The Deal

**The Deal** is the name of the sixth episode of the Season 1 of *Billions*. The episode was written by Wes Jones and directed by James Foley.

## Plot Summary

Axe plans a scorched-earth defense against the public attack on his company - threatening his relationship with Wendy in the process. Chuck's interrogation of Dollar Bill does not go as planned, and political pressure mounts for him to recuse himself in the face of a protracted legal battle. Wendy, caught in the middle, engages in deft shuttle diplomacy to facilitate a deal in the best interests of both men. But everything hinges on a face-to-face meeting between Chuck and Axe to finalize the agreement.

## Plot

Wendy leaves the theater after the musical *On the Town* ends but is surprised to see, upon exiting, that one of the televisions that surround Times Square shows "Dollar Bill" Stearn being led away by the FBI in handcuffs. She immediately goes to Chuck's office to pick a fight with him. Chuck defends his actions and choice to keep it a secret from Wendy when he pulled the trigger on the arrest, but Wendy is upset he didn't give her warning and believes it will look very suspicious that at the same time the arrest was made, she was far away from Axe Capital. Wendy leaves with tensions remaining high. When Chuck returns home at night, he finds Wendy sleeping in the kids room with one of their children. He chooses not to disturb her and turns off the light.

Bobby rallies the troops and makes it clear that he's upset by the arrest of Stearn. He defines it as an "attack" on the company by an "unscrupulous adversary" who is abusing his powers to shut them down. Axe makes it clear that he doesn't plan on sitting around, but rather that they all will fight back. As the crowd cheers, Wendy remains silent with her arms crossed, not saying anything, even when Bobby walks right by her.

At the Attorney General office, Chuck and Bryan sit-down with Stearn and Orrin, who is serving as his defense attorney. Chuck states plainly he wants Stearn to flip on Axe and assist him in arresting the man. If he doesn't, he will go straight into a cell. Chuck emphasizes that he has the manpower and means to get to Bobby and its only a matter of time, so its better that he cooperates before its too late. Stearn responds "no deal".

In the privacy of his office, Axe tells Wendy "we're fucked". Wendy stresses to Axe that he needs to be less emotional about what has transpired and that if he truly wants it to end, he should be prepared to do something else, even if it makes him uncomfortable. Meanwhile, Chuck orders his team to find another weak point in Stearn and to exploit it so that he will flip on Axe. Bryan shares his concern that Axe has done a good job insulating himself and accomplishing this may be tougher then it seems. Chuck says that he is wrong, and that Bobby will not receive just a fine but will also be barred from trading for life when he is through with him. This pleases Bryan as he is eager to see Bobby go to trial and says that if Chuck can achieve this, the Justice Department will remember him forever and he'll be untouchable.

Lara goes to see Sandy, Stearn's wife. Sandy speaks about how the FBI is probably watching her, what a mess they made when searching her home, and how worried she is about everything. Lara assures her everything will be fine and provides Sandy with various envelopes filled with cash, explaining to her that the money will cover all their expenses and more. Sandy is relieved over this and hugs Lara, but Lara stops smiling when she isn't facing Sandy and her expression reveals concern.

Wendy and Chuck finally discuss the arrest issue again, now that both parties are in a better emotional state of mind. Chuck explains again that it was only a matter of time and he is carrying out justice, but Wendy says that this is something that should be handled by someone else as it happens to make things too awkward for the both of them. She suggests giving the case to the Eastern District Attorney General, and Chuck laughs at the idea. He tells Wendy everyone else merely "whispers" about capturing Axe, but only he is the one with the balls to take action. Wendy says Chuck's pursuit of Axe is an action against her and she states it's unlikely that this will be easily resolved given how Bobby is behaving. Chuck, upon hearing this, is less interested in assuaging Wendy's concerns, and appears more eager to hear about what Axe's state of mind is in the aftermath of the arrest. Wendy reminds Chuck of her Hippocratic oath and leaves upset that he pressed her for more information instead of focusing on their dialogue.

