Previously on Billions: Season 2, Episode 2 “Dead Cat Bounce”

Bobby is sharing the stage at a Panel with Todd and he is making a joke of being openly hostile to him. Todd likes to hit back, but Axe is more than ready for him.

Source: Showtime

Lawrence Boyd drops a nice reference to the nature man Ric Flair while thanking Axe for ensuring everyone will be talking about the Panel for the next month!

Chuck’s friend, Ira, charges at a rate that even Orrin doesn’t! $1,400 an hour defence. Wow! Justice is not defending Chuck so he has come to Ira for help. Ira suggests Chuck shows loyalty and takes out a big enemy of the AG. The problem is who.  They have 3 days to figure it out.

Bryan, Kate and Lonnie are waiting for Chuck. He arrives, telling them

“You have a new mandate. Find me a case that is screaming for justice. One that no one else would have the courage to take on.”

Wall Street is the target, but Axe Capital is off limits as going for Axe “won’t help”. When Bryan asks “help what?” Chuck avoids the question and leaves the room.

Axe is about to meet Taylor, who has been analysing Todd’s speech patterns and what he says. Mafee tried unsuccessfully to put it forward as his own work, but Bobby saw right through that. Axe outwardly shows little to know indication of how impressed he is at Taylor’s research. However, there is a slight acknowledgement when they tell him they have been here

“3 months and I am leaving in two weeks for Grad School…I’m an intern.”

source: Showtime

Chuck Senior has invaded the Rhoades household as he has caught onto the fact that Wendy and Chuck are separated. He isn’t happy, but of course is far more concerned about appearance, family name and status than the children’s happiness.

It is clear Wendy doesn’t share Chuck Senior’s view on what is important in life when she tells him to continue the discussion with his son.

Bobby is picking up dinner from Bruno’s and is introduced to his nephew, Marco. It seems as though Mark was wanting to speak with Bobby, but he had to go. Bruno says

“There’ll be time, there’ll be time.”


Source: Showtime

Chuck isn’t happy Wendy told his father they are separated. Wendy says “He is just like you. He figured it out”. Chuck replies “He had a theory which you confirmed”.  How differently they see things. Wendy asks why she had to read about the lawsuits in the Times. She is going to be questioned by Dake later.

Chuck and Wendy are at marriage counselling. Chuck is asked if he still feels under attack by unseen forces. He doesn’t answer, clearly distracted. Wendy asks if they can have the room and then shows her man (and Bobby, if only he could see it) what loyalty is as she is not for handing her husband over to Dake in anyway. She asks Chuck for advice about how to deal with Dake’s questions because she knows if he gets a sniff of the session notes debacle, Chuck’s career is toast.  There is a pattern emerging already here, while Bobby and Chuck are still sneaking around trying to take each other out, she’s in the middle trying to protect them both. Chuck tells Wendy not to lie for him.

Source: Showtime

The new performance coach has arrived at Axe Capital.

Wendy is being interviewed by Dake, who tries to unsettle her and put words in her mouth, but Wendy turns it on him for a moment and he is somewhat surprised she can tell how long he has been married.  He asks her about her bonus and what she could have done to earn such a large sum and then asks her if she thought Chuck was really recused or if she heard him discuss the case with colleagues. Wendy plays it quite coy as regards the discussions with colleague question.

Source: Showtime

Bryan Connerty, well now…he is on the phone with Dake and at this moment he is sounding like an informant, an unwilling one, but an informant nonetheless…let’s see…

Mafee is told by Axe to “Get your better half in here” as he says they have more on Todd.  They are going to short the investment Todd is involved with. Axe also gives Steph orders about tweets to send once things are going the way he wants. You know, it is a very bad idea to allow anyone control of your social media accounts. You would think Axe would be smarter about that.

Axe orders everyone to new sessions with the new performance coach. Ben Kim is the first one in the room and he gets promptly into bother for apologising for something that is not his fault. Gus is absolutely right.  I like the new Dr. He is very different from Wendy, very loud, but not in an unbearable way, in a very watchable, this guy knows what he is doing way.

