Currency

**Currency** is the fifth episode of the Season 2 of *Billions*. The episode was written by Brian Chamberlayne and directed by Steph Green.

## Plot Summary

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 payoff. Wendy rediscovers her passion for her former job at Axe Capital through an old colleague. The reality of Lara's business starts to affect her marriage.

## Plot

It's late into the night and Wags enters Axe Capital swiftly. As he walks by, the employees, who are still there despite the hour, whisper to one another regarding his arrival. Bobby immediately hangs up the phone upon seeing Wags and leaves his chair. He examines his friend and see's a clear difference in him, that he isn't under the influence and appears to have a good handle on drugs and alcohol now. Wags attempts to get something off his chest regarding the situation, but Axe cuts him off. They have bigger things to discuss as Axe Capital is under threat of its first down fiscal quarter.

The scene then cuts to 48 hours earlier at a small press event being held by SANSOMIC. The company has recently achieved the completion of a landmark project that will bring them great success, the "Sapphire Super-Thin", a new type of cell phone screen. It is all thanks to an employee names Sung, who humbly bows but looks uncomfortable about the conference. Later, upon returning home, Sung opens the balcony window of his apartment and walks out of it intentionally to commit suicide.

News of the event has Mafee racing to Axe's desk as he realizes they are now screwed, but when he opens the office door, he is surprised to see Bobby is not there. Instead, Axe has taken his son Gordie to a racetrack owned by Nicky Pawlowski. After a friendly exchange, Bobby sends his son off to take pictures of the horses while he talks with Nicky in private. Bobby questions what he knows about the new casino coming to his state and if he knows specifically which town it will be placed in. Nicky confesses to hearing whispers but says he has only heard rumors that a big casino player by the name of Donald Thayer is preparing to build somewhere upstate. Just then, Gordie races back to his dad and tells Bobby that his phone has been "blowing up". While Nicky shows Gordie around, Axe browses through his messages and learns of what just happened.

Lawrence Boyd calls Bobby just then to discuss the matter, stating that SANSOMIC is in a terrible position now as the companies new "Sapphire Super-Thin" screen is cracking whenever a heat gun is used to adhere it to cellular phones. In addition to this, he tells Axe that Samantha Brandt is aware that Bobby owns a sizable number of SANSOMIC and that he is about to have his first down quarter because of it. Boyd informs Axe that Sam wants him to be a "talking head" on her television show in exchange for keeping this news quiet. Bobby curses under his breath for the misfortune and thanks Boyd for giving him a heads up.

Chuck and Wendy Rhoades are having another session with the marriage counselor. Chuck is frustrated that Wendy is making such a big deal of the fact that he went to a party wearing his formal office attire. Everyone else was dressed casual though and Wendy highlights that since the party was only 3 blocks away, Chuck could have reasonably changed before coming. Wendy states it bothers her mostly because Chuck clearly has something to prove to other people. Their friends just work 9-5 jobs, but Chuck is "The US District Attorney for the Southern District" and wants to rub peoples noses in it. Before she can continue, Chuck interrupts and gives her the real reason. He tells her that he knows how people look at them. He hates how unequal they appear in peoples eyes. Chuck says he needs to wear the suit so when people wonder "why is she (a beautiful doctor) with a guy like him", they don't have to wonder why. Wendy is humbled and apologizes, realizing now that this was all for Chuck to improve his own self image and not to rub it anyone's faces.

Axelrod acknowledges the situation before him to all his employees at Axe Capital; SANSOMIC has forced them all to go down in overall profit -2.3%. He tells the team to start tossing out ideas as time is of the essence for them to turn this all around before the quarter is up. "Rudy" brings up Territory Petroleum but Bobby says they can't wait for that company to produce fruit. Bobby locks eyes with Taylor Mason and questions what they are doing here. Mason responds that they are merely answering the "all hands on deck" call, but Bobby tells them that their focus should be on Sandicot only. Mason decides to take their leave and the other employees continue pitching ideas, but Bobby only grows more frustrated. Mafee walks out while Bobby dresses down his team for being more interested in making a safe profitable play rather then a bold one that will truly help. He tells them all they won't be leaving work until he gets that kind of investment idea from them.

