 5 - Currency - full transcript

Chuck, Connerty and Sacker must rely on an anxious insider who's willing to wear a wire. Meanwhile, Axe's numbers take a big hit, leaving him to scout ideas for a quick play with a huge ...

Previously on Billions...


Ah, it's a road bottle.

How do you get up
and go to work?

Patient concierge...

Fixes me up with a
room and an I.V.

Forty-five minutes, and I
rebound like an undergrad.

I'm sending you somewhere.

Please, not rehab.


I need help.

Sandicot's downtown is
ripe for redevelopment.

Why would I ever put
any of my money

in your corner of the state?

I don't expect you to do this
deal as a favor to my uncle.

I expect you to do it
because of the casino.

Look, I don't think
I'm gonna be able

to help you get Boyd.
I want to, but...

Am I going to have
to wear a wire?

Mr. McKinnon, you're
gonna be a hero.

Steven Birch?

It's either him or you.

You do an autopsy on the deal,

you'll find yourself a
Pulitzer in the carcass.

The federal
sentencing guidelines

call for you to serve 11 years.

I don't want to go to jail.

Wise choice, Mr. Birch.

I want to get out from
under this immediately.

Then what can you give me now?

There are a few mid-level guys.

What if I sacrifice them?

I have another source I can
check to be sure it's legit.

I'll be careful.

You better be.

But not everyone out
there's a savage.

Rhoades opened his eyes
to the bigger picture.

I don't like the idea
of Boyd going down.

Doesn't... Doesn't
sit right with me.

You never give anyone
your playbook,

no matter how much you're
rooting for them to win.

* dramatic music *

* If heartaches brought fame *

* In love's crazy game *

* I'd be a legend *

* In my time *

I'll move the car for you, Mr.

You will leave it right there.

I and it will be
gone before long.

* I'd be a legend *

* In my time * Look, it's Wags.

- Hey, Wags, how...
- It's Wags.

* If they gave gold statuettes *

Wags, where you been?

Wags, I've been calling you.

* For tears and regrets *

Call you back.

* I'd be a legend *

* In my time *

You haven't been drinking.

Your eyes are clear.

Let me see.

It's not shaking.

I want to get this out.

When I started here,

I made a promise to
you, and you to me.

We've kept that promise
no matter what.

Well, with a windup like that,

I'm sure whatever you have
to say must be important.

It is.

Momentous even.


Ah, thing is, it's not
your turn to speak.

Why's that?

Because while you have been out
there learning the Yaqui Way

or how to run like
the Tarahumara,

I have been in here
fighting the battle

of fucking Thermopylae!

* slow country music *

* If heartaches brought fame *

* and love's crazy game... *

Hell of a job, Sung.

Corporate was going on
about how we'd never

make delivery on the
Sapphire Super-Thin.

I was like, shit, you
don't know Sung.

* statuettes *

* For tears and regret *

* I'd be a legend *

* In my time *

* But they don't give awards *

* And there's no
praise or fame *

* For hearts that are broken *

* For love that's in vain *

* suspenseful music *

Axe, we're fucked!

Gordie, say hi to Mr. Pawlowski.

Fuck that. It's Nicky, kid.

Nicky. Hello.

You know, I owe
everything to your dad.

You know that?

We were getting killed out
here, couldn't make a dime.

And then your dad figures
out how we could come away

with $50k a race on the triple.

You see you real...
All right, all right,

we'll give him the full
education another time.

He already knows the
most important part.

Who makes a bet if they don't
know how it's gonna turn out?


Go take some pictures, yeah?

My phone's dead.

Here you go.

You didn't come up here
for a tip on a race?

You heard anything
about a new casino

coming to upstate New York?

Whispers, yeah. I
heard whispers.

It's important I find out
where exactly it's going.

The town's unclear.

But I did hear this
big casino guy,

Donald Thayer,
he's getting ready

to get busy building upstate.

I know Thayer.

Mm. 'Course you do.

Dad, your phone is,
like, blowing up.

Oh, yeah?

* dramatic music *

Calling to tell me
Sansomic's fucked?

I just got word.

Yeah, they're gonna
stiff delivery

on 400,000 Celestial phones.

Their glass supplier beefed on
the new super-thin screens.

They crack under the heat
gun during adhesion.

Some guy in Korea took
a mickey over it.

But that's only half the
reason why I'm calling.


Sam Brandt... Street Scoop...

Out hunting.