Dake is at Axe Capital to question Axe. Orrin Bach is present. Axe is asked if he has suspicions of any further misconduct by Chuck other than those in his lawsuit.  Axe proceeds to list things he is suspicious of including the federal Government and that Dake does not need the glasses he wears.  Dake asks about the £5 million transferred to Wendy and if Axe new about the fire arms charges case. Orrin takes the stage and points out that Dake was invited to Axe Capital as a courtesy. Axe is offered immunity from prosecution if he were to testify that the £5 million was a bribe. Dake leaves without an answer. Chuck and Bobby discuss the options which would lead to Chuck’s destruction…but Orrin also points out that Wendy would be indicted too. Now then Axe, you’re either loyal or you aren’t.

Kate is in Lonnie’s office playing games with him or trying to and he tries to put doubt in Kate’s mind about Bryan. Interestingly Kate is calling him Connerty rather than Bryan.

Ira advises Chuck to settle because he is hearing that numerous AUSAs are going to come forward and claim that Chuck put pressure on them to intimidate. Chuck won’t settle and will fight all the way to the trial. Ira suggests that Chuck might need to use his Trust fund to fight his corner, but Chuck can’t touch it while he is in office. Ira quips

“Well, that is one good thing about getting fired.”

Ira has set up a double date for him and Chuck. Chuck isn’t impressed and is awkward as hell.

Mafee is talking stock with Bobby again and is told to wait for “the dead cat bounce”.

Steph seems to be the calm voice of Axe Capital as she suggests Todd would have picked up on Axe’s hostility and would expect an economic play. Steph is told to tell Mafee to wait until they hear from Dollar Bill rather than doing what Bobby told him a few minutes ago. Wags’ world has been turned upside down. He seems to be affronted by Steph speaking her mind when she is there to be a barrier between Axe and the staff.  Wags is told that Axe Capital needs to diversify and to start looking as they need to keep ahead of it.

Chuck is not happy about the ideas being brought to him and tells them to get smarter and take a risk. Chuck thinks Bryan is slow on the uptake and tells him he needs something by the end of today.  Bryan comments “that’s right you are in DC tomorrow”. Meow! Kate and Lonnie have a discussion about bringing in a case. Lonnie has one but is unwilling to risk handing it over himself. Kate is happy to take the risk.

Axe Capital is diversifying and Wags and Bill seem to be taking time to adjust. Gus seems to be a friend of Wags and talks to him about change.

Chuck is happy with the information Kate shares with him and gets onto Adam to put forward the information to the AG’s office.

Taylor has turned down a job at Axe Capital and so Axe guesses the intention was to test him and whether or not he could see them. Taylor suggests that the air at Axe Capital is thin. Axe and Taylor come to agreement that they will stay.


Source: Showtime

Todd calls Axe to tell him he will get him back after it all goes wrong for him.

Bryan’s appears to be falling apart and struggling with everything.  He is meeting Orrin who observes

“From the look in your eyes, I’d say you don’t know why you are here”.

Bryan admits “I just had to get out of that office” and “This is what it has come to, the one person I can turn to is you.” Orrin responds “That is what the game does to you.”

Bryan laments that nothing is straightforward anymore. It is barely recognisable. He then talks about being in Orrin’s class at law school and how it doesn’t resemble the real world at all. They discuss the conflict at USA office and how Bryan does not see friends.

Wags has a meltdown at the Sushi place and the Axe Capital staff’s reputation precedes them. Gus describes the traders as “middle school children”. Gus asks Wags to consider what is up when a cub can get under his skin so easily.

source: Showtime

Chuck and Chuck senior have a chat which naturally has Chuck Senior thinking it is all about money. He has managed to circumvent the rules around Chuck’s Trust and has bought Wendy a ring.

The AG is not budging and says the Williams case will be huge for whoever takes over Chuck’s office next.

