As a seasoned finance professional with a keen eye for the nuances of Wall Street drama, I must say that this recap has me absolutely enthralled! The intricate web of power dynamics, personal struggles, and ethical dilemmas portrayed in Industry is nothing short of captivating.
In various online discussions, Industry has been likened to Succession, but I’d like to offer a contrasting view. A significant factor that intensifies the drama for the Pierpoint team is their youthfulness. While Eric may have reached middle age, let’s overlook him for now. The young cast members’ actions, influenced by drugs and impulses, can be justified by their youth. Their errors can be attributed to inexperience. Most crucially, their youth transforms Industry into a financial coming-of-age story. These characters are evolving, learning, and growing – their futures hang in the balance. The show has always explored who these characters will become amidst the towering presence of Pierpoint Securities, and as we enter its third season, the stakes are rising: what will Harper, Yasmin, Robert, and Eric transform into by the end of this voyage?
In the initial scene of “Lady Yasmin,” it’s clear that the pressures have intensified, as demonstrated by the weary appearance of Yasmin, with her noticeable bags under her eyes. (The makeup artist who made Marisa Abela appear so fatigued and disheartened deserves recognition.) Instead of the vibrant party atmosphere on the boat from earlier seasons, this time, we focus on Yasmin’s worn-out, distressed face. The series itself seems to have taken on a more somber tone, with images that appear slightly grainy and dull, as if viewed through tired eyes. It’s almost as if each frame is underscoring the fact that these bankers are grown adults now. They’ve been in this game for years, and their choices matter greatly. The weight of their unresolved issues is evidently heavy upon them.
Before delving deeper, let me summarize the previous developments: Robert is striving for a semblance of grace amidst his entanglement with manipulative client Nicole. Yasmin found herself disinherited due to her attempts to distance herself from her father’s toxic influence and lost her position at Pierpoint’s Private Wealth division. The most significant point is that Harper has been fired from Pierpoint after Eric betrayed her by reporting her forgery of academic records to HR.
Alright. We good? We all caught up? Let’s begin!!!!
…with Yasmin! Skipping ahead from her struggles on the yacht (it seemed like she managed to survive without her father’s wealth for a mere four seconds, which was frustrating as I wanted to witness her attempt to emulate Anna Delvey), Yasmin now resides in a dilapidated dwelling, constantly evading photographers. These paparazzi are pursuing her due to her father’s status as a fugitive, eluding British authorities for charges of embezzlement (quite a shocker!). The newspapers in Britain have nicknamed Yasmin “The Embezzling Heiress” for brevity, using a particularly glamorous image of her on the yacht, puffing on a cigarette while contemplatively gazing into the distance. However, Yasmin’s real life is far from glamorous. Her nerves are frazzled from dodging the cameras, and she’s barely keeping afloat at work, where she still toils on the trading floor. Yasmin is no match for Harper, and she and Eric, now her supervisor, are well aware of this fact. When William Adler scans the trading floor, discussing with Eric the necessity of letting someone go, his initial target is Yas. She was a nepotism hire to begin with and never excelled at her role; now, with her negative media attention, it would certainly be rational to dismiss her, wouldn’t it?
It’s unexpected that Kenny Kilbane advocates for Yasmin to remain in her position. To be honest, I’ve developed a bit of a soft spot for him, given my fondness for Irish accents and characters with AA backgrounds. Last season, when he gifted Yas a stapler in a Jell-O mold without her realizing it was an homage to “The Office”? Charming! Kenny is also someone who provides a contrast to individuals like Eric. Instead of fueling his own demons and climbing the corporate ladder that way, Kenny sought help and transformed into a decent guy. Now, he’s taken on the role of Yasmin’s protective older brother, intervening on her behalf when Eric threatens to fire her. Life can move quickly, Yas!
Every individual at the desk is buzzing with excitement due to a socially responsible company they’re preparing for an Initial Public Offering (IPO). Let me break down these financial concepts using information from my research and short experience in securities. (Don’t worry, I’ll do my best!)
Investing with an emphasis on Environmental, Social, and Governance (ESG) factors can be likened to ethical or socially conscious investment strategies. Essentially, you’re choosing to invest in companies that adhere to moral and social principles over firms like Amazon or Lockheed Martin. However, the boundary between what constitutes an ‘ethical’ company can sometimes be hazy. Despite the ambiguity, Pierpoint Bankers have opted for a major rebranding, focusing exclusively on ESG investments this season.
The ESG firm in focus is Lumi, a green energy enterprise. Pierpoint financially backs Lumi’s Initial Public Offering (IPO), which is like selling shares of the company to the public for the first time. Before an IPO, companies are private, meaning they are typically funded by family, friends, and early investors. When a company becomes public, it means it has reached maturity and can withstand regulations from bodies like the SEC. This also implies greater transparency, such as making financial reports available to the public. Additionally, going public offers opportunities for growth and increased worth. In essence, an IPO is similar to a debutante ball; the company is entering the market and becoming an independent entity. Pierpoint’s underwriting of Lumi’s IPO signifies that they vouch for Lumi as a sound investment choice.
Despite facing some turbulence during the IPO process, it’s clear that Robert has a unique understanding of the situation more than anyone else. For the past season, our seemingly inexperienced leading man, Robert (portrayed by Kit Harrington, in stark contrast to his stern Jon Snow character from Game of Thrones) has been closely involved with Lumi’s CEO, Sir Henry Muck. Muck is known for his erratic behavior and questionable leadership skills, but the main issue lies in his manipulation of Lumi’s financial reports, which led to a significant investor pulling out just before the IPO. Robert is now grappling with managing both Muck and the ensuing chaos. With the withdrawal of this major investor, there are widespread rumors suggesting that Lumi might have been overvalued, which could spell disaster for the IPO and Pierpoint.