She knows you're
lugging the stock

and you're facing your first
down quarter because of it.

She wants you to be a
talking head on her show.

Shit! Can you spike it?

No, but if you say you'll go on,

you can buy yourself the last
three days of the month.

All right, I'll do it.

Thanks for the heads up.



So, we're still
talking about this?

We are.


It's beneath us.


Let's not judge in that way.


I ask him not to
overdress for dinner.

Eight people on a patio,

he says he won't, then
he shows up in...

that suit.

I was coming from the office.

Erica lives three
blocks from us.

Oh, okay.

So, I wanted to wear the suit.

You know, we weren't
white-water rafting

down the Colorado,

we were having bisque
for fuck's sake.

Oh, on a courtyard outside
a $7 million townhouse.


can you tell Chuck why
it bothered you so much

that he wore that suit?


He can't for a second
let anyone forget he is

the "United States Attorney
for the Southern District."

So, the suit.

It's not enough for him
to think his profession

is... is a calling while
everyone else merely has a job.

He needs to prove
it at all times...

Do you think I can't tell
the way people look at us?

Don't you think that I know
that you can do better than me?

Maybe I want to wear something

that won't make them
look at us and wonder,

"Gee, what is she
doing with him?"

I had no idea you felt that way.

If the quarter ended today,

we'd be underwater like
Crimson fucking Tide.

Sansomic has pulled us
down to negative 2.3%.

But we have three days
to turn that around.

So, what do you have for me?

I'm peeling back the skin
on Territory Petroleum.

They're sitting on good numbers.

If they come out,
it'll bump seven...

It's too late.

When the numbers come out,
we're a dead man walking.

Aren't you supposed to be on
the Sandicot muni-bond deal?

Why are you even here?

I thought it was an all-hands
situation, urgent.

Yes, it is.

But the greats never sacrifice
the important for the urgent.

They handle the
immediate problem

and still make sure
to secure the future.


Rip our illiquid longs.

I've got a few
positions on my book

that are ready for juicing.

And we could add some classy
names to the investor letter...

That's fucking window dressing.


We flee to quality.

Blue-chip time.

It may not be fast,

but at least we'll be able
to show our investors...

Do you think I don't understand
what the fuck is going on?

You are all playing it
safe for the quarter

so you have a shot of personally
being up on the year.

You are all selfish

Looking to mitigate
your downsides

and protect your bonuses.

The only currency
that this firm has...

That any firm has these days...

Is its winning streak.

The Kevlar of
"knowing the answer."

You break that, you
break the whole thing.

* dramatic music *

Nobody leaves here until
you hand me an idea

that I can shock the world
with in a few days time.


Fuck this.

Finally someone has something.

The way I see it,

we need a quick fix in a
non-quick-fix market.


I have an idea.

I was talking to Victor.

Why were you talking to Victor?

You know why.

She have to be here?

Sure as shit.

Changes what I can pitch.

By design.

Well, you may have
solved one problem,

but you made the crucial
one much harder to solve.

So you got nothing.

No, I have just what you need.

But apparently, I
can't give it to you.

You're allowed, you know.

You are not an algorithm,
you are not a machine,

you're human.

You are allowed to
have a down quarter.

All hedge funds do, eventually.

Trust can be built
on fallibility.

There have been studies.

You said you were determined

to never come close to the line.

Those are the terms
under which I'm here,

so you have to be prepared
for results like these.

You have to be, if
not okay with them,

then at least accepting.

I want some privacy. And
where the fuck is Wags?

Find him.

* dramatic music *

Mr. Watley, hold up, please.

I have a meeting...
Very important.

Uh, I'll make myself
available to you

first opening in my Filofax.

I've seen your calendar.

Make an opening.

Or I will.

* dramatic music *

Deb, you found Wags?


I have an idea.

You do? Part of one.

It's not mine.

I overheard it from Mafee...

last night.


But he can't know it's from me.

It's sensitive.

He's hiding from you.

Is this where you do
your best thinking?

I was just finishing up.

I know you, Mafee.

I know when you're holding out.

There's no one else but us.
You should share.

There's this currency play.

Are you transmitting me the
details telepathically?

Okay, just...

There's this guy...
Everett Wright.

We're bros. From college.

Played lax together.

Fucking Eveready, he was
always better than me.

He trades currency
over at Richards.

Started crushing it
right out of school.

Thing is, he's a great guy.

I love him.