Dollar Bill Stearn enters Bobby's office and tells him he knows how to fix their profit problem, but it involves Victor. Bobby isn't thrilled, and Stearn prefers that Stephanie not be here so he can speak more freely, but Axe tells her to stay as its her function to "insulate" him. Stearn refuses and says that while Bobby has solved one problem, he has allowed himself to create another by not allowing Stearn to speak in an environment that allows plausible deniability. He leaves and Stephanie tells Axe in private that he is not perfect, and thats okay. She says that if he does have a down quarter, it won't be the end of the world, and he shouldn't allow it to define him. After hearing this, Axe tells her to find Wags for him.

Oliver Dake intercepts Lonnie Watley before he has a chance to enter a meeting at the AG offices. Lonnie tries to avoid him but Dake tells him to find time for him or else he will make sure he regrets it. Back at Axe Capital, Deb Kawi informs Axe that no one has seen Wags but she does have some good news. She tells him Mafee has a good idea, one they discussed on their last date, but he is too nervous to talk about it with Bobby. Axe doesn't have time for that though, and corners Mafee in the bathroom, where he is hiding, telling him to cough up. Mafee admits that there is currency play he's been working on. He knows a guy, Everett Wright, that can help them out. They went to school together but Mafee isn't eager to see him join Axe Capital's team. He knows while Wright may solve their immediate problem, Mafee worries that he will be overshadowed once he is here. Bobby promises Mafee that "nobody can take your place in my heart", but Mafee isn't so sure and seems certain even Deb will fall for him once he's here.

Kate Sacker sits down with Chuck to discuss their next move with the Lawrence Boyd case, citing that with Tom McKinnon back in play, they should take action soon. Chuck recalls a story of the time he went hunting for wolves with his father when he was in high school. He says it went terrible as no matter what they tried over three days, they hadn't sighted a single wolf. Eventually, they came across an old hunter who gave them advice and, following that advice, they managed to get three wolves. Kate asks what the old hunter said, and Chuck says there is only one trap that neither man or beast can possibly avoid, but before he can divulge further details, Bryan Connerty interrupts. McKinnon is calling their offices, and its not good news.

Bobby and Lara Axelrod meetup back home for lunch. Lara says she is ready to take her business to the next level, but she doesn't just want Bobby to just write her a check. It's important for Lara that their business receive "outside validation" and she wants to get investments the proper way. Bobby questions if she really thinks she is ready for all that, but when Lara presses that she is, he agrees to arrange a meeting with someone from Spartan-Ives for her. Outside, Bobby wines and dines with Evan to get him on board. Evan says his job isn't willing to take a big risk, but he believes what he has is very profitable. The Nigerian government is going to devalue their currency, information he obtained on good authority from the Central Bank Governor himself. The oil industry in Nigeria is hurting and its inevitable at this point. Bobby is impressed, but then Wright reveals the issue at hand. It could happen a month from now or it could happen tomorrow. Timing is the real issue, but if Axe can successfully coordinate all the pieces and acquire a massive short position, he stands to make a lot of money as devaluation will happen at the time he decides is best for Axe Capital.

Boyd is getting fitted for a suit by his personal tailor when Bobby decides to fill him in on the Nigerian play. He tells Boyd that the rewards could be huge, but its way too risky for the two of them to go in on it alone. He asks Boyd to come in for $3 billion with him, but Boyd refuses, saying that Spartan-Ives deals with the Nigerian government frequently and it would be bad business to be seen taking advantage of them like this. Axe says the collapse of the currency will happen on its own eventually, but Boyd doesn't relent. He advises Bobby to go to the banks, but Axe believes doing so will cause word of his short position to leak. Boyd sighs and tells Bobby he needs to go to the "other big players like him" if he wants to do this. He mentions Krakow, Birch, and Malverne but Bobby isn't eager to meet them as he is not on good terms with any of them. Boyd tells Bobby he'll arrange a meeting, stating they will join him when they realize the financial gains to be made.

