Industry Recap: Blame Game

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“It wasn’t just us who allowed this to happen,” Yasmin says to Henry, as they grieve for the future they’d envisioned. They’d briefly seemed on track for a perfect life: weeks spent in a beautiful, if somewhat showy, townhouse in Notting Hill, possibly even featured in House & Garden magazine. (It felt a bit tasteless to even think about that.) They planned to spend most weekends at their country estate, until their sons—she pictured three boys and three dogs—were old enough to go away to boarding school. She thought of Winchester, knowing it had a history of turning boys into snobbish, unpleasant young men.

It’s a shame you can’t bet against a marriage! Mr. and Mrs. Muck are now at the center of both a consumer fraud and a government corruption scandal. They seem to genuinely believe they aren’t to blame, claiming, “Other people let this happen.” This line is particularly revealing. When Henry reads a threatening letter from Whitney to his wife, they both interpret it as someone else being responsible for their problems—as if their own greed and carelessness played no part.

Watching “Points of Emphasis,” I found myself in the same room with Henry and Yasmin as their worlds were collapsing, but their concerns were strikingly different. Yasmin was grappling with a very real, practical fear – how to maintain her lifestyle now that her resources were drying up, relying on the continued kindness of Lord Alexander and Otto Mostyn. Henry, however, was consumed by something far more… fragile. It wasn’t about being a good man, it was about appearing to be one. He seemed to believe being caught in a government bailout and then a fraud was just bad timing, and he desperately needed public validation. I swear, he was shouting at Yasmin – close enough I could feel his spit – demanding the world reaffirm his goodness. “I am a good person, and the world shall tell that back to me; otherwise, what am I doing here?” And Yasmin… she just agreed with him, which instantly calmed him down. I initially wondered if she bought his self-serving nonsense, but that’s not Yasmin’s style. She doesn’t operate on principles; she’s a master of justifying her desires, bending reality to fit her needs.

After recovering from a period of infidelity, Henry goes to work, believing that’s what a morally upright person would do. He’s read Whitney’s letter multiple times but, displaying narcissistic tendencies, can’t understand why she isn’t more remorseful. Whitney, who lacks empathy, is frustrated that Henry doesn’t acknowledge the financial success she helped him achieve, even if it’s largely on paper. Fearing involvement, Henry chooses not to report the situation to the police. However, his insistence on being more moral than Whitney is both superficial and tiresome. While Whitney committed the initial fraud, Henry is now actively continuing it. His brief hesitation won’t matter much to the people they cheated, or to any potential jurors who might one day hear their case.

Although Henry seems to be following the plan now, he already fired Jacob last week. A new financial review by a different accountant is almost certain to happen. For Tender to stay afloat, Whitney and Henry need to stall the audit, make it as difficult as possible, and create financial records so complex that any problems discovered in Accra will be too late to address – by then, Tender will be a powerful, untouchable company. Whitney reminds Henry that he followed Henry’s advice when Tender initially borrowed a billion from Pierpoint; as a safeguard against a clause in the loan, Whitney has been secretly buying shares in Pierpoint. Now, Whitney proposes they acquire Pierpoint in a hostile takeover. A large acquisition would create the impression that Tender is successful and, conveniently, it would also make it harder for the audit to determine which jurisdiction should oversee the investigation. “You’re lucky to have me,” Whitney tells Henry, who appears overwhelmed and on the verge of a breakdown.

Whitney suggests Tender refocus on the U.S. market, and most of the board agrees that aggressively pursuing a takeover is a better strategy than passively waiting for failure. The TenderBoyz fly to New York on a private jet to disrupt Pierpoint’s shareholder meeting and publicly announce their hostile plan, with Wilhemina reluctantly helping. It’s clear al-Miraj is eager to sell the bank, and Whitney threatens to sabotage the deal with damaging leaks unless he’s allowed to speak at tomorrow’s summit. Henry is stunned by all the maneuvering, but his fascination with the situation – and with the person he admires – is growing. Max Minghella delivers a compelling performance as a quietly menacing villain.

Like most sharks, Whitney is a lone operator, and honestly, it’s becoming clear he never intended to help Tender or Henry. It’s a total shock to find out he didn’t even buy that stake in Pierpoint! New York was just a stopover, a place to pass through on his way to somewhere else. I watched him grab his bag, trying to disappear with a simple baseball cap, but Ferdinand was already onto him. It wasn’t about escaping a bad marriage or bankruptcy, though – Ferdinand knew about the money Whitney sent to that company that helps people disappear. You can’t hide from the FSB, that’s for sure. And while Russia might have liked having Tender around, they’re even more excited about a Pierpoint merger – think about all the data they’d get their hands on!

Whitney is understandably anxious arriving at the annual general meeting, but the moment for hesitation has passed. Henry bluntly tells him to just get on with it, which is enough encouragement. It takes Whitney a moment to regain his usual confident, even arrogant, demeanor, but he eventually makes an offer of 1.9 times Pierpoint’s book value, driven by Tender’s strong desire to re-enter the U.S. dollar market. The offer is surprisingly high because it’s mostly paid for with company stock, and Tender’s current value is unstable. The audience is almost openly hostile, but Whitney is allowed to continue speaking thanks to a representative from al-Miraj, whom he’s been blackmailing with compromising videos provided by Hayley.

