Previously on Billions: Season 2, Episode 5 “Currency”

Wags arrives at Axe Capital, parking his car right outside the front door and walking with purpose towards Bobby’s office. He ignores the greetings of others and heads in to face Bobby’s “clean” test. Wags starts to speak seriously, but is cut off by Bobby before he can be heard. Bobby is unimpressed with whatever is going on with Wags and where he has been for the last 48 hours because Bobby has been fighting yet another battle.

48 hours earlier…there is a celebration outside of Sansomic. It does not last long though as the genius behind it goes home, walks through his front door and then right out of his window. This sounds brutal and it is, because that is exactly how they shot it. It was a horrible moment. In and out.

Mafee is seen hurtling towards Axe’s office declaring “Axe, we are f****d” but Axe is not there to hear about Sansomic’s catastrophe.

Axe is meeting with Nicky and second son, Gordy is introduced to him. First impressions of Gordy in the Pilot were that it was he, not the eldest child, Dean, who was an Axelrod mini me. Those first impressions appear to be right. He certainly knows only suckers bet when they don’t know how it will end. Perhaps the writers are going with the idea that the second child (of two) is the most daring.

Axe is talking to Nicky about whispers he has heard about a Casino. Gordy reappears with Axe’s phone because “it is blowing up”. Boyd is calling about the Sansomic stock and Sam Brandt from Street Scoop want Bobby on her show which is bad news. He has three days to fix this.

Chuck and Wendy are having an argument about appropriate dress for dinner. Wendy thinks it is to do with not letting people forget he is USA and other people merely have a job while he has a calling. Chuck seems stressed about what a moment ago he was saying was “petty and beneath us”. Chuck reveals it is to do with the fact that he sees how people look at them, wondering what she is doing with him and Wendy so quick at identifying sources of problems for others seems to have missed this about her husband. She is shocked he feels this way.

Axe is sounding the horn for ideas on how to fix the problem of negative equity that Sansomic has provided. Axe is letting them all know what he thinks of them…that they are playing it safe to be personally up at the end of the quarter.  He is not pleased about it. No one is leaving until they hand Axe an idea he can shock the world with.

Bill arrives to tell Axe he has the fix he needs, but he can’t give it to him because Steph is in the room.  Bill makes it clear how unimpressed he is and reveals that he has been speaking to Victor. Axe asks why he was speaking to Victor and Bill responds “You know why”.  That will be the secret sauce Victor was talking about in season one, though I am not sure I would trust Victor not to spit in it at this stage. It did seem strange that Axe did nit seem entirely bothered about Bill speaking with Victor.

Steph tells Axe he is human and he can have a down quarter as all hedge funds do eventually. Steph outlines the reason she is there is because Axe never wanted to be close to the line again which means that, while he does not have to be ok with a down quarter, he should accept it. Bobby decides he wants some privacy and tells Steph to find Wags.

It is Lonnie’s turn to be cornered by Dake, now that Bryan told him to do one. Lonnie isn’t quite as successful in doing so, using a meeting to get out of speaking to him right then, but being told plainly to make time for Dake later.

Debs appears next to Axe on the roof and he thinks she has found Wags, but she comes with an idea. It is Mafee’s idea, but he is apparently hiding from Axe. Axe finds Mafee hiding in the toilet having a smoke. Mafee starts to speak “there is this currency play” but does that hesitating thing he tends to do and Axe hilariously asks him “Are you transmitting the details to me telepathically?” Mafee knows a guy called Everett Wright who he went to School with who could help, but Mafee fears he will steal everything Mafee has at Axe Capital.

Kate is very forward in wanting to know the progress of the Boyd case and questions Chuck about being more proactive now that McKinnon is back on the wire. Chuck talks about hunting and is telling Kate a tale which is supposed to end with a wonderful piece of advice from an old hunter who helped him and his father bag a wolf after three days of being unsuccessful…but Bryan’s timing is rather fantastic here as he barges in to interrupt with news that McKinnon called him. I I am not buying this wasn’t on purpose from him…he didn’t knock and he must have seen Kate going in…

Lara asks Bobby to assist with raising capital. Bobby agrees to set up a meeting with Boyd for her.

Axe is meeting with Mafee’s friend, Everett Wright about a job at Axe Capital. He tells Axe about the currency play and Axe tells him he has a job if Axe likes the research.  Axe asks Boyd to come in on the play as it is too big for him to go on his own. Boyd suggests other hedgies, all of whom Bobby has issues with. Bobby calls Wags who is not picking up.