Tom McKinnon is meeting with Chuck and his team at the Southern District offices. Tom confesses to them that he is messing things up real badly, recounting his recent attempt to get information from a coworker in the bathroom. Casual conversation was awkward and clumsy, with Tom stumbling over his words and the coworker leaving the bathroom bewildered by Tom's behavior. Chuck takes from Tom the voice recording pen that he has been using and apologizes to Tom for both the stress he has put him under and how unsuccessful he has been. When Tom leaves, Kate asks if she should go after him, but Chuck stops her, saying that they should let their acceptance of his failure "eat at him" so he can come running back eager for the voice recording pen and a chance to prove himself.

Dr. Gus is very into physical fitness and as he works out on a stationary bike, Bobby enters his office. Gus cites how "inspiring" it is for the other patients to see him when he is working out and how it helps them achieve new heights. Bobby asks Dr. Gus if he has seen Wags recently, as he is still missing in action, but Gus says no. Gus informs Bobby that Wags is heading toward disaster and that he doesn't intend to stop it. He believes that once Wags "crashes", they'll be able to rebuild him, but Bobby is shocked and says that philosophy only works if Wags survives the crash. Bobby doesn't understand Gus's attitude until the doctor offers to fill Wags's role in the company. Bobby tells Gus that he only works here because Wags deemed it necessary, but Gus cites that he can be the magnet for hate and the "bullshit detector" that Bobby needs. Bobby has had enough and before leaving tells Gus that he will never let him into his inner circle, that his exercise outfit is stupid, that he doesn't value a man who undercuts someone else that got him a coveted job, and that he's doing a poor job of filling in the void that Wendy Rhoades left behind.

Lara and Mo are pitching their business to an investment banker and are questioned on why they need the money. Lara says they need to outflank competitors by buying in bulk and get into college campuses fast. The banker tells them she will arrange a round of other investors to meet with them and that they should like what they hear too. Lara thanks her for the meeting and the investor says she doesn't mind doing favors for Lawrence Boyd or Bobby Axelrod, which rubs Lara the wrong way.

Chuck finds Bryan with his friends from "Go Club" eating and playing in a conference room. It's Bryan night to host the group and his apartment is too small. Chuck says he tried to reach him but Bryan says they don't answer their phones when they play. Chuck drags Bryan away and informs him that Tom McKinnon and his wife are having a couples date with Lawrence Boyd and his wife tomorrow night. Bryan admits that Chuck was correct about Tom wanting another shot and Chuck tells him to prepare FBI surveillance at the restaurant they are going to.

Bobby meets with Todd Krakow, Kenneth Malverne, and Steven Birch at a homey diner. They want to know why Bobby summoned them, and he shares with them the Nigerian currency play. They are all interested, but agree that the timing has to be perfect, otherwise it'll be a waste. Bobby confesses he needs their aid to make it work as none of them can pull this move off solo and states that score is $5 billion dollars; $2 million for Bobby and $1 million for each of them. He asks them if screwing him over is more important to them than making a huge profit and they all agree to put their anger aside and work together. Everett Wright, who is sitting at the adjacent dining booth, is called over to explain the details and Bobby leaves them all to play catch up and enjoy a meal on his dime.

Chuck is assembling the kids lunches when the children question Chuck on why their mom isn't around as much. Chuck tells him that he made a mistake, one they are all paying for, and that if anyone deserves blame for the fact that they only get to see their parents at separate times, than it should be Chuck who deserves the blame. Meanwhile, at Axe Capital, Ben Kim pitches to Bobby a new play but is interrupted by a phone call from Boyd. Lawrence tells Bobby on his cell phone that the Nigerian currency play was leaked and the government and banks are now aware. The currency rates are now gonna be artificially inflated and the play is ruined. Bobby calls Steven Birch immediately and questions him about what happened. Steven says it took him a while, but he understands now that it was Bobby who screwed him over and put him in the Chuck Rhoades's sights. Bobby says it isn't his fault that he left himself open, but Birch responds that he was just doing the same with Bobby. He tells Bobby that he decided to go for revenge instead and opted to go in the other direction on the Nigerian currency play, along with other investors, and turn a profit while screwing Bobby. Axelrod hates it, but admits that he would've done the same in Birch's shoes.