At the office, Chuck's team keeps working well into the night trying to figure out what secret Stearn has that they can exploit. Everyone laments at how cheap the man is, that he is more interested in $1 taco nights instead of fancy restaurants, and owns two Honda minivans instead of a sports car. For Bryan though, this is the eureka moment. He explains to the team that "nobody has two minivans" and that whatever reason there is behind him owning them is the key to getting Stearn to flip on Axelrod.

Wags starts to lose confidence and tells Bobby they will be a family office by the time the SEC is done with them. Axe says he wants to continue using outside capital and will never reduce himself to the family office. Wags questions this as Bobby has enough wealth already to make live like a king and still keep trading. Wags also says he isn't too attached with half the people they currently have employed anyway. Axe stresses that he doesn't wanna be humiliated like that and can't stand the idea of bearing the stain of defeat. He tells Wags they have a fighting chance if they get a public endorsement from one of the giant prime brokers. Axe suggests they get Lawrence Boyd of Spartan-Ives to say that Axe Capital is a reputable company. Wags finds it unlikely that Boyd will be willing to do it, but Axe orders him to make it so, and Wag agrees to figure something out.

Bryan reveals his findings to Chuck and the two of them are thrilled to have uncovered what they believe is Stearn's pain point. They go to Stearn to explain they have learned about his mistress and second family. Bryan teases Stearn about how he can possibly have the time to raise two families and still engage in his insider trading activities, but Stearn responds, without emotion and very seriously, that he splits his time fairly between his two children, that he is a good father who attends all their sport events cause "Timmy's games are in the spring and Carson's are in the fall". Chuck tries to get under Stearns skin, and asks what will become of Sandy when she discovers that he has another life with a woman ten years younger then her. "Dollar Bill" accepts the reality of the situation though, and reveals that he has was prepared for such a play by Chuck. He sends, via text message, in front of everyone right there, a letter to his wife explaining everything cause he figured it was only a matter of time till they approached him with this information. Chuck is shocked and asks why he would blow up his family for Bobby Axelrod, but Stearn grins back and responds that he is "Keyser Soze motherfuckers".

Orrin and Bryan speak privately during a bathroom break, and Bryan shares his frustration that Bobby has such a cult following when he is undeserving of it. Orrin says Bryan just doesn't understand, and that the people in Axe's world are in it for life and know that if they talk, they may escape a cell, but they'll never be able to work in finance ever again. Orrin says that is the real death sentence. Orrin pokes fun at Bryand, saying Axe will walk away from all this unscathed, which angers Bryan who replies that Bobby is nothing more then a "filthy money pig" and Chuck will drag him away in shackles. Orrin laughs at Bryan's passion and reminds him, "you know you just work here, right?".

Lara runs into Lilly while getting a coffee. Lara says they should get together with the kids this coming Saturday, but the Lilly reminds her that they'll be seeing each other this Saturday at the Bancroft twin's party in Montauk. Lara claims it just happened to slip her mind, but both of them walk away realizing Lara and her children weren't invited.

Axe meanwhile, is working out his stress on a jacob's ladder machine in his office gym. His trainer tries to stop him as he is pushing himself too hard, but Axe quits and, while still in his heightened emotional state, races to Wendy's office. He confronts Wendy about why she invested money with Saldana behind his back, something he knew about the entire time even though Wendy chose to do it in secret. Wendy explains its her money and she can do whatever she wants with it and that the majority of it is still in Axe Capital, but Bobby questions the timing of it all. Axe takes it personally and questions that if Chuck is going to shut everything down, why she doesn't just move all her money out of Axe Capital if she has such little faith in him. Wendy says he has it wrong and that she refuses to be the "shuttlecock" that gets smacked around between Bobby and Chuck. Before leaving, she tells Axe that her and Chuck got off on the wrong foot, and again emphasizes that he has the power to end this feud if he makes the right choices.

