Michael Douglas was seen chatting with co-star Shia LaBeouf as they waited to start shooting a scene for Wall Street 2: The Money Never Sleeps in New York City this afternoon (October 7).

Douglas is reprising the role of arch villan Gordon Gekko, who uttered the immortal “Greed is Good” line which personified the excesses of the late 1980’s.

Meanwhile, along with co-star Megan Fox, Shia will once again battle giant robots when the third film in the Transformers franchise blasts into theatres in 2011.

Director Michael Bay announced the movie news in his online forum recently, writing, “Well it’s official: We have a great Transformers 3 story. The release date is now July 1st 2011. Not 2012.”

Bay also included a lighthearted note to Megan, poking fun at reports the two have butted heads in the past. “Megan Fox, welcome back. I promise no alien robots will harm you in any way during the production of this motion picture. Please consult your Physician when working under my direction because some side effects can occur, such as mild dizziness, intense nausea, suicidal tendencies, depression, minor chest hair growth, random internal hemorrhaging and inability to sleep.”