Bobby calls in Deb Kawi and questions her on Wags location, growing increasingly frustrated. Deb apologizes and says she will continue trying. Everett walks in as Deb leaves and explains to Bobby that the play is over. It's now in Krakow, Kenneth, and Bobby's best interest to pull out of the Nigerian currency deal before they lose billions. Bobby asks Everett what his options are if he still wants to go through with the deal, and Everett suggests that they need a well respected/objective economist to make a public announcement that Nigeria should devalue their currency. Only then will investors start joining Bobby's side and save his position. Bobby says Lawrence Boyd would fit that mold perfectly, and Kenneth agrees that would work.

Chuck is engaged in a judo match with a female opponent who gets him in a leg lock around his neck, effectively subduing and exciting Chuck. After the match, he chats with the Melanie, the woman he was fighting, and realizes by the end that they have quite good chemistry. Back at Axe Capital, Krakow and Kenneth meet with Bobby and share their distaste for the situation. Bobby says he has already purchased all of Birch's devalue positions and is willing to do the same with them because he believes in the Nigerian play still (effectively putting half his company at risk). Bobby says the currency is propped up and they can still win with the right moves. Krakow and Kenneth agree to stay in, but warn Bobby that if this goes wrong, he will unite his enemies against him for good.

Karl Allard meets with Oliver Dake at a church. Seated next to one another, Dake describes how his investigation of Chuck and the AG offices is unique compared to all the others he has done. Dake believes he has found his opening with Lonnie Watley. Allerd says they can apply the pressure on Lonnie with a threat of suspension because Washington wants to wrap this up soon. Before leaving, Allerd offers a mental health tip to Dake, saying to save a "piece of himself" and hide it away while giving the rest to the job.

Mason enters Bobby's offices and tells him, after looking into it, the Sandicot deal is terrible and hinges on the casino becoming a reality. Bobby brings up the "urban revitalization", but Mason warns him that effort will not pay dividends for a long time. Afterwards, Bobby meets with Donald Thayer at a restaurant run by David Chang. Bobby wants confirmation as to where exactly he plans on putting his casino. Thayer brings up the 1969 Dodge Charger Bobby outbid him on in auction and Bobby hands him over the keys. This isn't enough though as Thayer knows how much money stands to be made from this deal. He tells Axe he wants to be a silent partner with him on this deal, that he will assume no risk and wants 5% off the books. Bobby agrees and Thayer confirms that, in numerous backroom discussions with his peers, the casino will indeed be in Sandicot. Bobby makes a call after the dinner to move forward with the purchase of the necessary bonds in Sandicot, saying its a sure thing now.

Chuck stares uncomfortably at a sandwich that he desires to eat, knowing full well how unhealthy it is and that he now needs to "eat clean". Chuck and Bryan wait in kitchen of a restaurant to observe a dinner date between Tom McKinnon with his wife and Lawrence Boyd with his wife. Chuck breaks it down to Tom, telling him to get Boyd on video and audio confirming that bid rigging is going on. He tells Tom to bring up the concerns by saying you believe Mike Arendt is drawing unnecessary attention to Spartan-Ives. During the dinner, Tom is having trouble stomaching Boyd's banter and comes off as overly aggressive. Bryan wants to end it before things become compromised, but Chuck says no. Tom spills wine on his wife and the ladies excuse themselves to the restroom. Alone together, Tom appears mere seconds away from confronting Boyd about the affair, but after several tense seconds, pushes his concerns about Mike Arendt to Boyd. Tom says the treasury bonds rigging is going to land them all in prison but Boyd, relieved to learn that this is what has Tom upset, tells him that its all going according to plan and that he is directing everything himself. Tom confirms with Boyd that Mike isn't "free-balling" and Boyd says he told him to go forward with the rigging as he believes the Feds will not be able to pin this on them. Chuck and Bryan watch as Toms face becomes smug and the two celebrate in the kitchen that they finally have Boyd dead to rights.