Orrin reports to Axe that "Dollar Bill" Stearn is an absolutely loyal soldier, and that Stearn even inspires him. Bobby asks if he'll go free, but Orrin says its possible Stearn may still go away for something like 5 years as their case against Stearn regarding Pepsum Pharmaceuticals is still strong. Orrin says now is the best time to consider settling, but Axe refuses saying he will never settle. Orrin shares with Axe that Bryan is rattled and that tells him he is confident he can get a deal that Bobby will like. Axe refuses again, believing that when so many other, more powerful enemies have tried to defeat Bobby and failed, it is unlikely that Chuck will accomplish anything when his office lacks the confidence to bring him to trial. Moreover, Bobby does not want to have his reputation tarnished with this defeat. Orrin says it will hardly be a "win" for Chuck as Bobby will still be able to trade in a family office and walk away with most of his money, but Bobby shouts back that such a deal is not an option, which saddens Orrin.

Adam DeGiulio goes to Chuck's office, and Chuck questions him if the Attorney General has sent him regarding Axelrod. Adam shares that, while he congratulates Chuck on his recent win against Steven Birch, it is a fundraising season for politicians, and it does not benefit them to appear as if they are on a "crusade" against Wall Street. Chuck says he is just doing his job, but Adam stresses the optics are still problematic, and cites that the news article about his connection to Axelrod via his wife complicates things. Chuck is insulted and says he has never lost a case and is determined to win this one. Adam states that there is concern they could lose this on a technical basis during appeal if Chuck doesn't recuse himself, but when Chuck asks if that is what the Attorney General demands of him, Adam says, as he is leaving, that it is up to Chuck to make that decision, but it's important he doesn't make the wrong one, or it could cost him dearly. Chuck gives him the finger on his way out.

Wags notifies Axe that he should get ready for his photo-op with Boyd soon, and Axe thanks him for coming through. Over a glass of wine, Axe shares with Lara that his lawyers have no confidence in this case going his way. Lara says she should listen to his lawyers since Bobby only hires the best. Bobby is shocked to hear this, but Lara shares that they were uninvited to a social event already and he is putting the family at risk. Bobby believes that he can handle it, but Lara says its not just about him, but whats best for the family. Bobby remains firm in his belief they will weather this and leaves for the photo-op.

The Rhoades men and their wives sit down for a dinner. Chuck Sr. tries to make jokes at Bobby's expense, but Wendy has no interest in taking part in it. Chuck and his father go on a walk after dinner to discuss the case further, but Sr. questions why they have to leave the house if they wanna smoke cigars. Chuck assures his father he has full control of his own home, just that he doesn't intend to abuse his position the way his father does. Chuck Sr. warns his son that he must be ready for a battle cause Chuck will not be defeated easily, but this surprises Chuck and he asks if he has been speaking to Wendy. Chuck Sr. confirms that he has been, and later after his parents leave, Chuck confronts Wendy about it. Wendy says she just gave an honest opinion to Chuck Sr. when he prodded her for one. Chuck remarks she is just trying to save Axe, but Wendy responds she is trying to save both of them from destroying each other. Wendy agrees to share more information with Chuck about Axe, despite her oath, to emphasize she is on Chuck's side and trusts him. The information doesn't inspire confidence in Chuck though, and Wendy says she believes Axe is "ahead of you" in this battle. Chuck says he would have done a plea deal, but at this stage, it just isn't an option any longer. Wendy says its still possible, and Chuck wonders aloud if Bobby will agree to never trading again. Wendy says he will never agree to that, but that he should talk to Axe's lawyers as an admission of guilt and family office may still be doable.

Wags meets with Bobby after the photo-op but finds Axe miserable and drinking. Axe shares he went to the Barclay Center where the box seats were to meet Boyd but realized the man decided to flake on him. Not only that, but to add insult to injury, he sent Bobby there during "mail room night". Axe meets with Hall about their options, and Axe expresses they are losing. Hall says the conflict of interest is the best way to make this go away. He tells Axe he can arrange to make it look like Wendy is taking part in criminal activities at Axe Capital, or that he can make it look like Wendy was having an affair with Stearn or Axe himself. Hall says this will make the case against him vanish quickly, but Axe says he'll need time to think about it.

