Trama

As their first act as CEO and COO, Ken and Roman try to dig the company out of a financial mess. Meanwhile, Marcia prevents the family from seeing the recovering Roy.

The episode opens in the dark with an alarm beeping and Kendall Roy (Jeremy Strong) waking and engaging in his morning workout followed by a shower. It is still dark outside as he takes a limo to work. He enters Waystar-Royco headquarters building and up to his father's office. Marcia Roy (Hiam Abbass) exits the bedroom and asks the butler, "Richard, can you get me the price of the Waystar stock? At close last night, please." At their apartment Shiv Roy (Sarah Snook) and Tom Wambsgans (Matthew Macfadyen) share, Shiv is eating breakfast. She asks Tom, "Have you seen the numbers? Man, poor Ken. He's like dysentery for the stock price. You are walking into a burning barn." Shiv mentions that she is going to visit Logan and asks Tom to accompany her. Ken calls his wife, Rava Roy (Natalie Gold) to ask her advice on how to deal with the bank [ICBC] holding the Waystar note. She is busy trying to get the children off to school and doesn't really want to engage.

[Credits Roll]

Roman Roy (Kieran Culkin) is working out with his personal trainer, Brex (Brock Yurich). The trainer explains to Roman that he expects a commitment to being serious about getting in shape. Shiv and Tom go to visit Logan. When they arrive, two of Logan's caregivers exit, one of them crying. Colin (Scott Nicholson) escorts the women down in the elevator. Shiv insists on seeing her father and Marcia is just as insistent she does not. Shiv and Tom elicit some information from one of Logan's caregivers, but that doesn't pan out. Ken and Gerri Kellman (J. Smith-Cameron) watch the computer screen stock price profile cratering when Gerri assures Ken, "It'll stabilize." Ken tells Gerri his approach with the bank will be "Go F**k Yourself." Gerri is unimpressed with the proposed approach. Mr. Polk (voice of John Ottavino) calls Ken on the telephone. Polk reminds Ken that the bank is owed $3.25 billion. Polk calmly tells Ken, "If it reaches 130, you've broken the covenant, and we will want repayment." He goes on to explain that they don't like the media sector or Logan's treatment of them, so they want their money back, period. This is followed by a very long and uncomfortable silence. Polk finally explains that he doesn't care for the foul language or Ken's attitude. Polk hangs up the phone. Roman enters Logan's office where Ken and Gerri just finished the phone call with the bank. He explains that he was listening in, as a COO is entitled to do, and tells Ken that he handled the matter poorly.

Greg Hirsch (Nicholas Braun) shows up in the lobby of Waystar-Royco to check in, but of course the receptionist cannot find anything of his employment on the computer. While Tom addresses the Greg situation, Shiv goes upstairs to talk to her brothers about Logan. Shiv fears the worst, "Yeah, no one has seen him since we took him home from the hospital Thursday." Shiv asks that Ken intervene with Marcia. Lawrence Yee (Rob Yang) and the other division heads are preparing for an address by Ken on the company situation. The PR exec, Karolina (Dagmara Dominczyk) advises Ken not to be too aggressive. Karl (David Rasche), Gerri and Roman follow Ken to the meeting. Ken starts with a pep talk, then announces the strategy. It is, "The Strategy of a Thousand Lifeboats." Roman is with Ken's PA, Jess (Juliana Canfield). She reports, "Down three points, and there's an AP headline, 'CEO tells staff Waystar headed for Iceberg.'" Roman heads for his new office. It is sparse and looks unoccupied. After closing the shades to the outside office space, he walks over to the window. While looking out on the cityscape he begins to masturbate. In a coffee shop Ken meets with an old college chum, Stewy Hosseini (Arian Moayed). Ken is seeking advice, but explains to Stewy that it must remain confidential. He explains the loan and stock price problem. Spotting an opportunity and desperation, Stewy suggests, "... but what if we came in took the whole thing off your family's hands?" Kendall is not amused or interested. Stewy points out that Ken and his siblings could cash out and be very rich.