The episode returns to the present, with Wags standing before Bobby as he says they have bigger concerns right now than Wags' sobriety. Wags mentions that his recovery involved Wendy and Bobby agrees to listen to his story about what has happened the last few days.

Wendy enters a hotel room that is in complete disarray to find Wags naked and passed out on the bed. Wags is shocked to see Wendy there, but she tells him that it was necessary to find him since, after making a big show of needing Wendy's help at her office, he decided to skip their first appointment together. The meeting is interrupted by one of Lara's nurses who is ready to give an IV treatment to Wags, essentially aiding him in his downward spiral. Wendy tells the nurse that she will receive payment but her services won't be needed.

Wendy takes Wags to the park to talk about whats going on, telling him that they need to skip the months long process of breaking down his barriers to find the root of the problem and he needs to just fess up what it is. Wags is taken aback, saying that's what therapy is for, but Wendy says his job is too important to stay "damaged" for so long. She asks Wags why, instead of becoming reclusive or depressed, he chose to self-destruct. Wags says he was at a nightclub recently, overpaying for service and wasting time talking shop with some guy he hates. Wendy states he should have just told the guy to screw off, but Wags says putting up with guys like that is all part of the job and that it makes him cherish the people he enjoys even more. Its then that he has a realization. He tells Wendy that he adored and enjoyed conversations with his mentor Phillip Carroll, who groomed Wags back when they both worked at Lehman Brothers. Wags says he ran into Carroll by chance, but the man just stared at him blankly and didn't react. He learned later from a live in nurse accompany Carroll that the man has early-onset Alzheimers. Carroll can no longer function independently and his family has chosen to reject the man and ignore him. He is an empty husk without identity or purpose.

Wendy recognizes that this interaction with his "hero" brought up thoughts of mortality, but presses on as to why Wags allowed it to affect him so deeply. Most people realize this too but manage to get past it and function. Wags brings up Axe's new Chief of Staff, Stephanie Reed, and Wendy realizes that Wags feels he is no longer needed and has outlived his utility. She tells him he isn't dead and its from there that Wendy helps Wag to rebuild his identity.

Back at Axe Capital, Wags tells Bobby he is prepared now for what he must do and tells Bobby that its okay to fire him. Bobby tells him Axe Capital still needs him and he already fire Stephanie some time ago while he was AWOL. While Reed may have suggested its okay for Axe Capital to have one down quarter, Bobby hates that attitude and decided to end her employment. He tells Wags they don't have a lot of time to be profitable before this fiscal quarter ends so they need to act now.

At the AG Offices, everyone is celebrating the recording they have of Boyd. Kate catches Chuck alone and asks him to finish the story he was telling her earlier. She asks him, what trap did him and his father use to get the wolf. Chuck laughs and says the trap was "time" and that they stayed in the same location for so long, eventually they got what they wanted.

At home, Axe finds Lara sleeping and tells her that he will be leaving soon for a television interview with Boyd. Lara tells Bobby to mention to Boyd that his wife says "thanks" for wasting her time. The meeting Boyd arranged for Lara seeking investors went nowhere and she is frustrated at her treatment. Bobby says the meeting went poorly because Lara wasn't ready, something she tries to refute, but Bobby interrupts her. He tells her that he doesn't have time to discuss this, but Lara doesn't want to hear it, so Bobby lays it on her. He tells her nothing she does is unique or patent-able, that she hasn't proven herself to be the best at it, that she doesn't have control over the target audience, that anyone else can start a business and offer the same service, etc. He tells her again, bottom line, she wasn't ready and that he needs to focus now on saving his companies quarter before its too late. As he leaves, Lara looks on in shock and disbelief.

