All language subtitles for Billions - 1x02 - Naming Rights.HDTV.x264-BATV.en

Previously on "Billions"...

When did it become a crime
to succeed in this country?

Everyone has access to the information.

We just know how to analyze it better.

Suspect trading pattern on
Pepsum Pharmaceuticals.

They had inside information.

You must get pings like that every day.

It's bigger than that.

All three firms have
links to Bobby Axelrod.

This would be a big one.

But a good matador doesn't
try to kill a fresh bull.

You wait until he's been stuck a few times.

Why aren't you prosecuting
the investment banks

and hedge funds for insider trading?

Go ask the 81 convicted
felons of financial crimes

currently serving time.

But you have a very specific
conflict of interest

right in your own home.

Your value to the firm is absolute.

I've been working there since
before we were married

and long before you were in office.

I work for the public good.

No, you work for the good of Chuck Rhoades.

Maybe sometimes they intersect.

You know the Norton place out at the beach?

I just heard Bobby Axelrod
is trying to buy it.

- How much?
- $83 million.

People hate guys who buy things like that.

You said there was only
one thing you were afraid of...

Guys in windbreakers walking in your office

saying, "step away from the computer."

And you told me you'd make
sure it wouldn't happen.

So let me make sure.

Steven Birch?

It's either him or you.

Piedmont Capital.

Yeah.

That swap deal he did
on Arcadian Railroad...

Do an autopsy on the deal,

you'll find yourself a
Pulitzer in the carcass.

Front fucking page of The Post.

It's like he's daring you.

There's movement.

It's likely they've opened
a case file on you.

You know what?

I'm ready.

No, Pete, the gold standard
is never coming back.

And if it did, this world
would be so fucked,

I'd buy space travel, not gold.

Nice pitch, though.

If I'd have known it was a gold play,

I'd have never put him through.

Always put that lunatic through.

One out of every 200 ideas
he has is fucking brilliant.

I got this.

Bad idea.

"No man is a hero to his valet."

That goes double for his C.O.O.,

so you are fucked with me either way.

Let's take a car to the
city instead of flying.

What's underneath this?

Look, if the U.S. attorney
is really coming,

maybe it's better if we don't
make you more of a target.

And more important,
Garth Sykes from Flagship.

Hated seeing you on the cover of The Post

with that goddamned oceanfront mansion.

Teachers in that pension
fund make 40 grand a year.

People who have it spend it.

People who don't have it

like billies better who
spend on other folks.

Charity, good works.

I do, I have, and you know it.

Today, they only remember the house.

I have a feeling there'll
be another one of us

on the front pages soon enough,

and they'll forget about that.

But if Flagship does try and withdraw...

We can't let him.

If Flagship pulls its $1.5
billion, it gets public.

Other institutions go, too.

Whole thing could domino.

Get with Sykes, keep them on board.

That's just why I'm telling you

to keep it a little more low-key.

Who's more low-key than me?

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

- Pete Decker.
- Oh.

His fund. Has to be.

We start with Decker

since he had the longest
tenure at Axe Capital

of anyone who left with Axe's backing.

Get me some more of those cold
sesame noodles, would you?

No, these are... these are Dandan noodles.

Same fucking thing.

No. No, one's Szechuan,
the other Taiwanese.

It's a whole thing.

You know, this is why I
don't mind the hours.

I'm always learning something on the job.
It's incredible.

Yeah, tell him about General Tso's, Bryan.

Oh, no, he flings this shit at you, too?

Sprays it all around.

The only place you've ever been is Asia,

you can't help yourself.

Here... indictments on that Ponzi thing.

Tell me about the general, Bryan. Come on.

Well, now you've done it.

General Tso, he was a statesman
in the Ging dynasty.

Suppressed a revolution.

Oh, and now he has the true glory.

A fried chicken dish named
for him the world over, huh?

That was created in America.

Maybe after we nail Axe,
they'll reciprocate...

Name a dish after you in China, huh?

Oh-ho. General Chuck's?

Really, what would that...
what would that look like,

a burger with the cheese
cooked on the inside?

You really think I could
ever be that richly honored?

Hey, I will make it so.

Not if we're still stuck.

We need to find a way to get
Pete Decker on the hook, right?

Decker hires young, and he
pays at the top of the range.

Now, once these guys get a
taste for that kind of money,

they get desperate to keep it going.

Start tracking all of his
analysts and traders.

Next one makes a mistake,
we're right there.

Nice move.

Just like smoking in the
girls' bathroom at St. Mary's.