McKinnon is worried about almost blowing the investigation. Chuck lets him go as he thinks it will not be long before McKinnon is back asking to help.

Axe pays Gus a visit to find out if he has seen Wags. Gus says that he hasn’t, but he did hear he was MIA and that the guys miss him which surprised him.

Gus’ attitude is “If a crash is coming, let it happen, it is the only way to get to the other side.” Gus seemed to be evaluating Axe well to me, but Axe didn’t like it and decided to cut through the BS and put Gus in his place (not Axe’s kitchen by the way). Noticeable that Axe still refers to it as Wendy’s office. In the end though Gus doesn’t seem offended, he seems like a guy who just helped the boss vent his frustrations as he is big enough to take the hits.

Bryan might just look more stressed playing Go than he did confronting Dake previously. Chuck has been looking for Bryan, who hosts it here because his apartment is too small. The players put their phones in a basket before they play as people didn’t have phones in ancient times. Chuck asks if they take a vow of celibacy and Bryan answers “that is just the end result.” Chuck is here to tell him that McKinnon is having dinner with Lawrence Boyd and he needs to co-ordinate with FBI to arrange surveillance.

Axe is meeting with Krakow, Ken Malverle and Steven Birch, guys who would happily screw him over. However, he gets them to agree to be in on the currency play on the basis their need to make money outweighs their need to get one over on him.

Kevin thinks that Wendy doesn’t want to come home – Chuck takes responsibility for the separation and tells the kids if they want to blame anyone, they should blame him.

Bobby gets a call to say someone leaked the currency play and the banks are fighting back. Birch has just returned the favour on Bobby from season one and screwed him over. Apparently Birch’s need to screw Bobby over was greater than his need for money.

Bobby needs help with the currency play but won’t be admitting that aloud so offers to take on the positions of Ken and Todd. Todd remains in but tells Axe if it is a play they will hunt him in packs until they are gnawing on his bones.

Dake is reporting to Mr Allerd that he has identified Lonnie as the weak link or as he puts it “the one who has it and will give it”. The AG wants the investigation done soon. A suspension can be arranged for Lonnie if it helps Dake get the information.

Taylor is reporting to Axe on the Sandicot Casino deal. Axe goes to meet Thayer, who can help him get what he wants. Axe gives him his 1969 Dodge Challenger, but Thayer wants more than that. Axe is willing to pay ball to get what he wants this time.

McKinnon gets his debriefing from Chuck and Bryan. Tom is hitting the drink hard, getting very ratty with Boyd and Bryan is concerned he is going to blow his cover so suggests they pull him. Chuck overrules and says they hold. Tom spills drink over his and the ladies depart for the bathroom. Tom times it well because now Boyd thinks he has guessed about him and his (McKinnon’s wife), but Tom switches the conversation to the treasury bonds. Boyd lets the cat out the bag and Chuck and Bryan are very happy.

Back to the beginning with Wags showing up at Axe Capital. Wags reveals he was with Wendy and we see his sessions with Wendy. Firstly, Wendy arrives at Wags’ which is exactly how we might have imagined him living…in chaos. Wendy advises Wags that he has chosen distraction as his living choice. Wags realises when his downward spiral began…when he his hero did not recognise him and discovering the reason is he has Alzheimers.

Axe hired a chief of staff thus Wags feels useless. Wendy sums up how Wags feels and adds “You’re not dead”. Wags tries to resign but Bobby won’t let him because Axe Capital does not run without him…especially since Axe just let Steph go.

Kate finally gets a chance to ask Chuck what trap he and his father used to get that wolf was. Chuck gives her the answer which is “Time”.

Axe does not molly coddle Lara about her business meeting explaining why she is not ready.

Bobby is doing the TV show he doesn’t want to do but with Boyd promising to back whatever Bobby says.  Bobby takes a call from Orrin to tell him that an arrest warrant has been signed for Lawrence Boyd, who will be in cuffs within the hour.

Axe broadcasts his opinion on Nigeria on TV which Boyd backs up. Chuck and Bryan arrive. Axe tells Boyd what is happening and asks how he can help now.  Boyd is not impressed Axe did not warn him before he went on Air.

Boyd says to Chuck

“I thought you were ready to take the next step. I thought you understood a goddamn game”.

Chuck responds “I believe I do”. Boyd seems to catch some meaning in these words.

Chuck, in the same space as Bobby is unable to stop himself

“This must seem like your future foretold”.

Bobby responds

“You mean watching you arrest other people while I walk right out the door? Yeah, kinda does.”

Interestingly Bryan hangs back from the two of them.