Industry Recap: Kompromat

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Growing up, the ‘bad guys’ always changed. First it was the Russians, then people from the Arab world who were seen as a threat to our way of life. More recently, the super-wealthy, with their extravagant lifestyles and internal conflicts, filled that role. But history repeats itself. Just like fashion trends, villains come back around. Excess and indulgence are in again, and the new TV show Industry brings it full circle – the ultimate antagonist is, once again, Russia.

By the middle of “Dear Henry,” Whitney Halberstram is at his worst. Tender’s stock is plummeting because of Harper’s shocking statements at the ALPHA Conference. Hayley, revealed to be a sex worker who also handles administrative tasks, is blackmailing him for $750,000. Henry has disappeared, and even Jonah won’t answer his call, too busy with his own life. Lost in thought and considering fleeing the country, Whitney’s world is turned upside down by a stunning revelation from Ferdinand.

It’s easy to imagine Russia supporting foreign companies, especially banks, if it could gain access to sensitive customer information. (Having seen part of the movie No Way Out, I know what they’re capable of.) But if Ferdinand is telling the truth, the FSB has so much invested in Tender that they’d even kill Tony Day, a British citizen currently in the U.K., to prevent him from revealing information. And I do believe Ferdinand, who admits the SVR helped him advance his career in exchange for some stolen credentials. Is this a crazy plot twist? Yes, absolutely. If this is getting too unbelievable for you, I understand if you want to stop following the story. However, I’m finding it fascinating. Maybe the Lithuanian passport Whitney has isn’t a forgery. Maybe Whitney Halberstram is a completely constructed persona, just as his critics claim. (He’s a total fabrication, if you will.)

Okay, so Yasmin, who was briefly in charge of PR for Tender, is the first person on Whitney’s team to jump ship, and honestly, it felt a little predictable. Harper basically just paid her a visit and planted a few doubts – did she rush into trusting Whitney? Was she so focused on getting her husband, Henry, back on track that she didn’t ask the right questions about where Tender’s money was coming from? The show wants us to believe she wouldn’t have supported Tender if she’d known about the fraud, but I’m not buying it. This is the same woman who happily gave Moritz a platform and clearly prioritizes the comfortable life money provides. She doesn’t seem to care how things get done, just that they do get done, you know?

Despite everything, Yasmin is easily influenced. She openly insults Harper, but it won’t be long before she’s repeating his ideas to Henry and asking Hayley to investigate Whitney. When she unexpectedly sees Whitney watching Henry shower, she completely loses control. Henry, oblivious to Whitney’s voyeurism as he jokingly sings while getting clean, doesn’t seem to mind. He sharply retorts to his wife, who questions if his past experiences with other men mean he’s attracted to Whitney now. While Whitney’s interest in Henry is unsettling, it doesn’t seem important. Yasmin needs to focus: is she worried about her husband being framed for a major financial crime, or that Whitney is flirting with him – a man who doesn’t treat her well anyway?

Henry and Yasmin’s marriage seems to be falling apart even quicker than the Tender business. They barely speak, and when Henry does talk to Yasmin, he’s only critical of her. He’s started drinking again, and Yasmin believes Whitney is encouraging it. In a moment of defensiveness and pride, Henry accuses Yasmin of needing him to be self-destructive to give her life meaning. He tells her, with a falsely gentle tone, that he can’t help her find her own place in the world. I really hope Yasmin listens to her better judgment and leaves him, taking what she deserves.

The first scenes of “Dear Henry” follow a predictable but engaging cycle. Yasmin tries to warn Henry, but he initially dismisses her concerns, though he’s left with a lingering doubt. Later, while having dinner with Whitney and Tender’s accountant, Jacob, Henry discovers the audit presented to regulators wasn’t entirely honest. Jacob admits he saw financial problems in Tender’s accounts, but he explains them away as simple rounding errors common in African business. He then joins Whitney and the others in indulging in an extravagant bottle of wine – one he couldn’t personally afford, even on his birthday.

A few hours later, the TenderBoyz are at a gay club, but Jacob isn’t with them. Whitney leads a very enthusiastic Henry off the crowded dance floor and towards a private room, where Henry begins a sexual encounter with an anonymous partner. We can even hear sounds from the other side of the wall. While this happens, Whitney runs his hand through Henry’s hair and reassures him that he’s desirable, telling him what his boss wants to hear. Afterwards, Whitney, still sober, leaves Henry alone on the docks and heads to Accra to handle a personal issue. However, Henry’s night isn’t over; the story later finds him in a hotel room with multiple sex workers.

Harper is now speaking at the ALPHA conference, presenting SternTao’s findings on Tender’s operations in Africa. The scene is strange – everyone is frantically taking notes. Eric seems pleased, Yasmin is clearly angry, and Pierre is nodding in agreement. However, what Harper is saying doesn’t make much sense. She’s using a lot of technical terms without providing any real evidence to support SternTao’s claims. It’s all just jargon. Perhaps this is intentional, some kind of satire? We expected her to present a clear analysis of why the market underestimated Tender’s risks, but instead, she’s just repeating buzzwords and confidently clicking through the slides. She’s even calling for a new audit, similar to the one that exposed the fraud at Enron and promised better auditing practices – a bit ironic, really. To me, it sounds like empty rhetoric, but she delivers it with such conviction that Tender’s stock price plummeted 28 percent in a single day.