You had to be quick, or
you'd be over a nun's knee.

That's a fun picture to have in my head.

Mm. Yeah. They weren't that kind of nun.

They looked like Dick Cheney.

Look at that.

That is such a shitty name
on such a great building.

Oh, don't. Don't focus on that.

Think of all the good that's
going on here tonight.

Can't. It mars everything.

The name up there should mean something.

Should add... add to the
luster of the place.

Just don't look.

I like the building.

How much?

Good question.

They're about to pass the hat.

Get rid of this for us, will you?

Mm-hmm.

- Bobby!
- Birchy!

Pchoo! Blow it up.

Yeah, baby.

Ohhh.

Oh!

What are you doing to me?

You're making me weak.

Time to power up.

Ohh!

That hits the spot.

Mmm.

Oh, fuck.

It's work.

It's my work ring.

Jesus.

It's Kornbluth.

Thought you left white-collar
crime to cover the election.

That's true,

but I stumbled onto one too
good to give someone else.

Get to it.

What do you know

about Steven Birch and Arcadian Railroad?

What? What do you have?

Birch made a big play in the Railroad...

Captured 43% before good numbers,

and expansion plans were announced

with inside information.

We want to know

where the U.S. attorney
for the Southern district

stands on an investigation.

I'm posting this on the
web in five minutes.

It's already on the desk.

It'd be better

with a comment for you...

But I can't wait.

It's late. That might not be
enough time to get a comment.

I'm posting it. We can't
get beat on this story.

You can't run it without
a motherfucking quote.

Oh, god.

Tara Mohr?

Yeah, you're on speaker.

Financial Journal called for
comment on Steven Birch.

What about him?

They're running a story

that he made illegal trades
on Arcadian Railroad

and that the evidence is incontrovertible.

Stall while we check.

But this sounds like bullshit.

I mean, how could the paper have that

before we do... or the FBI?

You know, I went to school with
a few guys who work for Birch.

- You want me to...
- Yes, right now.

Get Terri McCue over at FBI
up on this, too... now.

Right.

I'm not tolling any bells for you, Bobby.

Sounds a bit like you are.

There's a reason you retained my firm.

Ah, fuck the firm... a bunch
of rich, young lawyers.

There's a reason you retained me... me.

And that is...

I look far enough down the road

to let you avoid the speed traps.

Okay.

What do you see?

U.S. attorney needs to bag you.

Rhoades could bring it
quick or take two years.

- Two years?
- Then it becomes a three-front war...

P.R., redemptions, and the government.

It's not too early to start a
makeover of the firm's culture.

What fucking culture?

Big returns that beat the
street by double digits

year in, year out, making
our investors rich?

- That culture?
- No... the rep.

Smart money... maybe a little too smart.

If they bring an action,

the whole strategy becomes about
leveraging a settlement...

A deferred prosecution
agreement and forfeiture

that lets you keep working.

And the best way to get that is
to act like you'd never settle.

I'd never settle.

That's the public posture, for sure.

I'd never settle.

Yeah.

That's a good delivery. That'll work.

- Thank you! Thank you!
- I'm gonna go find my table.

Thank you. How you doing?

My name is Penn Jillette
of Penn and Teller,

and we're gonna give as
much money as we can.

I will hurt myself,

then you will hurt yourself with money.

Gonna look like this.

Think about how much that hurts

and think about how good you would feel

if you gave a million dollars.

Who's giving a million dollars? Stand up.

Come on! A million dollars!

Starting at a stick. Fuck it.

$1 million!

I'll do it. I'll do it.

Oh! You're a good man!

No better than you.

Wonderful. Wonderful. That's good.

Who are the cheapskates
giving a half a million?

Come on!

Come on. Half a million up there.

Get the fuck up,

or people will think I'm
not paying you enough.

Can I see $250,000?

I'll get everybody standing up eventually.

They will not let Teller go
unless everybody stands up.

- How about $250,000 over here?
- _.

Holy shit.

Financial Journal just pasted Birch.

100 grand... stand up.

Anybody else?

Anybody making $50,000? How about $25,000?

He's gonna want that million back.

Everybody should be
standing up at this point!

Hey. You need a minute before we...

For what?

Pump-up sesh for the morning meeting,

like every week.

Not happening.

Oh, what the fuck, Wend? I count on it.

It's how I get in there and
deal with those animals.

Canceled until further notice.

You don't need it... not anymore.

You're the best P.M. on the floor.

You know it.

They're fucking sure of it.

Those animals are used to
you putting them down now.