When I landed my job
here, I thought,

"Damn, I finally crept ahead."

But if I tell you what he's got,

you'll love him.

Mafee, no one could take
your place in my heart.

You don't know Eveready.

You'll bring him in.

He'll meet Deb.


I wanted to talk next steps

in the Lawrence
Boyd investigation.

Now that we have
McKinnon back on a wire,

shouldn't we be proactive?

Have you ever been
hunting, Sacker?

Uh, no, I'm black.

I didn't realize
that was a thing.

It is.

Well, uh, before I
started high school,

my father took me up to
Canada to hunt wolves.

Something about
making a man of me.

Oh, it was... awful.

I remember we tried
everything to bag one.

Tracking. He left deer meat.


He blew into a caller

that was supposed to sound
like a dying rabbit.

And all the while, we didn't
see a single blessed wolf.

Well, after three
brutal days of this,

we came across a
hunter, old guy...

He was probably too old
to be out there...

And he gave us some advice.

The next day, we saw
three wolves...

and bagged one.

What did he say?

He told my father to
use the only trap

that can't be avoided
by man or beast

or Lawrence Boyd.

He told him to...

McKinnon called me.

Hey. Hey.

Chef Ryan has everything set
up for your new friend.

He's outside.

A little home court hospitality?

I need you to do
something for me.

I want to take the business
to the next level.

To raise capital.

You never even have to ask
me before writing a check.

No, I don't want to
just take it from you.

I want the business to
have outside validation.

An actual cap raise.

You sure you're ready?

'Cause what you're asking,
if you're not ready...

I'm ready.

Okay. I'll call Boyd.

And he'll have the right
guy at Spartan-Ives

sit with you about expanding.


Yeah, to impress you.

You impressed?

So, Mafee tells me

that you're not happy
over at Richards.

Oh, Mafee.

That boy's something else.

I'd get fired just for
having this meeting.

Yeah, well, if this
meeting goes well,

that's not gonna be a
big concern for you.


They're leaving a lot of money
on the table at my firm.

And I just have a philosophical
problem with that.

Yeah, so what opportunities
are they scared to pursue?

It's not a one-firm play.

You need all five families
going in to make it work.

I'm listening.

The Nigerian government

is gonna devalue their currency.

You know that?

The Central Bank
Governor told me.


The Nigerian oil
industry is weaker

than numbers suggest.

Much weaker.

A strong gust of wind
could blow it over.

They have to devalue.

And when are they gonna do it?

That's the tricky part.

Could be a month from now.

And with the right pressure,
could be tomorrow,

if somebody takes a massive
short position against it.

E-mail me your research...
Encrypt it...

As soon as we finish lunch.

If I like what I see,

this won't be the last
lobster we crush together.

* dramatic music *

I got a beautiful wool
silk twill to show you.

Come pick your lining
when you're ready.

* classical music plays *

So, I've read his research.

It's strong, but
it's a big play.

It's way out of my
risk parameters.

Come in on it for three billion.

It'll be a huge score.

I can't, Bobby. I deal
with Nigeria all the time.

Same with all the primes.

Their sovereign wealth fund.

None of us can be seen
taking down a government.

Look, if it's weak enough
to go, it's nobody's fault.

All the same. What
about levering up?

No, if I go to the banks,

word will get out, they'll
crack my position.

Of course.

You need to go to
others like you

who are free to operate
in the margins.

Big players. Cash heavy.

Krakow, Malverne, even Birch.

His family office
had a nice year.

This could really work for him.

Yeah, I'm not sure they'll
come and play on my behalf.

I know about your histories.

But if I tell them
where the gold is,

they'll show up
with their shovels.

Want a tie?

No, maybe next time.

I'll be expecting
to hear from you.

* dramatic music *

It's Wags.

Don't be boring.

Oh, come... Wags, where
the fuck are you?


I almost blew it already.

Standing in the men's room
babbling to Michael Arendt.

Partner Managing Director
of Fixed Income.

It was bad.

* suspenseful music *

Hey, Mike, hey.

Mind giving me a little
space here, Tom?

Yeah, sure.

Did you catch the Knicks
game last night, Mike?

There wasn't a Knicks
game last night.

I-I mean Mets.

We should catch a game sometime,

you know, talk about
how we truss up

the Treasury market like
it's a Thanksgiving turkey.

What the hell, man?

I got a lot of work to do.

See ya.


I'm sorry.

Here, give it to me.

Come on.