I really think this is the end for Tender. Pierpoint losing a billion dollars was bad, but stealing from everyday people’s paychecks? That’s a whole other level. I honestly don’t see how the bank can recover from this. Tender 2.0 just isn’t working, and frankly, neither is Whitney. He’s trying so hard to be like Henry Muck, but he just isn’t, and he won’t even admit it. He completely shuts down any talk of things like bridge loans or layoffs because he knows if Tender goes under, he goes down with it. He keeps insisting it’s just a problem with how the story is being told, and even suggested a TV appearance to calm down the traders. Seriously, there’s nothing he thinks he can’t fix with flashy moves and, of course, a little dirt on people. It’s unbelievable.

Whitney tries to intimidate SternTao by sending Eric a compromising video from their past – footage of Eric with a 14-year-old girl. However, the tactic fails because those unfamiliar with Eric and Harper’s complex motivations can’t grasp the reasons behind their behavior. Instead of being silenced, Eric boldly joins Whitney on the same CNN morning show. He stares directly at Whitney and firmly demands: “New audit now.”

Okay, so Whitney genuinely thinks he’s won against SternTao, and honestly, he feels like he’s conquered the whole world. While Sweetpea and Ed were patting themselves on the back for getting Tony Day to testify against Tender, Whitney was pulling strings in Africa, strong-arming his guy back into line. Apparently, Tony was in a tough spot financially when Whitney approached him – they’re not just business partners, they’re like brothers, almost comrades. Then, out of nowhere, Tony shows up on CNN, claiming the markets are racist – which is a pretty ridiculous accusation, honestly, as if there’s a difference between how people do math in different cultures. Eric was completely shocked to see Tony back on air in Accra, but Tony’s not backing down. He went on TV to cause chaos, and he’s determined to keep stirring things up. He tells the small international audience watching the pre-European opening-bell show that Whitney is right – Eric’s the bad guy, only motivated by profit. But does that actually make Eric wrong? Suddenly, there’s a new audit announced. And that’s it – no more questions allowed, apparently.

SternTao is finished, and Stern Management is taking its place. Eric won’t explain what he’s hiding from Harper, but after a brilliant appearance on the morning show, he gives her control of the company. He declares it the best day of his career in finance, and all he wants is the $10 million he initially invested. Harper tries to convince him they can work things out, but Eric firmly rejects her help—which is probably for the best. While Harper thinks she wants to understand what Eric is protecting her from, she’d be better off not knowing what’s on that tape. The episode ends with Eric walking away in Westchester, a definitive farewell. He’s already been paid back his investment, he tells Harper, and he’s found satisfaction in seeing her succeed – a new feeling for him that he hopes will sustain him. Earlier, Harper admits to Whitney that she missed her mother’s funeral, but she anticipates feeling a deeper loss over Eric leaving. She feels utterly alone and wonders if even Yasmin would answer her call.

We come into the world alone, and we leave it that way. Ultimately, everyone in this world ends up isolated. Whitney is in a complete panic – his company’s value is crashing – and surprisingly, he calls his rival, Harper, seeking some comfort. He asks her about her favorite classical music piece, a question he was once asked early in his career and still can’t answer. (Honestly, a good response would be simply, “Not really.”) I’ve lost all patience with this guy. It’s understandable to wish you’d been born into wealth. Most people can relate to that feeling. So why is he, the one who just flew private to Ghana, the one constantly complaining about it? Whitney’s real issue is that he wants to rewrite his past – he longs for a childhood filled with privilege, like growing up with a sophisticated home life and formal dinners.

I think Henry genuinely understands Whitney. He tells him it’s perfectly fine to come from a normal, middle-class background – there’s no need to invent a tragic past. Henry even jokes that a little exaggeration is okay as long as your intentions are good, and I agree with that. However, what happens when someone is truly dishonest and has no moral compass? After seeing Whitney act boastfully on CNN, Henry fires Jacob, their corrupt accountant. The problem is closer to home than they thought – a new audit is coming! It’s probably too late for that now. Henry needs to step down immediately and convincingly claim he found out about the fraud at the same time everyone else did.

Whitney is determined to make things difficult for him, and this episode, titled “Dear Henry,” revolves around a letter he’s constantly revising. Throughout the hour, we see snippets of Whitney’s increasingly bizarre attempts at writing, like “Dear Henry, What if I don’t contain multitudes?” or “To he who has everything, more will be given…”. She also tries, “Dear Henry, we are hardwired to live.” It’s all nonsensical rambling, a clear sign of a mind consumed by greed, desire, and a deep-seated fear.

Ultimately, Whitney personally delivers a detailed letter to Henry Muck, making it very clear what’s at risk for him. He’s no longer simply the public representative of the company; surprisingly, he’s become the face of what could be one of the largest financial scams ever committed against people in Britain – for the second time in his life.

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2026-02-16 06:56