Hardly even whimper as it happens.

Our sesh, while fun, is
a waste of your time.

And mine.

Go get 'em!

Fuckin' A.

You just did it, didn't you?

All right.

3 feet apart, all right?

Tres, all right?

And mucha agua en la mañana.

Can you tell him no food and
lots of water in the morning?

- He knows.
- Does he? Yeah?

'Cause I don't feel like I'm
getting much back from him.

I know you get it.

You know Lu wants to do
zucchini flowers on special

now that the frost is gone,

so let's be ready when they come in.

You got it, boss.

All right, ladies and gentlemen.

We are up 32% year-to-date,

and we are open to all moneymaking ideas.

Longs, shorts, sells, covers...
all Alpha welcome.

The choppy waters out there
are perfect... for us.

For the average investor, hell no.

But never forget... what's
bad for him is good for us.

If... if we're as smart as we think we are.

If not, the heat'll melt us
like an Almond Joy in the sun.

So, are you smart enough?

Some of us fuckin' are.

How about you, Pouch?

How am I supposed to answer that?

You already have.

Sadly.

What happened on Eureka Trans-ship?

You knew they were gonna
whiff their numbers.

Why didn't you bang the short harder?

You left 5 fucking percent on the table.

I thought they were gonna
whiff, but I didn't know.

You are such a pussy on the short side.

Go home and
get your fuckin' shinebox.

Insulted him a little bit.

Yeah, a little bit.

Axe, you saw my position.

You could have upped him.

That's what I'm paying you for.

You see an opportunity like
that again, you grab it

like it's a horse cock and
you're Catherine the Great.

Okay, okay.

Saldana, why are we still
tied up in those hospitals?

Baby boomers.

They're getting old, so
they're getting sick.

When the group reports patient volumes,

it's gonna overshoot street expectations.

We're talking 10% move.

That incremental revenue will
drop right to the bottom line,

and the stock's gonna pop
like a prom queen's cherry.

Good fucking answer.

It really is. God damn it.

Okay, new-idea time.

Donnie Caan, what do you have for us?

I think Apple still has room to move north.

Really?

Our investors pay us a 3% management fee

and 30% of their profits,

and you want me to tell them
we're buying some fucking Apple?

Sorry, Axe.

I-I guess I'm just not
seeing the matrix right now.

That's a little unsettling, Donnie...

Since seeing the matrix is
your entire fucking job.

It's kind of like if you were a hurdler

and instead of jumping over
the fucking hurdles...

It's okay, Donnie.

You'll see it again.

Hang in.

Okay, guys?

Let's go out there, bring
some meat back to camp.

Or some nuts.

Hunt or gather.

I'm sorry. I tried to give
you the heads-up, but...

Phones down.

We're S.E.C. Compliance.

I need all portfolio managers and analysts

to return to their desks.

Traders, stay here.

Case officers will meet each pod

and expect full cooperation.

Better answer their questions. Cooperate.

This group of energy trades...

I'd like you to supply the
research behind them.

I was tasked, so I supplied it.

Right, but going through
your reports, I see gaps.

Like this boardwalk pipeline move...
what supported it?

It was an event-driven strategy.

Okay, it was based on an unsolicited tip.

The trade was near 100,000 shares.

Close to a $2.5 million
position based on a rumor.

It seemed...

Solid.

Looking at tele-comm... this Verizon trade?

It's part of an event-driven macroplay.

Bullshit.

All right, I got a tip.

And the pharmaceutical trades?

That was phone-a-tip.

Incoming tip. What am I, a fucking schmuck?

Of course I'm gonna listen.

That was a prom-night promise.

And that means... ?

"Just the tip."

So, this is your entire
book and trading history

for the past three months?

That's right.

Wow.

Bit of a rough patch, huh?

Seriously?

I need to see your trades
for the past 90 days.

Unless you got a Wells
notice with my name on it,

you're not gonna see jack shit.

Come on, we can pull it all
down from the server anyway,

so you may as well cooperate.

Mm. Good point.

Lawyer.

Your boss said you should cooperate.

Oh. Lawyer.

Just answer the question.

You answer me one.

How much do you make?

I'm gonna need access to your
files, paper, and computer.

For what?

I'm authorized to check
that all trades comply...

I'm not a trader.

Whatever you call yourself,
after I review...

My files are confidential.
You're not seeing them.

You can call the Attorney
General if you want,

and tell her I say "hi" if you do.

We had dinner last month.

Otherwise, fuck off.

Enough. Okay? Enough.

