Ep 2. 1983-85: Nothing in Their Way

In Empires of New York season 1 episode 2, titled "1983-85: Nothing in Their Way," the focus is on the rise of two new power players in the world of finance: John Gutfreund and Steven Roth.

Gutfreund was the CEO of Salomon Brothers, one of the most successful investment banks in the city, while Roth was a young developer who was making a name for himself in the real estate world.

The episode begins in 1983, when Gutfreund is at the peak of his career. Salomon Brothers is making billions of dollars in profits, and Gutfreund is seen as a king among Wall Street traders. However, his success and the culture of excess that surrounded it would eventually lead to his downfall.

Meanwhile, Roth is just starting out in the real estate business. He has a keen eye for spotting undervalued properties and turning them into lucrative investments. He's also not afraid to take risks, as evidenced by his decision to purchase the lease for the World Trade Center in 1983.

As the episode progresses, we see both men face a series of challenges and setbacks. Gutfreund's downfall is brought on by a scandal involving insider trading, which leads to his resignation from Salomon Brothers in 1991. Roth's path is less tumultuous, but he still has to navigate the ups and downs of the real estate market.

Despite their different trajectories, both men play key roles in shaping the financial landscape of New York. Gutfreund is remembered for his role in the growth of Salomon Brothers, while Roth is credited with transforming the World Trade Center into a thriving commercial hub.

Overall, "1983-85: Nothing in Their Way" is a fascinating look at the rise of two power players in New York's financial world. The episode does an excellent job of exploring the complex factors that led to their success, as well as the challenges they faced along the way. It's a must-watch for anyone interested in the history of finance and real estate in New York.