In his personal life, Robert appears to be thriving. The home where Yasmin resides belongs to none other than Robert, who is not only her landlord but also Harper’s. He’s in a mature relationship with Venetia, which brings me joy. When I saw them together, I couldn’t help but express my happiness. However, Robert departs from sleeping Venetia in the dead of night to be with Nicole. This news left my friend speechless, and it might have done the same to you. As for me, I found myself feeling more like a Disappointed Mother. Just as Eric and Harper are addicted to backstabbing, and Yasmin is drawn to cocaine and male gaze, Robert seems to be ensnared by the temptation of a predatory mother figure. I was taken aback when I learned that Industry would let Robert off so lightly, even though I had secretly wished it might happen.
As a fervent admirer, I can’t help but express that their post-intimate embrace was surprisingly heartwarming; Robert seems comfortable with Nicole, and they banter playfully, a trait only shared by long-term couples. For a fleeting moment, I pondered if Robert and Nicole were a compatible match until the chilling revelation of the following morning. This is where I let out an audible gasp (or perhaps a scream). Robert stirs to find himself at Nicole’s, only to discover she lies cold next to him. (I thought she might have suffered a stroke? Bleeds from the nose on TV always seem to symbolize some kind of brain issue for me.) He’s heartbroken, but he can’t share this tragedy with anyone. So, he crumbles on the Pierpoint trading floor.
In simpler terms, Eric is the one who can’t stand this situation, as shown when he takes control of Robert and makes him repeat a mantra to empower himself. However, it turns out that Eric is saying this for his own benefit rather than helping Robert get over his emotional breakdown. Despite being made a partner in the firm, Eric’s life isn’t perfect – his wife has left him, he’s been drinking excessively, and he even ended up at Kenny’s place after a three-day binge. To make matters worse, just before an important IPO launch, he went out with Yasmin and her lawyer friend, where they did drugs and had sex. Last season, I expressed my discomfort with Eric’s behavior, and this season is no different – it feels like witnessing a parent acting inappropriately. Additionally, there’s something strange about his relationship with Yasmin; he doesn’t seem to admire her as he did Harper, but instead seems to dislike her incompetence while also being attracted to her. I’m not looking forward to seeing where this relationship goes.
The following day finds Eric in a sorry state. He appears to be suffering from a severe hangover and has forgotten that it’s his day to look after his daughters, who are patiently waiting for him on the floor. Instead of considering firing Yasmin or Robert, he makes an impulsive decision to dismiss Kenny. This action suggests to me that he dislikes him. It seems clear that Eric is letting go of Kenny not due to any substantial financial issue but because Kenny had the audacity to witness him in a vulnerable moment. I believe Eric harbors a deep-seated hatred for showing vulnerability and being seen as human.
Harper Stern was the only person he got along with on a personal level, and she had been fired. Now, thanks to a call from Yasmin, Harper has found employment at FutureDawn, an ESG hedge fund, working as an administrative assistant. Despite this, she’s determined to move into a financial role. The person she aims to help her is Petra, who is portrayed by Sarah Goldberg in the show Barry. Petra is a dissatisfied partner who believes FutureDawn limits her intellect and is fanatically committed to investing in ethical companies exclusively. Similar to Harper, Petra seems to rely heavily on her own abilities. Eric, at his best, shares this trait (which might explain why his current predicament is so distressing). In essence, Harper continues being Harper.
The final scene of the episode involves the Lumi Initial Public Offering (IPO), during which Sir Henry Muck incidentally reveals that Lumi supplies the power for the Exchange. As soon as the company becomes publicly traded, a sudden power outage causes turmoil for both Pierpoint and Lumi, leaving me in fits of laughter. Let’s not forget that besides being captivating and intellectually stimulating, Industry is also incredibly humorous.
Loose Change
It seems that Gus, a favorite character from the previous season who provided insights into the complex relationships between powers such as government, education, and the banking industry, is nowhere to be found in this new season’s opener. Frankly, I must admit I’m quite dismayed by his absence! Gus was an integral part of the show for me, and I can’t help but yearn for justice for him.
• Another slight casualty is, hate to say it, Harper. On one hand, I get it: we already have seen her be so good at her job, and there’s not a lot of narrative runway to see her be even better. The show is also increasingly about the effect Pierpoint has on people, so keeping tabs on a Pierpoint-less Harper gets messy. That said, My’hala is such an excellent actor that I am hopeful that she gets meatier scenes in future episodes.
• You have to admire Mickey Down and Konrad Kay for making ESG investing the big financial topic for the season. It’s a neat synecdoche of the question troubling the show’s heart: can any of our characters be good? Will they grow into sound adults? Money, finance, banking — is it all just inevitably a poison to one’s soul?
In a brief moment, Yasmin recalls an unsettling scene where she found her father apparently eating food from a pregnant crew member on the yacht. This incident is disturbing and raises questions about the show’s unusual portrayal of sexual misconduct. It seems to be a source of trauma for the characters, as they grapple with these complex issues. Is Robert’s relationship with Nicole abusive? Is Yasmin’s involvement with Celeste questionable? I’m eager to see how the series explores this ambiguity further as the season unfolds.
• I love it when Yasmin and Harper are friends.
• WE’RE BACK, BABY!!!
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2024-08-12 06:55