Slate Money: Succession S2E1 Recap – "Silica Mud Treatment"

Podcast: Slate Money
Hosts: Felix Salmon, Emily Peck, Matt Levine
Guest: Ed Lee (New York Times)
Date: August 12, 2019

Episode Overview

This special Slate Money Extra episode kicks off a mini-season of Succession recaps, focusing on Season 2 Episode 1, “Silica Mud Treatment.” Hosts Felix Salmon, Emily Peck, and Matt Levine, along with guest Ed Lee, break down the episode's key plotlines, character arcs, and real-world financial parallels, blending sharp business analysis with irreverent, fan-like enthusiasm. Spoilers ahead!

Main Discussion & Key Insights

1. The Real-World Inspirations Behind Succession

• The Roy family's dynamics and drama are drawn from several real media dynasties, including the Murdochs, Redstones, and Dolans.
  • Ed Lee [03:10]: “It’s a very smart sort of melange of all the big powerful families.”
• Specific elements—like family buyouts, wayward sons, and rivalries—mirror notable business history (e.g., CBS/Viacom's Redstone saga, Murdoch’s empire).

2. Recapping the End of Season 1 and Its Fallout

• Emily Peck summarizes [05:42] the Season 1 finale: Kendall’s failed coup and involvement in a fatal car accident (“Chappaquiddick scenario”) solidify Logan’s hold over his son.
• The family’s ruthless dynamics, including Logan’s leveraging of Kendall’s guilt, drive the new season’s emotional tone.

3. Kendall’s Brokenness: A Central Theme

• Season 2 opens with Kendall in an Icelandic spa, emotionally and physically shattered.
  • Matt Levine [07:13]: “It’s not just my favorite line of the episode. I think it’s going to be my favorite line of the whole series… 'I meant to have a silica mud treatment.'”
  • Emily Peck [08:59]: Describes Kendall as “utterly broken”—called a “sweaty corpse," "waxy, like an unshaven candle," a "dead man walking," “Mr. Potato Head," and “my plastic adversary.”
• The contrast with season one's opening—Kendall's arrogance and hope—is stark.

4. Business Accuracy and Satirical Nuance

• The show’s attention to financial details is lauded but sometimes veers into “MacGuffins.”
  • Matt Levine [10:39]: Praises how the first season subverts expectations by quickly resolving what first seemed its central dilemma (Logan’s health/succession).
  • Felix Salmon [11:44]: Credits the show with capturing industry anxieties about tech giants disrupting legacy media—echoing Murdoch’s decisions to sell to Disney.

5. Media Industry Parallels: Tech’s Threat to Legacy Media

• Ed Lee explains [12:40] the existential threat that tech (Facebook, Netflix, etc.) poses to traditional media and why the Roys (and Murdochs) consider selling.
  • “That whole media infrastructure is just dying… Rupert Murdoch selling out actually made complete sense.”
• Logan’s Dilemma: Does he cash out while he can or double down and risk irrelevance?

6. Character Deep-Dives & Plot Notes

• Kendall’s TV Appearance: Blank repetition—“I saw their plan and my dad’s plan was better”—as a trauma response and PR tactic. [15:23]
  • Emily Peck: “He can’t say the truth, which is like, oh, I accidentally did a murder and my dad covered it up for me. So now I owe him everything. I’m basically his bitch.”
• Body Men & Inner Circles: Parallels to real-life moguls’ close aides who shield and sometimes cover for them. [16:26]
• Logan’s Scars & Backstory: Allusions to other moguls’ traumas (Sumner Redstone) and the hints at Logan’s own dark past. [17:19]

7. Boardroom, Stock Market, and Strategic Play

• Stock Price Dynamics: In a clever subversion [18:28], the family wants the share price to drop to fight off a takeover—unusual for TV or real business dramas.
• Deal-Making Realism: The subtleties of risk arbitrage and capital structure are incorporated into plotlines, sometimes with insider accuracy, sometimes as dramatic license.

8. The Summer Palace (Shitpit) Set Piece

• Emily Peck [22:50]: Describes the Hamptons palace as the backdrop for power games masked by ostentatious, yet wasted, displays of wealth (e.g., the lobster/steak dump over raccoon stench).
• Felix Salmon [24:48]: “They’re afraid to eat and they’re afraid to talk… Everyone’s afraid of Logan.”

9. Choosing the Heir: Siobhan’s Moment

• The emotional centerpiece is Logan’s conversation with Siobhan (Shiv) [27:16–27:43], in which he offers her the CEO succession.
  • Logan to Shiv [27:43]: “You are, Shiv. You're the one.”
  • Felix Salmon [27:52]: “She’s both awful but human… the one you relate to the most.”
• Discussion of Shiv’s real-life Murdoch analogue, Elizabeth Murdoch, and her outsider/insider status.