Back at the Southern District offices, Bryan is furious to learn that Chuck is going to make a deal with Bobby rather then follow through on taking Axe to court like he said earlier. Chuck says its his call to make and that he can't guarantee a win if he does it. Bryan begs for more time to find more evidence, but Chuck says every day they delay, they lose leverage and Axe will be stronger for it.

Hall intercepts Wendy as she is about to head home, and leads her to a private bathhouse where she meets with Axe. They both end up in the pool, completely nude, and Axe says now they can talk candidly and honestly knowing they can both speak without anyone else eavesdropping. It isn't clear if Axe is suggesting she or someone else or perhaps a wiretap could betray them, but she drops it to go forward with the discussions. Bobby asks Wendy why she is sticking around when Chuck is doing this to him. Wendy says she is here for herself, because she helped build Axe Capital as much as Bobby did and feels a strong bond to the place. Bobby laughs, but ultimately agrees with Wendy that she had an important role, and Wendy presses that she is worried Axe will throw it all away. Axe decides he will make a deal and asks Wendy if Chuck is willing to make one with him that he can live with. Wendy is optimistic, but says that it ultimately is up to Axe.

Axe returns to Lara and says he's made the best decision for his family and will take the plea deal. Meanwhile, Chuck informs Adam that Axelrod has surrendered and there will be a plea deal. To Adam's shock, Axelrod will lose his firm, admit guilt, and pay a $1.9 billion dollar fine for the criminal activities. Axelrod sits in his office with his team to sign the plea deal check. He admits frustration but Orrin assures him that he won't be stuck in a family office for long. They will get him reinstated even if means waiting for there to be a "turnover at the white house". Orrin shares that Bobby may have to accept a guilty plea as part of the deal, but Axe shares he is hesitant to do so and may walk away if Chuck pushes things.

At the plea deal itself, Axelrod agrees to the deal, as is. The deal is to pay the fine, and close Axe Capital, only being allowed to trade in a family office. Chuck decides to mock Axe at the table, saying Bobby once taunted him about how he would never yield. Bobby counters that the fine will hurt, but he will make the money back in no time. Wags speculates they can earn it back in 8 months. The meeting carries on, but the comments get to Chuck and he decides he cannot stomach it. He changes the terms of the deal and says Axe will not be allowed a family office and that he must agree to a lifetime ban on trading. Chuck says Axe can put the money he has leftover in a trust, but he cannot trade it or anyone else money. Axe immediately tears up the $1.9 billion dollar check and throws it in Chuck's face.

When Chuck returns to Wendy he lies to her, saying that Axe threw a fit and its all on Bobby that the deal fell apart. Wendy regrets that she couldn't get Axe to come through for Chuck and says she is worried about still being in the middle of it all. Chuck says he is officially recusing himself for Wendy's benefit and the case on Axelrod will go on without him. He decides to dominate Wendy and afterwards, he steps outside to walk the dog. This turns out to be a secret meeting though, as Bryan is waiting for him outside. Chuck tells Bryan that he will be the one to carry the case forward and to keep him informed on all developments. Bryan is concerned that Chuck doesn't think he is ready to handle such a case and believes Chuck is breaking his statement about recusing himself. Chuck waves it off though as "Master of Puppets" by Metallica plays the episode to its end.

## 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

* Jeffrey DeMunn as Chuck Rhoades, Sr.
* Terry Kinney as Hall
* Susan Misner as Terri McCue
* Glenn Fleshler as Orrin Bach
* Deborah Rush as Ellen Rhoades
* Stephen Kunken as Ari Spyros
* Kelly AuCoin as Dollar Bill Stearn
* David Cromer as Donnie Caan
* Joanne Tucker as Sandy Stearn
* Liza J. Bennett as Assistant
* Christopher Paul Richards as Dean Axelrod
* Jack Gore as Gordie Axelrod
* Rob Morrow as Adam DeGiulio
* Catherine A. Callahan as Lilly Smith