I hope you enjoyed the
lifeboat drill this morning.

Are you kidding me?

We did not do well.

In fact, we sank.

If it were a real S.E.C. raid,
we would have been fucked.

Get the fuck out of here.

I shit my pants for nothing?

I didn't do this for my amusement.

What happened to Steven Birch...

Who I am sure will be cleared
of any wrongdoing...

It could happen to us.

So we need to be prepared.

To that end, say "hello"

to our new and improved
compliance department.

These assholes work here now?

That, they do.

They're here for our support
and our protection,

and you will not even be taking a piss

without them close enough
to give it a shake.

From here on, we evaluate every move...

Not just for the upside, but
for its ethical grounding.

We have to be more pure

than the Virgin Mary
before her first period.

Fuck, Wags.

How the hell are we
supposed to make any money?

You think this is a joke, Victor?

You, in particular, were flagged.

Flagged?

Your short on that chip maker.

Eleva Peripherals.

Netted 38% fresh blubber on that seal hunt.

Rotten carcass... over the line.

We're lucky the S.E.C.
hasn't come calling already.

You're done.

Fired.

Clear out.

Leave your key cards.

This is bullshit.

I didn't do anything out-of-bounds...

No more than anyone else.

Did I sign off on that trade?

No, I did not.

Don't say anything else.

I trusted you with my name and my capital,

and you fucked me.

You put us all at risk

with your deceitful, illegal moves.

Now get out of here.

All right, everybody, back at it.

Play hard, play clean.

Be careful out there.

That was a hell of a public spanking.

Make sure our investors know about it.

On it.

I'm gonna make sure Garth
Sykes hears about it A.S.A.P.

You're gonna be a god on
the street by lunchtime.

I thought I already was one.

Greater god.

Don't you fuckin' touch me!

Or my cellphone.

I was going to tell you
about the compliance gag,

but you didn't show up
at the charity dinner,

and then...

Then... I was half a
hallway from your office.

Try again.

Honest? It was an oversight.

No, it wasn't. You don't make them.

And that matters.

But what matters more
right now is that Victor

is exactly the wrong
person to fire that way.

That was spur-of-the-moment.

It was a spur-of-the-moment fuck-up.

His entire psychological makeup

sets him up to react very
poorly to public humiliation.

The same things that made
him a profit center for you

will make him a difficult adversary

if he's not handled right.

He will stew and obsess

and find a way to exact revenge on you.

Okay. I can see that.

Will you fix it?

Go do it, please.

I made a mistake not looping you in.

I admit that.

"Mistake."

Last chance.

Okay.

It was a red team drill.

I wanted everybody to react
as they would naturally.

I left you out on purpose.

And I will make it up to you.

Please deal with Victor.

Sean Ayles, please. It's Lara Axelrod.

Sean. Hi.

This is the call you've been waiting for.

I wanted to talk to you
about making a donation.

I figured you would.

And about naming rights.

And so the names on these buildings

become more than just identifiers.

They become signifiers of a grander age,

when titans of industry understood

that the purpose of their wealth

was to support the performative arts

to improve the quality of life

for all those who live
in and visit this city.

Now give me the Gettysburg Address.

I'm sorry.

That... sounded rehearsed.

I'm vamping.

I'm in a difficult spot.

No, yeah, I know.

Because what you need to tell
me is that the Eads family

owns the naming rights to
this building in perpetuity.

But I'm here offering you $100 million,

which you need to extract somehow

without giving me what I want.

I'm in a difficult spot.

No, yeah, I know.

Also, "performative" does
not mean "performance."

Most donors like an air of...

I don't.

There are other naming
opportunities on the ground

that would give you the status
and sense of permanence

that you need.

Why is this building so important to you?

Here's why it's important to you.

It's the only way you are getting
even a dollar out of me.

Now, I happen to have discovered

that the remaining members
of the Eads family

are in a financial pinch.

They need to raise cash.

And they will have a hard time

getting ahold of the kind of loan they need

to pay off their other loans.

So, I want you to tell them

that I will pay them $25 million

to allow me to replace their
family name with mine.

Then I will donate the 100,

and you can begin your renovations.

Oh.

There is one condition I'll
need you to sign off on.

Don't scream.

Look there.

What the fuck?

Get out.

I'm calling the police.

You don't want to do that, Tara.

Who the fuck are you?

Your newest and bestest.

You should stay and listen to me.

Or else this goes viral.

You're making me weak.

"You're making me weak."

We have... we have training against this.

You think you're gonna
fucking blackmail me?

