During the 1980s, the network television landscape included popular nighttime soap operas about feuding wealthy families engaged in power struggles in a range of industries from the oil business to multi-national corporations.

Larry Hagman proved so unforgettable as Texas oil baron J.R. Ewing, operating from the Southfork ranch in “Dallas,” that the TNT cable network brought him and other original cast members back for a reboot of the series more than twenty years later.

Whether a series involved squabbling in the California wine industry (“Falcon Crest”) or the Carrington oil family in Denver (“Dynasty”), the formula resulted in similar-type dramas with “Knots Landing,” “Flamingo Road” and “The Colbys.”

Appetite for programming of this nature apparently still exists as ABC came up with “Blood & Oil” on last fall’s schedule, even though Don Johnson’s oil tycoon Hap Briggs is no J.R. Ewing or Blake Carrington.

Showtime, unburdened by network rules, has greater latitude to explore variations of the dramatic formula. Given recent films like “The Wolf of Wall Street” and “The Big Short,” the thought must have occurred to impose the soap opera blueprint to the financial sector.  

“Billions,” a 12-episode Showtime series, takes fascination with American commerce to a new level, going far beyond the mere machinations of family feuding.

At its most basic, “Billions” is a clash between the dicey world of high finance and the exuberance of federal prosecution.

On the one hand, Damian Lewis’ Bobby “Axe” Axelrod, who runs an enormous hedge fund called Axe Capital in Westport, Connecticut, is a self-made man without a great academic pedigree, having worked his way up the ladder by using his smarts to figure out market fluctuations.

On the other side of the equation is Paul Giamatti’s Chuck Rhoades, the U.S. Attorney for the Southern District, thereby the chief federal prosecutor who rides herd over investigations into the illicit maneuvers of the titans of Wall Street.

Rhoades is the polar opposite of Bobby Axelrod, having grown up in a life of privilege, graduating from the elite prep school Choate before attending Yale in undergrad and law school. Axelrod is the type of big fish that has come under scrutiny from the U.S. Attorney’s office.

Not given to impulsive actions, Rhoades won’t risk his perfect conviction record even though his sights are on Axelrod. “A good matador doesn’t try to kill a fresh bull,” says Rhoades, noting that “You wait until he’s been stuck a few times.”

Though one would expect that the hedge fund manager to be a villainous financial character and the U.S. Attorney to be a righteous crusader, “Billions” most wisely does not fall into the trap of facile characterizations based on good versus evil stereotypes.

Even though ruthless and ethically challenged to be sure, Axelrod cares about the people in his life and funds the college education of interns without seeking any public fanfare.

Having a few sexual peccadilloes in his closet, Rhoades’ behavior could cause problems in his professional career if his indiscretions were ever uncovered. 

One of the most interesting turns in this high-finance soap opera is that Maggie Siff’s Wendy Rhoades, married to the crusading U.S. Attorney, has a professional role as an influential member of the Axe Capital inner circle. This screams conflict-of-interest, but no matter.

Whip smart and ambitious, Wendy Rhoades is caught between her husband’s convictions and her key position as the in-house psychiatrist for Bobby Axelrod and his merry band of traders, most of them appearing to need counseling to handle the high stress of navigating the market.

For a culture dominated by men, having Wendy Rhoades as the shrewd manipulator of her position between two titans on the opposite end of the scales is a nice touch. The only other female of note is Malin Akerman’s Lara Axelrod, the fiercely loyal and street-smart wife.

At least through the first six episodes, U.S. Attorney Rhoades and hedge fund whiz Axelrod barely meet in a head-to-head confrontation. The battle is waged primarily through intermediaries, but one expects more personal fireworks to come.

“Billions” mines the sarcastic humor and insults that come naturally to the battlefield of these competing interests. The dialogue is often brilliant and intelligent, which underscores that the struggle involves personal agendas and professional ambitions that collide with tremendous impact.

One of the funniest scenes in the recent film “The Big Short” is when beautiful blonde actress Margot Robbie gives a basic primer on mortgage-backed securities while sipping champagne in a bathtub.

“Billions” doesn’t resort to cute tricks to get its point across that the corporate corruption in the financial world is serious business as the driving force for an interesting, compelling drama. “Billions” is worth a look.

Tim Riley writes film and television reviews for Lake County News.