A television assistant for "Street Scoop" tells Boyd and Bobby the show will begin in five minutes. Boyd confirms with Axe if he is going forward on his Nigeria position and tells him that whatever he says, he will back him up on it. Axe is set to take the stage first, followed by Boyd. It is then that Axe receives a call from Orrin. One of his old teaching assistants, back when Orrin was a Professor, is working under a judge and tells Orrin that Boyd has a warrant out on his arrest that was just signed. He tells Bobby that Boyd will be in handcuffs within the hour. Bobby looks up at Boyd as the assistant informs Bobby its time for the show to start, and Bobby chooses to say nothing and goes on set. Bobby takes a seat in front of Samantha Brandt, the reporter for the "Street Scoop" and she notices how "off" he seems to be. Bobby is troubled by what he has just done but decides to push forward with the interview.

Sam opens by asking Axe about his bracelet and Bobby tells him that he wears it as a sign of solidarity with Nigeria. He says their economy is in jeopardy and it worries him. While the interview continues and Boyd comes out to state that he agrees with Axe that Nigeria's currency is facing devaluation, Chuck and his associates enter the studio building. By the time Chuck and his team have reached their floor, the show has wrapped up and Boyd approaches Bobby to say they nailed it and that he can see the market shifting in Bobby's favor already. Bobby now comes clean to Boyd and tells him that he will be arrested soon and there is no time left for him to run. Boyd realizes Chuck has snared him, just as Bobby warned him he would, and that Bobby knew this was coming the moment he got that call. Bobby acknowledges how "f\*\*ked up" it all is, but Boyd agrees that its just how things work in their world. It was more important that Bobby get his positive quarter.

Bobby offers help now and Boyd gives him his watch and asks Bobby to make sure his kids are told about the arrest before they find out on their own. As Bobby agrees, the agents enter the room and arrest Boyd in front of Bobby. Chuck stares down Bobby and tells him that this is his sign. Boyd's arrest foreshadows what will become of Bobby soon enough. Bobby quips back that he agrees with him that this is a sign. Only he believes it foreshadows a future where Chuck will continue to arrest others while Bobby walks out the door unharmed. Bobby then proceeds to walk out the door as Chuck tries not look bothered by it. Afterwards, Chuck goes out and celebrates in private by eating one of the unhealthiest meals possible.

## Cast

### Starring

* Paul Giamatti as Chuck Rhoades
* Damian Lewis as Bobby Axelrod
* Maggie Siff as Wendy Rhoades
* Malin Åkerman as Lara Axelrod
* Toby Leonard Moore as Bryan Connerty
* David Costabile as Mike Wagner
* Condola Rashad as Kate Sacker

### Guest Starring

* Glenn Fleshler as Orrin Bach
* Keith Eric Chappelle as Everett Wright
* Ritchie Coster as Donald Thayer
* Tammy Blanchard as Melanie
* Asia Kate Dillon as Taylor Mason
* Malachi Weir as Lonnie Watley
* Danny Strong as Todd Krakow
* Christopher Denham as Oliver Dake
* Marc Kudisch as Dr. Gus
* Ross Partridge as Tom McKinnon
* Kelly AuCoin as Dollar Bill Stearn
* Eric Bogosian as Lawrence Boyd
* Jerry O'Connell as Steven Birch
* Ilfenesh Hadera as Deb Kawi
* Dennis Boutsikaris as Kenneth Malverne
* Carolyn McCormick as Investment Banker
* Dan Soder as Dudley Mafee
* Shaunette Renée Wilson as Stephanie Reed
* Jack Gore as Gordie Axelrod
* Zachary Unger as Kevin Rhoades
* Keith Eric Chappelle as Eveready
* Shannon Koob as Marriage Counselor
* Erinn Ruth as Mo
* Allan Havey as Karl Allerd
* Jake Robards as Michael Arendt
* Mike Starr as Nicky Pawlowski
* Julee Cerda as Sam Brandt
* Angela Marie Roy as Shayleen McKinnon