Well, this has all
been a lot for you.

And I'm sorry we haven't
all had more success.

Should we go after him?

Let it eat at him.

He'll beg me to get this back.

When the guys see me training
to climb the Col du Tourmalet,

it'll inspire them to
great heights, too.

I'll skip the cooldown.

No need. This'll be quick, and
then you can get back at it.

Nope. You're in here.

Let's be here.


Well, I-I just want to know
if you've heard from Wags.


I had heard he's M.I.A.

and that the guys here miss him,

which surprised me.

What, that he's off the
grid or that they miss him?

Anyone could see
that he was driving

towards a wall like Dale
Earnhardt at Daytona.

And what did you do to stop it?

No. No, sir.

If a crash is coming,
I say you bring it.

It's the only way to
get to the other side.

If you survive.

Look, you hired me to help
you maximize results,

not to coddle the staff.

He hired you.

I sort of rubber-stamped it.

And you listen to all
of his suggestions?

You said you were surprised
that they missed him?

Well, they talk about him

like they hate his fucking
guts most of the time.

That way they don't hate me.

He's willing to put
himself in that spot.

So it's his loyalty
that matters to you.

This isn't about me.

You didn't have
to walk down here

to see if I knew where
Wags was, boyo.

You could've just called.

You came in here because you
want it to be about you.

Because you need it
to be about you.

And I am here for
exactly that purpose.


Let me into that kitchen.

What specific role does
Wags serve for you?

He's my personal
bullshit detector.

And he makes me laugh.

Well, I can fill that role.

You'll be my bullshit detector?


Like a double shot of Skin
Bracer across the chops.

Well, let me do
the same for you.

One... the only way you are
ever getting in my kitchen

is if my chef takes
the weekend off.

Two... I'd never trust anyone
who'd undercut the man

who got him a job.

Three... when the
guys look in here

and see you training
for the Tour de France

in your underwear

in Wendy Rhoades' office,

they're not inspired.

They're just wondering

why the hell she
isn't here anymore.

* dramatic music *

Tight pitch.

Cool business.


Why do you really
want the money?

We need to outflank
competitors now.

Grow our market
share fast and fat

and chase them out
of the fields.

We're paying retail
for the drugs.

We need to buy in bulk,
increase our margins.

We see college campuses
as our next frontier.

Hangover central, you know?

And since we can show that our
product enhances performance,

the fitness industry
is logical, too.

I could put you guys
in front of the money

for a round of meetings.

They are going to
lap you two up.


Well, thank you for your time.

We'll, um, be in
touch to schedule.

Hey, anything for Lawrence Boyd.

It was a personal ask from him.

And anything for your husband.



I'm sorry. Gimme a sec.


I heard you were in here.

Is this Go club?


My night to host, and my
apartment's too small.

I tried you.

Oh, we put them in the basket

before we play,
because, you know...

Because Go players didn't have
cellphones in ancient times.

Okay. Got it.

And do you take a vow
of celibacy, as well?

No, it's just the end result.

McKinnon just sent word.

He and his wife
are having dinner

with Boyd and his
wife tomorrow night.

That was quick. You were right.

Private table at Ai Fiori.


Coordinate with FBI to
set up surveillance.

We're gonna be there.

Yes, sir.

Oh, I almost forgot,

you better block that
monkey jump at the bottom.

I don't walk in the fucking door

without it being
Lawrence Boyd asking.

Why are we here?

Hi. What can I get you?

Could you get them three
lumberjacks, please?


Nigeria is gonna
devalue its currency.

Get the hell out of here.

How could you know that?

Because we're gonna
make it happen.

Jesus fuck.

I have all the research for you.

Currency plays are
all about timing.

You get in too late,
there's nothing there.

But you get in too early,
they raise interest rates

and bleed you out
of your position.


Being early is the
same as being wrong.

That's why I'm here.

But if each of us take
a monster position

against the Naira, we
dictate the timing.

I have traders shorting it
in Australasia as we speak,

and I have orders teed
up all across Europe.

I stand to make a
huge kill on my own.

So you just felt
the urge to share?


You don't have enough ammo
to do this on your own.

You need us.

We have calendars, too.

You got wacked by Sansomic.

I bet this deal's
all that stands

between mighty Axe Capital
taking a down quarter.

All we have to do is flush.

All right, you got me.

This deal only works if
we're all in it together.

The threshold is five billion.

I'm in it for two.

That leaves one
each for you three.