So what? I fuck girls, guys. Who cares?

Everyone fucks.

That thing has no chance to compromise me.

I hope it at least gets you off, man.

What gets me off

would disturb you at such
a deep level, honey,

you'd be best-served never
to think about it again.

Folks in your line care about
that kind of thing, though.

And this...

Your hair...

Which will test positive for cocaine,

can be in Chuck Rhoades'
hands within an hour.

You're gonna watch, listen, and report,

and everything's gonna be fine.

It's a lot to take in.

We've already gone through
all of this crap.

I heard back from my sources.

There's a war room set up at Birch's.

Lawyers, accountants... the whole thing.

Guys at his shop are
prepping their résumés.

Well, if it was just smoke,
they'd issue a denial...

Keep working.

Yeah. They're treating this
article like it's a warrant.

Somebody wanted to hurt Birch,

and they wanted us on the ass end.

So they leaked it.

And I do not like it.

We need the reins back in our hands.

Understood.

You want me to stay on
this Axe/Decker thing?

No. Set that aside.

Until we know at least as much
as this fucking reporter knows,

let's keep the brights on Steven Birch.

All right.

Get me every article

Randy Kornbluth wrote in the past year.

All of Mike Dimonda's articles, too.
We'll start there.

Mike.

Good parlor trick, knowing my address.

That'll look like a fun intimidation tactic

when I write this up.

Oh. You're not writing this up.

Because that would be a small win,

and you're not in it for small wins.

No, you've come too far.
Too young an age for that.

I'm in it because people
deserve to know the truth

- about power and money and...
- Whoa. Wait a minute.

What are you, Glenn
Greenwald all of a sudden?

Come on.

You know, I've, uh, I've been reading...

Randy Kornbluth lately.

He usually covers state politics.

He hasn't had a hard
business story in 18 months,

but all of a sudden,

he hooks into a full-blown crime story...

On Steven Birch.

His article quotes

former federal prosecutor James Robbins,

who says that the connection

between hedge funds and company officials

must be probed.

You know who else likes
quoting James Robbins?

You.

Seven times in the past six months.

He's a widely respected
source with connections...

He's a fucking rent-a-quote.

I know you really wrote the Birch story,

and I think I know why you
chose to hide that fact.

If I am such a careerist,

why would I ever hide something that good?

'Cause you thought it would
endear you to someone.

What you should have done,

if you were really playing
an elevated game,

was come to me with what you had.

See, if I had something better to give you

in exchange for you holding on to it...

You have never been willing to
play any kind of game with me.

I didn't know you were ready
to play in the bigs, man.

Now I do.

So, these are the rules. You
tell me who fed you that...

No.

I'm gonna head inside.

Because this conversation has peaked,

and you don't get to tell me the rules.

You're correct.

I'm not gonna write up this ambush.

But I can.

Anytime I want to.

So think about that the next time

you try and bar me from a press conference

or dodge my call.

Have a good night.

All right. Thank you.

Uh...

You know what?

Here's the $20

for whatever the guy in the
blue shirt back there wants.

- I got you.
- Okay, thank you.

Okay, guys, let's go. Come on.

Now, you guys remember

when we threw Grandpa a
surprise party for his birthday

and we all had to keep the secret?

Yeah.

Okay. Why do we have to keep the secret?

To make Grandpa happy.

Right. So this is like that, okay?

We don't tell anyone about the doughnuts

to make Mommy happy.

Okay?

Rhoades!

Don't you walk away
before you meet my kids.

Mr. Kroll, we are in a public place...

With, uh, as you say, our children.

Uh, why don't you guys go sit
on the bench over there, okay?

Take your sister over there.

I-I don't need your, um... Kindness now.

I-I needed it at sentencing.

This is Margo and Stevie.

Hello.

I kept them out of school
today so we could be together

because I go to prison tomorrow.

How do you live with yourself?

How?

Yeah.

I think long and hard

before any prosecution in
my office goes forward.

And I'm proudest of the cases
I choose not to prosecute.

But when I go forward, it's full guns.

I made one goddamn mistake.

And who got hurt?

No one.

You could have let it go.

You committed mail fraud.

And you knew that my wife had died...

Suddenly...

And that I was desperate and lost.

Y-you read the articles.

You... you got letters from 100 people

who vouched for the man that
I was and would be again.

I'm what those kids have left.

And they won't have me
again for four years.

Have a nice stroll with yours.

And take your fucking $20

or just... leave it here
for the birds to pick at.

Let's go, kids.

Daddy's done with this asshole.

