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Junk ~ Arena Stage

Jordan Wright
April 16, 2019 

If you didn’t live through the junk bond scandal of the mid-80’s you may need a primer before seeing Junk.  Though much unfolds through the plot, it’s still a bit complex as to how they committed such monumental financial chicanery in plain sight.  The drama centers around the period when hostile corporate takeovers by young high-flying Wall Street players gamed the system to turn debt into dollars in order to line their pockets.  They made some people money, but ultimately it was a Ponzi scheme that took down our financial system, robbed tens of thousands of workers out of their jobs and retirement benefits, and pretty much destroyed American manufacturing.  The story mirrors the rise and fall of Michael Milkin the junk bond king.

(L to R) Edward Gero (Thomas Everson Jr.), Thomas Keegan (Robert Merkin) and Jonathan David Martin (Israel Peterman). Photo by C. Stanley Photography.

A lot of these guys got caught up in insider trading, selling secrets used to manipulate stock prices – raising a stock to make it look appealing to investors, then lowering it and turning it into debt when they wanted to force the owners out.  It’s complicated.  In fact, so complicated that it was over the heads of most people which is how they got away with it for so long until the Feds and the SEC eventually caught on.  As the young reporter, Judy Chen, puts it, “The age of speaking truth to power was coming to an end.”

Nancy Sun (Judy Chen). Photo by C. Stanley Photography.

Pulitzer-winning playwright, Ayad Akhtar (Disgraced) draws us into this sleazy, greedy, nether world of characters with warning lights flashing while investors reaped untold millions through mergers and acquisitions as companies tanked.  It’s fascinating and revealing, all at once – a cautionary tale of greed and deception.

(L to R) Edward Gero (Thomas Everson Jr.) and Thomas Keegan (Robert Merkin) in Junk. Photo by C. Stanley Photography.

Thomas Keegan plays Robert “Bob” Merkin, a. k. a. “the White Whale”, who Time Magazine named “America’s Alchemist”.  Keegan is riveting as the kingpin of the bond market and the titan who everyone fears and obeys.  His plan is to take over a three-generation-owned American steel manufacturer run by Tom Everson, Jr.  However, there are subplots that lurk beneath the surface.  Judy Chen is writing a book on the Merkin phenomenon and switches sides, Murray is an investor whose wife is suspicious of Merkin’s shady deals, Boris Pronsky works behind the scenes as an unscrupulous trader in debt to Bob, and Israel Peterman is Bob’s front man.  Oh, and there’s a mole.  I won’t say who.  That ought to get you started.

(L to R) Michael Glenn (Mark O’Hare), Elan Zafir (Boris Pronsky) and JaBen Early (Kevin Walsh/Curt) in Junk. Photo by C. Stanley Photography.


For Bob who thinks “debt signifies new beginnings,” he believes, “the law belongs to those who break the rules.” When he finally gets his comeuppance for a host of felonies laced with triple damages, and everyone starts ratting each other out, we begin to see the inkling of an idea forming in Bob’s mind for his next racket – the mortgage crisis that sent the country into a tailspin.  But there are lots more twists and turns to keep you guessing who will come out on top.

(L to R) David Andrew Macdonald (Leo Tresler) and Nicholas Baroudi (Giuseppe Addesso) in Junk. Photo by C. Stanley Photography.

Clever, intense and a forewarning.  Highly recommended.

Starring Thomas Keegan as Robert Merkin; Nancy Sun as Judy Chen; Edward Gero as Thomas Everson, Jr.; Jonathan David Martin as Israel Peterman; David Andrew Macdonald as Leo Tresler; Shanara Gabrielle as Amy Merkin; Michael Russotto as Murray Lefkowitz/Maître d’/Counsel; Elan Zafir as Boris Pronsky; Amanda Forstrom as Charlene Stewart/Lawyer; Jaben Early as Kevin Walsh; Kashayna Johnson as Jacqueline Blount; Lise Bruneau as Maximilien Cizik; Perry Young as Raúl Rivera; Michael Glenn as Mark O’Hare/Curt; Dylan Jackson as Devon Atkins/Waiter; Nicholas Baroudi as Giuseppe Addesso; and Elliott Bales as Union Rep/Corrigan Wiley/Fight Captain.

Directed by Jackie Maxwell; Set Design by Misha Kachman; Costume Design by Judith Bowden.

Through May 5th at Arena Stage in the Fichandler Theater – 1101 Sixth St., SE, Washington, DC 20024.  For tickets and information call 202 488-3300.

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