10. Roman, Tom, and Power Fantasies

• Roman’s bluster and Tom’s “delusional” ambitions for power provide comedic and satirical contrast.
  • Matt Levine [30:18]: “Anyone with the slightest glimmer of self-awareness would know [Tom being CEO] was zero possibility. But he is so delusional.”

11. Wealth Satire and Visual Comedy

• Tom alone on a yacht in a seersucker suit (not appropriate yacht-wear), with curtains drawn—lampooning clueless nouveau-riche behavior.

12. Power, News, and Political Parallels

• The show’s debates over whether to keep or sell the news division (and the political influence it brings) reference Murdoch’s attachment to news properties and broader questions about money vs. power.
  • Matt Levine [34:47]: “Murdoch talks to Trump every day on the phone. And the reason… is because he owns Fox News.”

13. Sandy Furness & the Malone Parallel

• Felix Salmon [35:50]: “Sandy Furness is John Malone”—a reference to the legendary cable kingpin and his real-world battles with Murdoch.
• [36:38] The term “asset swap” and hostilities with Sandy reflect genuine business tactics and power struggles.

14. Episode Climax: The Threat Message

• Kendall delivers Logan’s threat to Sandy—a moment celebrated for its bravado and writing.
  • Ed Lee quoting Kendall [38:22]: “He will send men to kill your pets and your wives, and it will never be over.”
  • Sandy’s dry reply: “Good. Well, let’s move ahead with that process, shall we?”

Notable Quotes & Memorable Moments (w/Timestamps)

• [07:18] Kendall, defeated at the spa:
  Matt Levine: “I meant to have a silica mud treatment.”
• [08:59] On Kendall’s state:
  Emily Peck: “His dad calls him Mr. Potato Head and my plastic adversary. Like, he’s just completely broken down.”
• [15:14] On Kendall’s PR response:
  Emily Peck: “He can’t say the truth… so he just says, ‘I saw their plan and my dad’s plan was better.’”
• [19:14] On stock price strategy:
  Felix Salmon: “Pour me some buckets of cold shit on the bid. All right?”
• [23:28] On the Summer Palace stench:
  Matt Levine: “It smells like the cheesemonger died and left his dick in the brie.”
• [26:27] Trump parallels:
  Emily Peck: “There’s a scene where Logan Roy… stiffs the contractor—out of Donald Trump’s playbook 100%... ‘My lawyers work for the Justice Department.’”
• [27:43] Logan’s offer to Shiv:
  Ed Lee as Logan Roy: “You are, Shiv. You’re the one.”
  Shiv: “I don’t think I’m the right person.”
  Logan: “Well… I think you are.”
• [38:22] The threat to Sandy:
  Ed Lee (as Kendall): “He will send men to kill your pets and your wives, and it will never be over.” Sandy: “Good. Well, let’s move ahead with that process, shall we?”
• [39:17] Favorite lines:
  Emily Peck (Cousin Greg):
  “I couldn't get anything better, it's Fashion Week. All the good penthouses are taken.”
  Matt Levine (Stewy):
  “‘He had to take a call.’ That's like a 1987 power move, dude.”

Additional Highlights

- Tone and Style

• The hosts freely blend insider financial analysis with sly appreciation of the show’s satire:
  Matt Levine [22:29]: “Every single character is terrible… so that just kind of goes without saying.”
• Occasional asides about wardrobe, set design, and the show's gallows humor deepen the recap's fun.

- Final Thoughts

• Felix Salmon [32:45]: “That scene [with Shiv and Logan] really makes you want more… you don’t even believe it fully. He’s gonna dangle this. He’s gonna do his cat and mouse…”
• The hosts agree: Succession’s power games are just getting started; real decisions and betrayals lie ahead.

Timestamps for Key Segments

• [02:27] - Discussion of real-world media family inspirations
• [05:42] - Recap of Season 1 finale and its fallout for Kendall
• [07:13] - Opening of S2E1: Kendall at the Iceland spa
• [12:40] - Media industry commentary: tech vs. legacy players
• [18:28] - The “cold shit on the bid” stock market subplot
• [22:50] - The Hamptons summer house set piece
• [27:16] - The Shiv-Logan CEO conversation
• [35:50] - Who is Sandy Furness? (John Malone parallels)
• [38:22] - Kendall’s threat message to Sandy (end of episode)

Conclusion

Slate Money’s S2E1 recap expertly entwines business savvy, media history, and sharp humor to illuminate both the dramatic and satirical brilliance of Succession. With an eye for both financial realism and family dysfunction, the conversation primes listeners for the season’s ongoing Machiavellian intrigue and power struggles—both on-screen and off.