Whitney and Henry are desperately trying to rescue their ship as Harper and Sweetpea are determined to destroy it. Following Harper’s public statement and Eric’s TV appearance, the value of Tender’s stock begins to fluctuate wildly. Despite all the talk on Wall Street about the power of storytelling, the only place where the potential failure of Tender is truly impacting things is in government. Jenni and Lisa are summoned by the Prime Minister’s chief of staff to explain how this situation arose. Lisa defends her colleague during the meeting, but later goes too far in private. Jenni was present at Henry’s birthday party, and her signature is in the visitor’s log for Tender. However, thanks to her friend Yasmin, Jenni has direct access to a powerful media network.

Yasmin is skilled at manipulating people, and she’s used this talent to turn Lord Norton against both his nephew and Tender. Her reasoning, though I don’t find it very strong, is that since giving Henry everything hasn’t stopped his drinking, they should try ruining his life instead. It’s worth noting that Henry has faced hardship before – losing his ship, the Lumi, and his position – but simply hitting a low point doesn’t solve addiction.

Jenni’s call sparked hope in Yasmin – a potential story about a government minister willing to reveal that warnings about the Tender situation were dismissed by Labour leaders. It was exactly the kind of sensational news tabloid readers crave. However, at the last moment, Jenni decided she wouldn’t betray Lisa, refusing to implicate her in the scandal. On the show Industry, acting with a clear conscience somehow comes across as naive and ineffective. The question arises: if Jenni isn’t willing to sacrifice an innocent public servant to expose a scandal, is she truly capable of leading a country? (A calculating politician might wonder if Lisa is as innocent as she seems, noting that she allowed both Jenni and the Prime Minister to rely on her.)

Yasmin and Uncle Alex quickly came up with a backup plan that was surprisingly simple – so much so, it’s hard to understand why it wasn’t their first choice. Creating fake accusations against Lisa from an anonymous source would require some effort – possibly forging documents and making up interviews. However, if another news source published the story first, they could easily spread it further. After weeks of arguing, Yasmin and Harper are finally working together again. Yasmin calls Harper with a false story claiming Lisa Dearn hid a memo that could have jeopardized Tender’s banking application. Harper doesn’t care that Yasmin’s story is obviously made up or that it’s completely untrue. She’s interested because it confirms what she already believed: Tender is a flawed company, and she was aware of it all along.

She immediately shared the accusations with Jim’s former boss, Ed, who published a brief piece in Fin Digest. It’s surprising he’d do something so unethical, especially after constantly talking about journalistic integrity. The story moves forward quickly, without time to consider anyone who might object – they may become important later. You can rationalize it by thinking he did it to help Jim, or maybe it was a slow news week and he needed more online views. Lord Norton’s publication will quickly pick up the story, and the Prime Minister will be eager to use the allegations against Lisa, as he’s never liked her attitude. By the time Lisa hears about the accusations, her resignation will already be decided. The scandal will also destroy Tender, but Yasmin has convinced Lord Norton that ruining Tender is the right thing to do. Oddly, both of them cry about it – Norton for his friend, and Yasmin, with a sense of unease, over the person she’s becoming.

Just as Whilimena was considering Tender’s proposal, Henry found out Lisa was out of the picture, and he panicked, seeing it as the start of his downfall. He desperately tried to get the jet’s satellite phone working, hoping Yasmin would stop his uncle from revealing something damaging. He couldn’t believe Yasmin might have her own motives, especially considering how badly he’d treated her. Rishi once unfairly heard Jim say he was too self-centered to think beyond his own world, but Henry was even worse – a combination of extreme arrogance and weakness. It was almost enjoyable to watch Whitney lose interest in him so quickly on “Points of Emphasis.” He was facing serious danger from a foreign security force, yet he couldn’t handle a little criticism.

When Whilimena returned Henry’s call, she didn’t accept his offer. Instead, she used it to get a better deal from someone else. It turns out Whitney never actually invested in Pierpoint – he fabricated that story as an excuse to travel to New York, where he was trying to avoid being tracked by his ankle monitor. Later, when Henry called Whitney, he heard Whitney’s phone ringing inside his own desk drawer. Whitney had previously warned him, “If you ever see me without it, assume I’m dead.” Henry must have been shocked to hear that ringtone – was he panicked, or relieved?

Harper, Sweetpea, and Kwabena are celebrating, but trouble is brewing. The Serious Fraud Office will be investigating, and a new audit is on the way. However, no one really cares about the audit itself or what it finds. The real issue isn’t the audit, but everything that led to it – Yasmin’s betrayal, Harper’s harsh actions, Ed’s unexpected shift in loyalty, and Lisa’s downfall. Because of all this, Tender will likely fail before Price Waterhouse Coopers can even send out a bill.

Yasmin and Harper are also celebrating, finding solace in each other over drinks. With Eric gone and Yasmin’s divorce finalized, they’ve once again become each other’s only support. They share what they want to hear, revealing their complicated feelings. Harper confesses she thrives when she’s the one in control, while Yasmin admits she’s just grateful to be noticed. Their relationship began with envy, and that jealousy still fuels it. Both are manipulative and ruthless, united by a shared desire to be like the other. Harper envies Yasmin’s seemingly effortless access to opportunities, wishing she could experience the world that way. Meanwhile, Yasmin longs to be as indispensable as Harper, even though Harper doesn’t seem to need anyone but her.

They share a night of dancing and affectionate goodbyes, promising to care for one another, but the moment feels final. Though their feelings may be genuine, Yasmin and Harper approach the relationship with a detached practicality. They declare their love will last forever while sitting in the smoking area, but it’s an empty promise. They’re focused on getting by and protecting themselves. What unites them now is a shared unwillingness to consider the long-term consequences of their actions.

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2026-02-23 07:07