You wanted to see me?

Hey.

I want to give you a short

that you're not gonna bail on too quick.

Do you know Cross-co.?

Cross-co. Trucking. I've been tracking it.

Mid-size firm, has a big
distribution contract

with that bakery company Yumtime.

Been holding 50.

Fundamentals are solid.

I don't see the short play.

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

We'll get 50 on the tape.
We'll size up later.

You got a fucking problem with this?

No.

You plug that investor leakage?

I thought I'd done exactly that,

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

He bails, it hurts us.

Yeah. I tried.

But I think I need you to
show face with this guy.

You got this.

That's why I have you.

That fucker thinks that if
you come running over here,

I'm gonna forget he fired me
in front of everyone I know?

Who knows what he thinks?

One minute, you're his
most trusted advisor,

the next, you're on the outside.

I'm here because...

I think you might make
it worse for yourself,

and I don't want to see that.

The money I made him...

He treated me like a lowlife.

And that's a trigger for you.

Everyone laughing at me growing up.

The dyslexia.

Even the teachers.

I sent every one of those pricks

a photo of my first
million-dollar bonus check.

That made you feel really
good for about 24 hours,

and then you hated yourself

for letting them know they ever got to you.

Kind of.

Sometimes.

This is different.

I know plenty about how
Axe Capital works...

The dirty edge...

The proprietary trading techniques.

I know how the secret sauce is made.

Yeah. I'm sure you could put out

a Schott's miscellany about the place.

Schott's?

It's like a farmer's almanac
for non-farm stuff.

Then, yeah, I could put
out a couple of volumes

of Schott's miscellany about the place.

You just need to ask yourself
one question first...

Are you rich enough to
never get another job?

I did work for that man.

Bribed an oil company C.F.O. for him...

Stop talking.

We're not in session.
That's not privileged.

Point is, I got all muddied up for him.

Hard not to rub it on his
clean, white shirt now.

Remember Warren Jaffin, the analyst?

Yeah.

Bright guy?

That kid was sharp.

Employable?

Real sharp, yeah.

Then he balked at his bonus
one year and got popped.

He got another job right
away at a huge bank...

$3 million a year, guaranteed.

Only, word got back to Axe

that Warren had badmouthed
him in the interview...

Said Axe wasn't generous with him.

So Axe called the head of the bank,

asked him to pull the offer
that day, which the guy did.

Can you imagine...

How humiliating that was for Warren?

Probably told his whole
family, all his friends

that he was back.

But Axe didn't leave it there.

He called the president or chairman

of every prime broker, bank,
and fund in the industry

and had him blackballed.

Put it out over the loudspeaker,

direct from the principal's office...

"if you hire Warren Jaffin,
you are my enemy."

Do you know what Warren does now?

He's got a blog.

You've built a real life
for yourself, Victor...

A long way from Queens.

If Axe is certain you'll
act like a gentleman,

he will make sure to take care of you.

You were the one that always
told me to stand up for myself.

When you can win, yes.

The only way you can win
now is by letting it go.

You know, I have to confess to something.

Okay.

You're not gonna like it.

Fire away.

I took the kids for doughnuts.

I know.

Kevin told me.

Good.

Oh.

You're glad he cracked?

No, I never want them to
keep secrets from you.

They're gonna keep them from
me their entire teenage years.

They should at least know

that they always can confide in you.

And among your many gifts,
that is a great one.

Everyone feels like you're
always on their side.

Well, I try to be, or at least...

Understand where they're coming from.

That's the wonderful part of your job.

You get to employ your empathy.

I have to be a real prick
sometimes, you know?

At work.

Yeah.

Sometimes, we all do things
we're not proud of at work.

Well, this is different.

When I was in the park with the kids,

there was this guy who...

Specifics don't matter.

What does is,

that every once in a while,
there's this thing we say...

"I am never so proud

as when I choose not to prosecute a case."

And that's true... in theory.

But once in a while, I wish
that I could just be more...

... human.

But I haven't figured out how to do that

and my job at the same time.

You know?

Being 100% good at your job...

... and 100% good...

... if you figure that one out,

let's both quit and write that book.

It's a luxury to relax
every once in a while,

isn't it, Garth?

I remember this place... fondly.

Look, the stability of this firm
has never been in question.

I need to look into Axelrod's
eyes, hear him say it.

Yeah, he will.

I just wanted to hear you first.

I may be from Kentucky, but I'm no rube.

I don't bet on long shots

when it comes to investing
the pensions of my members.

That's why they trust me
with their $5 billion.