Shiv has an afternoon rendezvous with a fellow political advisor, and one time fling, Nathaniel 'Nate' Sofrelli (Ashley Zuckerman). Shiv insists it is work related and they trade barbs over the politicians they are working for at the moment. Shiv asks for some background information on her step mother, Marcia. You see, Nate, knows a guy. Ken calls Gerri for a stock price status. She informs him that the stock is down two more points and that Sandy Furness is in the building and wants to talk. Ken meets, secretly, with Sandy Furness (Larry Pine) a competitor in the media business. Sandy offers to provide Ken any advice if needed. He alludes to a merger or acquisition, then congratulates Ken on the Vaulter acquisition. Roman informs his brother, "Have you heard? Stock's gone below 130." Ken stops by to see Logan. Rava and the children complain that Marcia won't let them see Logan. Marcia stops Ken from seeing his father. Ken again meets with Stewy at the coffee shop. Ken has a proposal, he asks for $4 billion and to remain CEO. Stewy requests some nose candy for old time's sake. In the bathroom, Stewy asks for voting stock and a board seat. Ken asks for an answer. Stewy's answer is cryptic, "I'm not necessarily totally opposed to this notion." Ken interprets this as a yes.

Tom takes Greg to his first meeting. Shiv calls to let Tom know her brother, Connor is coming to town. Tom and Shiv meet with Connor (Alan Ruck) on the street to inform him of the background check on Marcia. They are outside Logan's apartment. They take the elevator up and encounter Marcia waiting for them at the door. Shiv tries to strong arm Marcia into a visit with her father. Shiv pushes past her step mother and goes up to see Logan (Brian Cox) in his room. She dismisses Logan's medical assistant, Joan (Lynne McCollough). Shiv explains to Logan that she and Tom will move permanently to New York and that they are engaged to be married. Logan tells Shiv, "I love you." Shiv takes her father's hand, which he promptly moves down to his crotch. Shiv pulls her hand back in surprise. Flustered, she tells Logan, "I'm gonna go get Joan, okay?" Shiv returns downstairs and encounters Marcia. Marcia tells her step daughter, "Shiv, I'm a private person. Not all of us are born into good ease. So, if you want to know anything about me, just ask me and I will tell you." Shiv throws a glance towards Colin on her way out. Marcia it seems has her sources too.

Ken, Roman, and Gerri talk again with Mr. Polk on a telephone conference call. Ken infers that the newly negotiated restructure terms offered by the bank are extortion. Ken tells Polk, "We don't need you ... I'll be looking elsewhere for a banking partner as we go supersonic. Good bye. And f**k you." Ken hangs up the phone. Ken has dinner out with his wife, Rava. He is in the mood to celebrate. She asks if the celebration is with the Stewy money. Ken explains, "I solved the debt issue with private equity money." Ken is trying for a reconciliation with Rava, but she confesses that she isn't interested. After dinner, they return to Ken's apartment and have sex, but Rava's position on the marriage is the same. Roman meets with his personal trainer, Brex and informs him that his back is out. He asks his trainer if he's insured [for professional liability]. Rava wakes up the next morning in Ken's bed. Ken thinks he can sweet talk Rava into a reconciliation until Rava explains she's gotten a lawyer and wants to keep the divorce on a friendly basis. As Rava leaves, Marcia calls Ken to tell him Logan wants to see him.

Logan is out of bed, sitting in a chair watching the news. Ken kisses his father hello. Ken explains that the stock tanked after Logan's stroke and that there were no good options. He explains that he found a private equity solution. Logan sums up his position by telling Kendall, "F**king Idiot." He reiterates, slowly, "You ... are ... a ... f**king idiot." Crestfallen, Ken turns and leaves his father's room. Greg walks through the park and sees a familiar face. He saw Ken meeting with Stewy in the coffee shop a few days earlier, now he sees Stewy again, but this time he talking to Sandy Furness. Ken takes the elevator to the lobby. The doorman opens the door and we close with Ken outside on the stoop with people walking on the sidewalk.

[End Credits Roll]