The latest episode of Billions witnesses a series of characters reconnecting with their pasts. With shifts occurring at Michael Prince Capital and within the government, some characters are grappling with self-doubt and their sense of purpose. The ongoing theme of Michael Prince posing a threat to American democracy hasn’t been adequately explored this season, a fact highlighted further in this week’s episode, which prioritizes character development over the overarching plot.
The episode opens in a bar where wealthy Wall Street individuals celebrate the anniversary of Michael Lewis’ seminal book Liar’s Poker, which recounts his experiences as a bond broker in the 1980s. This instance once again feels like Billions is inserting guest appearances for the sake of it, but it sets the stage for Wags’ storyline in this episode.
Wags (David Costabile), attempting to attract investment to Michael Prince Capital, engages with old acquaintances at the bar. However, he’s treated as outdated and a relic of the past. His reputation has dwindled, and he’s now perceived as a subservient political figure. Wags grapples with this perception until Wendy (Maggie Siff) joins him. Wendy is in a similar state after discovering that most colleagues seek an external therapist to discuss non-work matters. They share a moment over whiskey, reflecting on their insecurities before committing to regaining their confidence.
For Wags, this entails confronting Winston (Will Roland), who left Michael Prince Capital to pitch his risk management software to Prince’s rivals. Since Winston developed his software during his time at Prince’s company, Wags is determined to thwart him. This subplot is engaging, from Winston’s monotonous “going away” party to the scene where Wags confronts him, planting a bug that allows his team to track Winston’s pitches and sabotage his efforts.
Wendy’s journey takes a different route. She seeks out therapist Dr. Mayer, addressing her concerns about losing patients to Mayer. Wendy proposes a collaborative approach to benefit Michael Prince Capital employees, but Mayer dismisses the idea. Mayer acknowledges Wendy’s therapeutic skills but questions their application for honorable purposes. Mayer believes Wendy is perpetuating a cycle of unfulfilling routines for her patients. By the episode’s end, Wendy turns to Mayer for her own therapy.
Meanwhile, Chuck (Paul Giamatti) resumes his role as US Attorney at the Southern District of New York, with Ira (Ben Shenkman) by his side. However, a new problem emerges: Chuck is apprehensive. Eager to make a significant impact with his first case, he rejects every proposal, fearing failure. The storyline attempts to delve into Chuck’s psyche but feels overblown and lacking urgency, despite appearances by Kareem Abdul-Jabbar and repetitive conversations.
Despite its flaws, this episode stands out as the strongest of the season due to its engaging scenes and character exploration. Hopefully, the remaining episodes will build upon this foundation.”