So, which is the more
powerful driver...

Boning me,

or your own self-interest?




This is Everett.

He's gonna run you
through the research.

My treat.


Is Mommy coming home
to take us to school?

No, sweetheart.

Remember, I told you.

Mommy and Daddy are spending
some time apart for awhile.

So, I'm home now, and Mommy
will be home tonight.

Mom doesn't even
want to come home.

That is not true, Kevin.

Look at me.

I don't ever want to
hear you say that again.

It's Daddy's fault

that Mommy and Daddy
aren't together right now.

When you're a kid your age,

you think that your
parents know everything.

But we don't. We're not perfect.

You know, we're just two people

trying and... often failing

to figure out the
best way to be.

And I made some
mistakes along the way.

Mistakes that we're
all paying for.

So if you want to
blame somebody,

blame me, not your mother.

European auto manufactures
use a ton of zinc.

Not a literal ton,
just a hyperbole

for how much zinc
can be found...

Good morning.

Not for you, Bobby.

Someone leaked.

The banks know, and they've
made Nigeria aware.

They're fighting back.

They're gonna raise rates

and prop up their
dog-shit currency?

Looks like it. Thought
you should know.

* dramatic music *



Naira's fucked, huh?

But I don't hear
panic in your voice.

Come on. All the panic
got shook out of me

about a year ago when Chuck
Rhoades came calling.

Yeah, I imagine it did.

You know, for the longest time,
I couldn't synthesize it.

How that story came
out in the paper,

how there was just
enough in that article

to bait the U.S.
Attorney's Office.

Yeah, it was a bad
beat, no doubt.

Well, since then, I've
had a lot of time

to just sit and think,

and slowly, it dawned...

If I lost, someone
else must've gained.

So I ran a thousand
simulations a day in my head.

And over and over again,
Bobby, it came back the same.

I was your stalking horse.

You did the transaction.
You left the opening.

It's funny. I was just about
to say the same thing to you.

You left me the opening.

You cost me my business.

Now you're gonna throw me
some deal as an apology?


I'm not that easy.

So instead of betting
against the Naira,

I went the other way.

And I let a few other folks
know what was going down.

Strong move.

Might have done the
same in your spot.

I know you would've, Bobby.




You found me Wags, yet?

Not yet.

Just so we're communicating,

you know I mean the guy who
works across the hall, right?

Michael Wagner? Wags?

Yeah. I'm sorry.

I'm trying.

I know my research was right.

I also know it
doesn't matter now,

'cause the game has changed.

How strong is Nigeria defending?

It's their version of the Alamo.

Krakow and Malverne are gonna
be looking to pull out.

You should, too.

I don't want my second
day here ending

with you personally
exposed five billion.

Okay, let's say I manage
to keep it together.

Then you're looking at
a global cockfight.

And you're gonna need people
betting on your bird.

I'm gonna need to
get word out wide.

Yeah, can't just be you.

It's gonna have to
be somebody vaunted,

an economist... Somebody
objective, trusted.

That'll say they
have to devalue.

Someone like Lawrence Boyd?


Yeah, that'll do it.

* dramatic music *

I don't want you to worry
about being too tough on me.

All right?

Posture up, posture up.

I'm sorry, but is
that a Swiss accent?

Stop it. No one
guesses correctly.

Most people just
assume I'm German.

Oh, most people didn't
spend the summer

in Zurich during law school.


That explains the suit.

You're a lawyer.

She said with an
undertone of derision.

And what do you do
that's so amazing?

At the moment, you could
call me a sculptor.


Well, I'd like to see your work.

One day I'll show you.


Axe, I didn't walk
into that diner

so that I could lose
a billion bucks.

You want out?

I'll take on your positions.

Right now.

I already bought up what was
supposed to be Birch's.

Now I'll buy up both of you.

You just say the word.

You'd be risking half your
net worth for the one play?

That's insane.

I am dug the fuck in.

No third-world nation
hinged on a dying industry

and a propped-up currency

is gonna ride me out
of my position.

I will drive them into
the goddamn ground.

Without Birch. Without
either of you.


The intensity.

I actually believe you.


Fuck it. I'm sticking.

Me too.

But, Axe, if this is some move,
some game you're playing,

we'll hunt you in a pack

until we're gnawing on
your fucking bones.

Hello, Mr. Allerd.


None of them come
here, believe me.

Lay out what you have.

The office is a
fiefdom run on fear,

ambition, and advancement.