I get nervous, I see someone
like Axelrod running around

spending his money like
he's a goddamn rap singer.

Emcee. Like a rap emcee.

No, some of 'em sing now.
My kids showed me.

Snoop and Kid Rock both.

You're right... you are no rube.

But Bobby Axelrod isn't, either.

We've crushed the S&P seven years running,

which means you have crushed the S&P.

You turn over now.

Everyone beats it... till they don't.

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

You don't want to rush off now, do you?

Here's McCue. She got some stuff on Birch.

You are gonna love my nuts.

Pierre Bernard, longtime C.F.O.
of the Arcadian,

gets passed over for C.E.O.,

gets censured internally for
certain financial improprieties.

Press clippings I thought you might want.

And Bernard interviews for a job at Birch

shortly before the trades.

We have secretaries on both
sides confirming the meet.

Birch's trades in Arcadian
occur a half-hour afterward.

We alerted our counterparts up north.

The Railroad has fired Bernard.

The Canadians are considering prosecution.

He's ready to make a
statement implicating Birch.

At Quantico, they call a
case this straightforward...

Nobody cares.

Of course not. Why would they?

Rookies always bring up Quantico.

Uh, do you need something else?

Let me know if you need
PDF backups of those.

Will do.

He is right, though.

This Birch thing's a dunker.

Dominique all day.

Wilkins!

So, tomorrow morning, when the
arrest warrant is issued,

along with a search warrant,

we meet near Birch's firm, all right?

You guys take him, we take his records.

- Hey, quick question.
- Alan.

Are we gonna handcuff him?

Yeah, obviously.

What about the S.E.C.?
Should we alert them?

We already have.

Press?

Probably, all right?

I mean, those news cameras

just have a way of showing up
at the right time, don't they?

- So, we're gonna hit 'em full-on, right?
- Yes.

We'll get local law
enforcement there on the perimeter,

but with the lights out.

All right, any more questions?

Bryan?

Let's put a pin in the arrest.

Boss?

Get Birch in here.

It's time to settle.

No, no. N-no way.

We... we have him dead
to rights on this trial.

I'm first chair. Then it's
jail for this jamoke.

We have him dead to rights,
so he'll fold quick,

and then we get back to what
we were doing... Axelrod.

I'm not letting us follow the
riderless horse any longer.

Wait. Riderless h...

Butch Cassidy and the Sundance Kid.

They were smart.

They sent one of their horses
off in a different direction

so the posse would have to split up...

Get distracted.

But this was no ordinary posse.

This was a super posse... the super posse.

Mixed group of superheroes...

A sheriff, a marshal, an Indian.

"Native American."

Sure.

And the Cherokee...

Man, he could read the
depth of the impression

the horse's hooves made on rock.

And when he realized they were
chasing a riderless horse...

... they got right back on Butch's trail.

I remember now.

I watched it with my dad

on one of the Saturdays he showed up.

I didn't root for the super posse.

I rooted for Butch and Sundance.

Of course you did. We all did.

But that's not who we are anymore.

How are you, Bobby?

Hey, Garth.

Ken.

I'd call you "Sir Ken" out of respect

for your advanced age and
your accomplishments,

but, as much as you'd like it,
you were born in Chicago,

and no one born there was ever knighted.

He would like it if we called him "Sir."

He is that type.

You are that type, Ken.

And then what would we call you, Axe?

Oh, hell, Kenny, call me
whatever the fuck you want.

Or better, don't ever call me.

You know the reason why
you should never call me?

Because you're a poacher, Ken,

and guys like Garth and me,
we do not like poachers.

Come drag a deer off my land,

see what the fuck happens to you.

Well, now that you've joined
us, let me ask you...

How you doing?

I'm gonna let you in on
something here, Garth.

Hedge fund guys only ask that question

when they know the other
guy is running bad,

which he thinks because
you are sitting with him.

Oh, we're just catching up.

And you still haven't answered.

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

It's like "Highlander"...
there can be only one.

I don't blame you, Ken.
I'd do the same thing.

But I'm up 32% this year,

which, from what I know of
your run-and-hide approach,

is 30 points better than
what you are at Vista Verde.

Well, you can call it what you want,

but I call it "careful."

Risk-averse.

When I opened my fund,

I was very aware of the responsibility

that people like Garth put in my hands,

which is why I hedge my investments.

I protect the downside.

I may not be a rock star,

but I'm still plugging away,

all these many years later.

Have fun with your plugger.

Can we step away for a sec?