Wendy advises Chuck her conversation about Dake being fixated on his recusal. She gives him some advice on an exercise called 180 as the choices he has been making are not working. Chuck gets on the phone to start rumours of an action against Lawrence Boyd and it seems to have worked.

The AG makes it clear there is a reason no one has come after Lawrence Boyd and Chuck has only bought himself a few months with this action.

Lawrence Boyd asks for Axe’s help. Axe is not forgiving of the stunt in season 1, but accepts the offer to help.  Axe may be thinking about how best to get one over on Boyd, but I am not sure. In any event, he needs to be careful of Boyd, who admits he is no stranger to having to get nasty.

source: Showtime

2 thoughts on “Previously on Billions: Season 2, Episode 2 “Dead Cat Bounce””

  1. I thought Bruno’s nephew was there, all suited up, just to meet Axe. Given Billions does never use a scene for the fun of it, there will really be time for Marco to meet Mr. Axelrod.

    I really REALLY feel for Bryan this season. He is so disappointed in the system that he is a part of for the right reasons. And Bryan going to Bach for advise is, as Bach rightly observes, all thanks to the game. The way Chuck plays the game makes Bryan to have nobody else but Bach to turn to. Maybe he has to take your advice and go to mum for advice, too! And, of course, we have this question that we have been discussing: Did Bryan make that call? I was not convinced until Bryan met Bach. I thought he would have said a word or two to him, something like “You guys trapped me” or something… but he keeps silent. Is he playing a game, too, or, is he the one that made the call? I start to feel like Bryan, having been primed at the pizza place both by Axe and Bach (and they might have planned that part knowing that they could in fact make Bryan to make the call), called the OPR. I am so curious what Chuck will do once he finds out. He will find out at some point, right?

    And you hit the Axe – Boyd meeting from a different angle and AMAZE me! You are right! I thought that Axe might choose to play Boyd to make him pay for what he did to him so Axe will be the red sash and Boyd will be the bull this time around and it is possible BUT I did not really think that Boyd could outplay him. It is absolutely possible. He should be a wiz in pulling tricks, too, next to the fact that he’s been a good friend of the administration. Maybe he even “served” the administration and so he is a good friend 😀 Who knows? I am dying to see how that story will fold out.

  2. I admire the writing and acting so much. It is all done so well. I am a bit conflicted about Bryan to be honest…what I mean is part of me immediately goes “oh don’t be that naive” because that is what we kind of expected of him from season 1. Another part of me is now thinking that, yeah, ok,he is struggling with the system not working the way he thinks it ouhgt to, but he can’t possibly still be that naive. Kate’s ambition and will to do whatever it takes is like a big red neon sign you might find at a club Wags visits. Kate’s dad’s advice was about ensuring no one thought of her as disloyal. I am pretty sure I know what Lonnie, Kate and Chuck are thinking of Bryan and I guess I am kind of hoping that maybe Bryan is a move ahead!

    The issue for Bryan is that as soon as he even clocks eyes on Bobby at Bruno’s he knows he is in trouble. He follows procedure and reports it but even he must know it is his word against Axe’s. I am still not sure he made that call. Imagine for a moment that he didn’t, if you are Bryan, you are asking yourself how Orrin could not possibly predict (assuming Orrin did not make the call) that Bobby would pull a stunt like that. The answer is simply that it is impossible that he could not predict it and it suits Orrin well.

    I think it is fair to say that Bryan looked up to Orrin once as he looked up to Chuck until recently. He is having to readjust. Not bringing up the call issue with Orrin could mean either he has accepted it, he is doing some recon of his own or he made the call. I reckon Chuck already suspects.

    I think there is a chance that Boyd is the King of informants. I asked this before, but am going to do so again, I wasn’t imagining that Axe’s case was sent to Eastern, was I? That was actually mentioned in S1? Because there is a serious lack of mention of it which the me says “they are right in front of your face”.

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