Probably why it's
been so effective.

Loyalties are fading.

Cracks starting to show.

I've interviewed almost everyone
but Rhoades at this point.

I'll get to him last.

This has been...

It's been a fascinating one.

There are those who are
weak but don't have it,

and those who have
it but are strong.

I've isolated the one who has it

and will give it... Watley.

He's been running
an avoidance play,

but that's at its end.

I'll push for a suspension

if that's what it takes
to sit him down.

There's plenty of
support out there.

The AG wants this, and soon.

You'll have it.

I will if you say I will.

Thank you, sir.

Something I learned when I
was working under Mondale...

Take a little piece of yourself,

tuck it away in the basement.

You can give the
rest to the job,

but keep a small piece.

I speak from experience.


I find myself thinking
in your words sometimes.

The two that just came
to me are "shit hole."


If they don't get the casino,
then we have to pass on it.

Even if all that urban
revitalization bullshit

comes into effect?

That'll make incremental change,

but not fast enough
and not big enough.

Without that casino, it goes
from something to consider

to something to never
think about again.

I see that.


I'm gonna carpet-bomb you guys
with so much fucking food,

you'll be reeling.

Thanks, David.

Don't thank me.

Just be there for us
when Fugu goes public.


I know when someone's
working me.

What's your play here?

The bond.

If your casino is going
to the town I need it to.

And because we're friends,

I'm gonna come across
with that info?

I was hoping.

A '69 Dodge Challenger.

The one I outbid you for at
Barrett Jackson last summer?

It's parked outside. Here.


The car

is a cute gesture.

And I'll take it.

But it alone,

it's not getting
you what you want.

My casino's gonna
make that town, so...

I'm your partner
on the muni-play.

On a no-risk basis to me.

5% off the books.


I just need to know where.


Still waiting on the
official decision

to come out of committee, but
they gave me the high sign,

so I know it's a done deal.

You casino guys are
all old-line crooks.

At least we wear it with pride.

Move forward with the bond.

The casino is
coming to Sandicot.

I'm sure now.

We are committing to this play.

You have to tell me how it is.

You want a bite?

Well, one bite would be
like drowning in a puddle.

I'm sure the kitchen
would do one up for you.

Well, he's eating clean.

McKinnon's coming up.


Right. You feeling ready, Tom?

Yeah, yeah, I'm good.

Probably should get
back down to the bar.

They're about to seat us.

We only get one shot at this.

Now, remember...
Any chance you get

to have a private conversation
with Boyd, take it.

Express concerns about
the bid rigging.

Make it clear that you
know it's going on,

and you're worried
that Mike Arendt

is bringing heat on the firm.

That should be enough to get
him to calm your fears.

I might go across the table
at that motherfucker.

Steady, Tom.

This'll hurt him a lot worse

and a lot longer than
a punch in the mouth.

Use it well.

How's the feed?

Good to go.


Forty-five dollars
for a tuna sandwich.

Somebody bring the drinks.

Two at the bar.
That's his third.

It's lemony.

It's an island. Everything has
to be brought on by boat.

I know Mustique is an island.


So what'd you do, Larry?

I said, "What do you
charge for the lemons?"

I'll squeeze them myself.

"Either that, or I'll fly
in a load of gold bullion."

Larry, Larry, don't...
don't cry poor.

How much you take in
this year so far?

Come on. Tell us.

Twenty-three, $24 million?

Maybe you've had
enough, huh, Tom?

Can we get Tom a cup of
black coffee, please?

I don't want a cup
of fucking coffee.

He's drunk. We should pull him.

We've got an agent
posing as a waiter.

We can pull him right now
with minimal damage.

We'll hold.

* dramatic music *

With Thai massage,
you're wearing clothes.

What's the fun in that?


Larry. Larry, you fuck.

- Oh.
- Sh... shh...

It's probably going
to stain that.

Uh, bad to fucking worse.

Honey, take her to the ladies'.

Yeah, why don't you freshen up?

Tom, get your shit together.
You're embarrassing yourself.

You think I don't know
what's going on here?

What's that, Tom?

* suspenseful music *

Arendt is putting
us all in danger.

The Treasury bonds...

He's gonna send
us all to prison.

The ten-years.

That's what this is about.

Mike's putting the band
back together again,

just like I told him to.

Fuck, you told him to?

I thought he was free-balling.

Conditions are right
to get going again.

We'll tail the shit
out of the auction.