I love talking to you, Axe,

and you made us a shit ton of money, but...

I need to keep things nice and comfy...

Results and optics.

My job's to spot the fund manager

taking his eye off the ball
before he strikes out.

That's what my members count on.

And they see someone like
Kenneth, dry ass that he is,

as solid...

Part of the firmament.

Sometimes that's important.

I hear you.

And I know you hated the
headline in the newspaper.

Do what you have to do.

But I hope that in the days to come,

you see me as part of that firmament.

I think you will.

You've all seen the evidence we've gathered

regarding your Railroad trades.

If we prevail at trial... which
we're confident we will...

The federal sentencing guidelines

call for you to serve 11 years.

We understand that you have young children.

Well, maybe they'll be out of college

by the time you're released.

Maybe you can make it to their weddings.

But like we told your lawyers,

we're willing to forgo
that for a quick plea...

An admission of guilt,

a forfeiture money
judgment of $386 million.

As well as the voluntary
shuttering of your fund

and conversion of it to a family office.

You'll no longer handle any outside money.

I can get the S.E.C. in
here right now to do that

if you don't agree.

So, settlement or trial?

We're prepared to fight
this for as long as we...

I...

Came here today to take a deal.

I don't want to go to jail.

Wise choice, Mr. Birch.

Stay in the light.

You won't be getting a
chance like this again.

This doesn't have to be over.

I'm actually relieved we settled.

_

Comfortable?

For the first time all fucking day.

Well, I have someone coming in here soon,

and they might be a little
freaked to see their boss...

I just came by to say
"thank you" and "sorry"...

Two words I don't say very often.

So it's handled with Victor?

You nailed it... on every count.

And he got paid.

I used everything I knew about
him to make him capitulate.

That's why I asked you to go.

You know why I went?

For you.

You and I...

We've never let each other
down in all these years.

And I wasn't about to start

because you acted like that never happened.

Cut me out again...

And I'm gone.

I know.

_

I won't.

Ellis Eads.

We are honored to share this
privilege with you, Mr. Axelrod.

With you, too, Mrs. Axelrod.

There's no sharing, Ellis.
It's Axelrod Hall now.

No. Of course. We understand.

You think you do.

Now, I saw that when I came in here,

you don't remember me, Chad.

I know who you are.

But you don't actually remember.

We've met before.

I caddied at The Spoon when I was a kid.

It was the perfect summer job.

I carried your grandfather's
bag quite a few times.

Your bag, too, Chad, in the
summer after middle school.

How funny that we all end up here.

Now, here's the thing.

A lot of numbers have been thrown around...

100 for the naming rights, 25
for your name to come down.

But there is one number that
really matters to me...

16.

And we'll see if you still
think it's funny, Chad.

$16 is what a caddy got paid for a loop.

Four hours of humping bags,
smelling sour cigars,

and watching all of you lie to each other

about your golf scores
in the 95-degree heat,

but I was happy for the job.

That 16 bucks... and I
would do two loops a day,

so it was $32 on a
Saturday, $32 on a Sunday.

By the end of the weekend,
I'd have 64 bucks.

16 weekends, memorial to labor day, $1,024.

That was his spending
money for the entire year.

He'd stretch it out until the next summer.

Pretty much.

Until...

And you were there for this, Chad...

Your grandfather asked
me to read a putt on 3.

It was a left-to-right
leaker, and I told him so.

I'd seen the putt all summer long.

He closed the face, pulled
it, missed it by a foot.

You laughed at him.

You made fun of his eyesight.

And he turned to me,

and he fired me right there.

Not from the round, but from the club.

Now, I needed that $16, but
he didn't give a shit.

Because he was embarrassed
to have missed a putt

in front of his grandson.

Are you saying we are here

because of that ancient bullshit?

That's right!

16.

Which is why I am presenting you

with a check for $25 million

minus 16,

which leaves you with $9 million.

That is bullshit!

- This is unacceptable.
- Ellis, this is bullshit.

We will walk out of here if you
don't honor the full amount.

No, you won't.

You need this $9 million.

Because none of you... not one...

Has done a single day of work

from the moment your miserable
prick of a grandfather

fell facedown in the sand in Palm Beach.

And after reviewing your holdings,

your business interests, your debts,

I know that this check is the only thing

standing between your
family and bankruptcy.

So pick it up, put it in your pocket,

and walk out of here.

Or I will.

Let's get out of here.

Mnh!

So, now the Axelrod name

will be forever affixed to
this building for all time.

Or until some guy richer than
me wants it to come down.

You really started something.

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