Billions Showtime — Labor vs. Capital
🚨 SPOILER ALERT!!! 🚨
Billions, a Showtime drama showcasing the collision of the world of New York high finance and politics, is entering its 4th season this Sunday. Two heavyweights champion the show, U.S. Attorney Chuck Rhoades and hedge fund manager Bobby "Axe" Axelrod, self-righteous individuals who attempt to use their smarts, power, and influence to outmaneuver the other.
Over the course of the past 3 seasons, we've seen some excellent character development amongst these two titans as well as many of the other supporting characters. Moreover, thoroughly enjoying the storyline's complexity, I wanted to unpack a few of my thoughts.
Labor vs. Capital
One could argue that the roots of capitalism, which America was founded on, began to loosen its grip in the early 1900s when Theodore Roosevelt began dismantling trusts owned by industry superpowers like John D. Rockefeller and J.P. Morgan.
After this early 20th century breakup, came WWI, the Great Depression, and WWII. So by the mid-1900s, the relationship between government and industry had transformed. Political power strengthened significantly due to the global turmoil in the mid-1900s.
Moreover, when capitalism is at its worst, capital and labor or employer and employee are at odds. Capitalist desiring larger profits at the expense of labor and labor desiring higher wages for minimal effort. Believing that a profit by the opposition means a loss for the opposed.
In the 20th century, we saw a rise in political power due to the financial turmoil experienced by many in the labor force during the first half of the century. Dissatisfied, they turned to politicians to fight their battles and serve in their best interest.
Fast forward to today, where the strain has only increased, we have two fictional characters that represent these two Americas. Axe in the right corner defending capital and Chuck in the left upholding government, which serves as a representative of labor. Capital arguing that labor is responsible for saving themselves vs. the government saying to labor, we can save you.
One of my favorite monologues of the series was when Axe and Chuck have a face-off at Axe Capital. Here Axe gives Chuck his 2 cents on the government. He says, "I employ hundreds of people directly and thousands indirectly. What do you do? Nothing! Besides, suck from the municipality. Feed off of it. And in exchange, you what? 'Keeping order?' You are a traffic cop hiding in federal robs."
Axe and Chuck's relationship shows the flaws of capitalism when operated by individuals who only consider their own interests—serving others if and when their interest aline.
Having watched all 3 seasons, I've concluded that Axe and Chuck are striving for the same thing. Different means but the same pursuit. Power is the end goal. Chuck, manipulative, and at times unethical, seeks his power through the people by claiming to serve "justice." While Axe, driven by financial gain, seeks power through the accumulation of capital.
Generational Wealth: New Money vs. Old Money
Axe is a self-made Wall Street billionaire with humble roots. In comparison, Chuck Rhoades is the son of a multi-millionaire New York businessman. A trust-fund baby who elected to choose the more noble career path as a public servant. In Season 2, Axe is exposed to the power of generational wealth as he experiences the limits of his money for the first time.
His humble beginnings have to this point served him; however, now they're operating as a burden. Often when you grow-up in financial lack, money is seen as the answer to all problems. It's a mistake that many first-generation wealthy individuals make.
Axe, now having accumulated "F-U money" or enough wealth where he can buy anything he wants, he's begun to confuse financial freedom with power. Forgetting that finances can empower but do not grant all power.
To further elaborate, every now and then, we see business executives transition from the private sector to the public sector. This career pivot, although honorable, often comes with a huge pay cut. What would make someone do that? Public good?
After accumulating more than enough money, the only thing left is power. Visible in Chuck Rhoades Sr's desire for his son to run for governor rather than create a business because generational wealth was already established.
Axe, new to money, had yet to learn that in certain rooms, power trumps money. But in Season 2, the walls of his billion-dollar bubble begin to burst. First, when he got turned down by the NFL to become a team owner. He says, "You are really going to walk away from the highest bid?" To which an NFL owner responds, "Sports franchises is how we unite people in this country. And you're not royalty. You are a robber baron."
Axe's second and most devastating lesson was when the Sandicot deal fell through due to a last-minute switch in the gaming license recipient. Chuck Rhoades Sr. called in a favor with "Black" Jack Foley, also known as the "The Kingmaker." One of the wealthiest and most powerful men in New York with 6th generation wealth who remains invisible. Foley was able to get the gaming licensing changed, almost costing Axe Capital half a billion dollars.
Used to crushing whoever crossed his path; naturally, Axe sought revenge. He offered one of Foley's suppliers a sizable amount to stop dealing with him but was turned down.
The supplier said Foley has the power to make my life miserable by screwing with licenses, contracts, taxes, etc. To which Axe replies, "you're more afraid of him than you are of me?" Shocked because, for the first time, money couldn't fix his problem. Later, Axe admits to Wags that Foley is different. That he's not like any of his hedge fund competitors
Foley has real power. He has capital at arm's length and labor under his control via the politicians. Unlike most business professionals, he does not see the political system as the enemy rather than a pond in his chess game.
Gender Roles
Gender roles in marriage have evolved quite rapidly since WWII. The writers of Billions do an excellent job of depicting some of the variances in today's relationships. Axe and Lara have a more traditional family structure. Axe brings home the bacon, and Lara runs the home/family.
However, despite not being an Axe Capital employee, her influence on Axe, the man, impacts his decision making at work. In fact, it was her that persuaded him to pull the plug on Sandicot and take the amnesty play. The role of wives in all successful men's development is a common thread throughout history from Eleanor Roosevelt's to your Coretta Scott King's.
On the other hand, Wendy is the breadwinner in the Rhoades, homemaking 8x more than Chuck. This income disparity presents challenges for Chuck's ego, who was raised in a more traditional structure.