The fucking Feds can
spare the 15 bips.

Then we can talk
about the 26-weeks.

We have to get some
volume going now.

So relax.

That'll do it.

When I started here, I
made a promise to you,

and you to me.

And we've kept that
promise no matter what.

Thing is, it's not
your turn to speak.

Why's that?

Because while you have been out
there learning the Yaqui Way

or how run like the Tarahumara,

I have been here
fighting the battle

of fucking Thermopylae!

I was in sessions with
Wendy, doing deep work.


Well, that I do
want to hear about.

Best I can put it together...

* distorted country music *

Wags, wake up. Get up.

Oh, baby, no!

No, not baby. It's Wendy.

Get up!


Because you begged me
for an appointment,

and then you didn't show up.

Oh, you're still here.

No, I'm not.

I'm here, but not like that.


Mr. Wagner, I can come back at
11:30 or two or after five.

She has a key?

Why not?

You have a goddamned I.V. stand
living in your hotel room.

Turns out you have the day off.

With pay.

This is your third divorce,

but your first ass tattoo.

Any ideas?

My idea was the drinking, women,
and drugs in perfect balance.

An infinite Zen garden.

Simplicity, harmony between
the elements, purity,

that's what makes
it a Zen garden.

I think you're confusing
it with the AVN Awards.


Couple ways this can go...

We do, like, intense

for two years, five days a week,

break down your walls,

push past your
rationalizations and defenses.

Or you can tell me what
the fuck is going on.


Isn't the point of analysis
that we don't know?

Which is why I'm not
in that racket.

We don't have that
kind of fucking time.

Not anymore.

Fucking right we don't.

I got a goddamned I.V. stand
living in my hotel room.


Now, whatever caused this
didn't make you retreat.

You didn't become depressive.
You chose distraction.

I'm sad, lonely.

Give me an immediate answer.

I mean, it doesn't have to be
right, just... just blurt it.

When did this
feeling first land?

I was in the bathroom.

I was in this club on
the Lower East Side.

I just overpaid

for what were supposed
to be actual quaaludes.

What were you doing on
the Lower East Side?

Drinking with this prick
I worked with years ago.

God, I hated that prick.

I hated him when we
worked together.

I hated him even
more that night.

Why did you agree to drink
with a guy you hate?

I drink with pricks I
hate all the time.

It's the job.

It's the ones who aren't
that stand out like giants.

Holy shit.

Holy shit. Phil.

I can't believe I missed this.


Phillip Carroll.

Another prick?


No, the opposite.

Guy was my mentor.

Back when I started at Lehman.

He was the Wilt
fucking Chamberlain

of Wall Street.

Paid for the whole group's
vacations when he killed it.

Didn't even close his
door when he got crushed.

I saw him on the street.

Hey, Phil!

He looked at me, and I waved.

He walked right past me.

Fucking DK'd me
like I was a ghost.

Turns out, he has
early-onset Alzheimer's.

Can't even go out
by himself now.

His wife left him. His
kids don't come around.

It was... fucked.

He was there, but
he wasn't there...

a carcass with no
further purpose.

What you saw would have brought
up issues of mortality

and diminished
utility for anyone.

You saw your hero,

a man you deemed better
than you, laid low.

That's empathy.

Why did his plight
cut you so deep?

What made you so vulnerable
to this idea of fading away?

Axe hired a fucking
Chief of Staff.

Her name is Steph Reed.


So now he doesn't
need you anymore.

And if he doesn't
need you anymore,

no one does.

You have outlived your utility.

There is nothing left
for you to do but die.

But you're not dead.

Which means it is time to pivot.

To evolve into what it
is you'll become next.

Wendy reassembled
me, piece by piece,

on that bench.

That's what she does.

And I decided I had to
give you the chance

to make the change
here you need to.

To modernize. Optimize.

To put this old horse
out to pasture.

Yeah, well, I'm
sorry about Phil,

but this place doesn't
fucking run without you.

I do need you.

Especially since I just
let Steph Reed go.

You did?

You were wrong.

I'm not human. I am a machine.

I'm a fucking Terminator.

So, your resignation
is rejected.

Get some coffee.

We are barely hanging on here.

I just pulled the trigger on
the muni-bond in Sandicot,

and I got one move
left to get us

into the black for this quarter.

* dramatic music *


Hey, Jeff.

You never finished your story.

What trap did you
and your father use

to finally get that wolf?