Although he resents his father in many ways, he also wishes he had the same control over his home. Chuck Sr.'s wallet empowered him to do as he pleased. Going to the lengths of having a mistress on the side.
Chuck Jr. knows that he has not been awarded those same privileges. Wendy does not operate in his shadow. In fact, she refuses to sacrifice her lucrative career for his crusade.
The transformed gender roles expose the fragileness of the male ego. In one of our recent BYLU Podcast, The Bag Ladies A-Alike, we discussed how insecure men could become regarding the women they love. Chuck feels lucky to have married Wendy, and by not being the breadwinner, you can sense that he feels like less of a man.
During his father's generation and the ones preceding that, a man's role as the breadwinner defined him. However, now that these roles have shifted, Chuck is struggling with his manhood. And Wendy's relationship with Axe doesn't help, especially when he gives her Maserati's and multi-million dollar bonuses.
Surprisingly, despite the Rhoades having more severe marital challenges, in Season 3, Lara was the one to walk away from her marriage. Being in the more traditional family structure, many would assume that they would outlast the Rhoades as they seemed more dependent upon each other. Axe needed Lara to take care of the home/kids to handle business at work and support him both mentally and emotionally. And Lara needed Axe to take care of business.
In contrast, Wendy and Chuck's relationship didn't seem to be as co-dependent. In fact, the lack of dependency seemed very unhealthy at times. Yet Wendy and Chuck are still together. Nonetheless, marriage and the roles associated with each gender are no longer as simple as they used to be, and this show accurately demonstrates that.
Ego
Stephen Covey claims there are 6 paradigms of human interaction win/lose, lose/win, lose/lose, win, and win/win or no deal. Throughout the seasons, we see Axe and Chuck’s relationship progress from Win/Lose, where they each aspire to defeat the other in war. To lose/lose where they are willing to pay any price to guarantee the loss of the other even if it requires self-sabotage—both allowing their egos to consume and lead them down a path of destruction.
One of the early face-offs was in season 1, episode 6, when Axe is getting ready to plead guilty and pay the fine. Here the Win/Lose paradigm, which both parties are subscribed to, is displayed. People who embrace win/lose have a “scarcity mentality” and believe “you must lose so that I can win.”
Chuck makes a comment hoping to exert his dominance over Axe. He says, “Didn’t you say you would never settle. Out there, you talk tough, but you end up in here.” Axe, wanting to tip the scale in his favor, responds, “1.9 billion is going to hurt but not like a shark bit more like a red ant. We can make that 1.9 back in 6 months.” Chuck, refusing to take the “loss,” changes the deal from Axe being allowed to run a family office to a lifetime band, which leads to Axe ripping up the check and storming out.
So often in business, especially during the negotiation process, people see the other party as a competitor. The best negotiators, however, approach the table as collaborators. As if they are two people trying to solve a problem together. If the problem can be solved, both parties win, and if the problem can’t, there is no deal.
Moreover, through the series, we see their intersection progress from bad to worse. When two win/lose people go against one another for an extended period of time, emotions begin to rise, and rager starts to consume all logic. Resulting in the progression to a lose/lose paradigm.
In season 2, we see this shift happen. Axe says to Chuck, “And when I’m done, you won’t be governor. You won’t be the U.S. Attorney. You might not even be an attorney at all. I might go down behind all of this, but one thing is for sure. You are going to be right there next to me.” Chuck responding, “Like I said before Bobby, worth it!”
And being a man of his word, Chuck backed up these actions in the Ice Juice fiasco. By willing losing his entire trust fund, manipulating his dad, which cost him hundreds of thousands of dollars and allowing one of his best friends to lose everything he had just to destroy Axe.
Ego is dangerous in all relationships but especially in the corporate space. Sadly many companies unintentionally have cultivated or even incentivized a workspace of win/lose interactions. Which unfortunately tend to lead to lose/lose interactions. This paradigm creates team cultures within the broader company culture.
In fact, I often tell college seniors that the company culture has a limited impact on your experience at a majority of large companies. Rather, your experiences will be the result of the hand full of individuals you interact with daily.
Because as the saying goes, people don’t quit a job; they quit a boss. Moreover, this is why, as leaders, it’s important to create a culture that mirrors the win/win paradigm and quickly removes bad actors that don’t represent it.
Corporate Wellness
Billions is likely the first show I've watched where wellness in the corporate space is given such a platform. Wendy Rhoades, a psychiatrist by trade, is the most powerful employee at Axe Capital after Bobby.
From the Maserati, multi-million dollar bonus and being the only one who can challenge Axe. Wendy's the oil that keeps the company running. Axe himself even goes to the extent of saying that her value at Axe Capital is absolute.
Wendy, the company's in-house performance coach, operates like a skillful builder, constantly piecing the employees of Axe Cap back together whenever they are broken. Whether it be due to office politics or work performance-related stress, when I reflect on my own experience working in Corporate America, I can only imagine how beneficial it would have been to have a Wendy.
An ear to listen and help me reason through my challenges without judgment. And although companies provide new employees with mentors, coaches, HR, and several other points of contact that one could leverage in times of crisis. Having someone who legally couldn't disclose what you told them, and is clinically trained to listen, provides an extra layer of security and comfort.
Personally, one of my biggest challenges during my time in corporate America was opening up to people. As I was always skeptical about the phrase, "you can tell me anything." Not knowing if it was merely corporate lingo or someone genuinely having my best interest at heart. Nonetheless, Billions showcases the value an in-house performance coach can add to its employees' sanity and the bottom line.
To conclude, I'm super excited for Season 4 to see what's coming next. If you haven't already watched, catch Season 1–3 on Showtime.