Yeah, it was, uh, time, Sacker.

We stayed in the same
location all day.

The trap was time.


Late night?

Yeah. And I'm on the move.

Got television in the
city in a couple hours.

On your way in,

give Lawrence Boyd
a call for me.

I'll be with him. What's up?

Tell him the woman he set me up
with wasted my fucking time.

I'm sorry?

It was a bullshit meeting.

You're a businesswoman, right?

That's how you went in there?

Damn right.

Well, then, was the
woman discourteous?

Was she rude?

No. It wasn't...

She treated me like I
was just the wife,

like my business wasn't ready.

I tried to tell you.

Yeah, you weren't ready,

but you wouldn't
hear it from me.

You put me in touch
with Spartan-Ives.

You said to go ahead.
Don't. Don't.

I don't have time to
have this conversation

the way you need me to.

You weren't ready.

Leave it there.

Why the fuck not?

What is it that you do that
you're the best in the world at?

You offer a service
you didn't invent,

a formula you didn't invent,

a delivery method
you didn't invent.

Nothing about what you do

is patentable or a
unique user experience.

You haven't identified an
isolated market segment,

haven't truly branded
your concept.

You need me to go on?

So, why would an investment
bank put serious money into it?

I all but told you
ahead of time,

but you wouldn't listen.

Now you've heard it,
but it's too late.

You weren't ready.

Now, I gotta go into New York

to try and save my
fucking quarter.

Mr. Axelrod, I'll
be in to get you

in two minutes to go on the air.

Thank you. And thank you, Larry.

You locked in on how
you want to do it?


When I follow you on, I'll
back whatever you said.

Former teaching
assistant of mine

clerks for a federal judge now.


She just told me that her judge

signed an arrest warrant
for Lawrence Boyd.

* dramatic music *

They are coming for him.

He'll be in cuffs
within the hour.

Thank you.



Go get 'em.

I will.



Let's do dinner again soon
with Savannah and Mike.


When we're on, I have to
get into all the action

against you on the
Nigerian play.

You okay?


Will you ask me
about my bracelet?

Fun way in.

We're pleased to
welcome Bobby Axelrod,

the principal and
founder of Axe Capital.

Bobby, it's a pleasure
to have you here.

It's a pleasure to be here, Sam.

Before we get started,
I have to ask...

You're wearing a very
unique bracelet.

What's the significance?

Oh, this?

I wear this Yoruba
bracelet in solidarity

with the people of Nigeria.

I have seen the hope and
purpose these people have,

and today I'm worried
for them, Sam.

Their economy is on the
verge of collapse.

Their oil reserves are
severely overvalued.

In short, their currency
is in jeopardy.


And so, yes, there is
no doubt in my mind

that my good friend,
Bobby Axelrod,

has this one right.

The Nigerian
currency, the Naira,

is facing certain devaluation.

It's their only choice,

no matter how much
it hurts the people.

I can see that.


We nailed that.

The old Malachi Crunch.

The market is shifting already.

It is done.

Yes, it is.


in a few moments,

the FBI are gonna come
walking through that door

and they're going to arrest you.

You can't run.

There's no time.


Rhoades fucked me like
you thought he would.

And you got the call

before you went on, didn't you?

Your whole manner changed.
You didn't even warn me.

I couldn't.

Because you needed
me to go on the air

to corroborate your story,

get your message out,
save your quarter.

I get it. It was smart.

This is some fucked-up universe
we've decided to live in.

How can I help now?

Hold this for me.

And I need you to get
word to my lawyer.

And Linda?

Make sure she tells the kids

before they find
out from the news.




I know.

Lawrence Boyd?

You're under arrest.

You have the right
to remain silent.

Anything you say can and
will be used against you

in a court of law.

I thought you were ready
to take the next step.

I thought you understood
the goddamn game.

Oh, I believe I do, sir.

I believe I do.

Hello, Bob.

I don't put any stock in
omens or fortune tellers,

but this must feel

a little like your
future foretold, huh?

You mean watching you
arrest other people

while I walk right out the door?

Yeah. Kinda does.


* slow-tempo music *

* If heartaches brought fame *

* In love's crazy game *

* I'd be a legend *

* In my time *

* If they gave gold statuettes *

* For tears and regret *

* I'd be a legend *

* In my time *

* But they don't give awards *

* And there's no
praise or fame *

* For hearts that are broken *

* For love that's in vain *

* If loneliness meant
world acclaim *