“Industry” Season 3, Episode 2, Recap: What Happened to Lumi?

“Industry” Season 3, Episode 2, Recap: What Happened to Lumi?

Spoilers below.

In episode 2, there is an uncomfortable silence at Lumi after the power outage. But at Pierpoint, chaos reigns. While the phones cause a cacophony, Eric tries to get his little financial wizards to spin gold out of straw: “Today it’s not about the debt profile, but about the growth curve!” But everyone knows better. Lumi is down.

Sweetpea – never one to neglect a good gossip, no matter how untimely it may be – chatted with Yasmin about her friend’s date with Lumi CEO Henry Muck, but Yasmin is too distracted by a call from Otto Mostyn, reminding her of their promised lunch from last week’s episode. This added pressure proves to be a tipping point for Yas. Overwhelmed, she slides off her desk chair and nearly faints on the trading floor. Eric has little sympathy to offer. “It doesn’t get any better than that,” he reminds her. “You want to know what’s worse than a ringing phone? Be silent. Are we going to get the stock above 480 at the close? If you can’t do that, then go.” Eric is not a gentle father.

Yasmin picks up the phone again, but this time it’s Anna Gearing, the boss of Harper’s FutureDawn, who wants to know if Pierpoint has overvalued Lumi. Yasmin dismisses Anna’s concerns, but that doesn’t end the turmoil surrounding her. It’s only when Bill Adler himself resigns from the boardroom, raises the risk limit of market maker Rishi (Sagar Radia) and suggests his employees show “a little composure” before the Pierpoint crew finally gives in. Eric freezes; he knows that Bill’s intervention is not a good sign for his own ability to manage.

Meanwhile, Muck refuses to face the reality of his disaster. At Lumi’s offices, he sets up a “war room” to address their PR fiasco – and, much to Robert’s dismay, decides to invite video interviews with the press. These interviews go about as smoothly as Rob predicted, and soon Lumi’s stock plunges even lower, sending Rishi and co. into a tailspin. “It’s not my fault our clueless society decided to raise capital this way!” laments Muck, throwing a stuffed sunflower at the wall in Lumi’s children’s playroom. Robert is at his wits’ end when it comes to babysitting Muck, especially considering that Rob himself comes from the kind of working-class community that will actually be affected by Lumi’s failures. “Your successes are your”, he scolds Muck, “and your losses? Well, those are someone else’s problem.” This argument ends hilariously with the two men wrestling amidst the colourful beanbags and kindergarten toys in the playroom, with Rob attempting to smother Muck with the stuffed sunflower.

Rob storms out of Lumi’s office before committing murder, but as he walks down the block, he gets a call from his girlfriend Venetia, who wants to know why Rob disappeared last night. (As you may recall, poor Mr. Spearing visited the home of a certain Nicole Craig, who died shortly after having sex.) Venetia then apologizes for giving him a necklace, and Rob realizes in horror that he left the necklace in Nicole’s backyard. If he doesn’t want to be chased by the police, he’s going to want to sweep up this little piece of evidence. But in trying to do so, he encounters Nicole’s 15-year-old daughter, who wants to discuss their respective mothering issues and—surprise!—have sex with him too! We should all know by now: In industryThere is no balanced person.

The panic really breaks out for Rob (and Pierpoint) after Muck faces his board members, who have completely lost faith in their CEO. When they make clear their intention to oust him, Muck literally backs out of the conference room doors and runs away. He then locks himself in a bathroom after swallowing a three-day dose of psilocybin. Rob, not knowing how to proceed, calls in the big guns: Yasmin Kara-Hanani. For better or worse, she knows how to deal with a rich man-child. “Be polite,” she orders Muck from outside the bathroom. “Look me in the eyes.” Intimidated, Muck’s conditioning kicks in and he unlocks the door.

Kit Harington and Henry Lawtey in “Industry”, Season 3, Episode 2

HBO

Yas then plays a surprisingly elegant game of rich-boy chess. She arranges for Muck and Rob to meet Otto Mostyn and Gregory Clark of British Electric at a gentlemen’s club in St. James’s Street. She then calls a newspaper and tips off their reporters: Charles Hanani’s daughter Yasmin has been spotted in St. James’s Street. Her plan works perfectly. Journalists arrive outside the club just as Muck, Rob, Mostyn and Clark are leaving together. Yas asks the men to shake hands, providing the ideal photo opportunity. The public perception of Lumi changes as the pictures circulate; if Lumi’s CEO is shaking hands with the British Electric bigwig, a takeover could be imminent. The market calms down and Pierpoint ends the day with Lumi “off to a safe start”.

But at FutureDawn, the celebration takes place in the midst of a coup. Petra has shown interest in Harper, even though Eric called FutureDawn nine He tried to convince the company not to hire the young prodigy after she was fired from Pierpoint in Season 2. “So, either he really can’t stand you,” Petra tells Harper, “or he doesn’t want anyone else have You.” Petra seems to think that if the latter is true, Harper must be a damn good trader. Based on this assumption, she tells Harper a secret: she wants to hedge FutureDawn’s exposure to the Lumi IPO, and is essentially trading behind Anna’s back. Petra then asks Harper to recommend a “naive and affable” Pierpoint employee who can help her with the aforementioned hedge. Harper answers without hesitation: Yasmin Kara-Hanani. Ouch.

And sure enough, Petra calls Yasmin to implement Harper’s suggested strategies, and Yasmin bites. Only Eric seems to sense something odd. Why would FutureDawn suddenly be trading credit default swap protection on oil and natural gas names? If that sentence means nothing to you, don’t worry about the financial details. Just know that things smell funny given Lumi’s near-implosion, and Eric senses Harper’s inside knowledge at work.

So does Anna. She storms into Petra’s office, furious about the new trade confirmation she just received. Anna can’t comprehend Petra’s betrayal. “You drove me to the fucking hospital when I had my fucking child!” she screams. “You’re godmother to fucking Boadicea!” (The fact that ESG evangelist and crunch mom Anna has a daughter named Boadicea? That tells you everything you need to know about a relatively minor character in a matter of seconds. Yummy.) To Petra’s credit, her response is just as scathing: “They asked me to be a godmother. What was I supposed to do? Say no?” No wonder Harper recognizes himself in this brutal portfolio manager.

To further demonstrate her boundless arrogance, Harper has the nerve to sit at Petra’s desk after she has given up her glass-walled office. She picks up Petra’s phone and dials Eric’s number. When he answers, Harper doesn’t say a word; she just whispers softly into the mouthpiece. But Eric must know it’s her.

Sarah Goldberg in “Industry”, Season 3, Episode 2

HBO

Later, Petra tells Harper that she wants to “work with someone whose thinking is not limited to the orthodoxy of our time.” But when she Is If she wants to work with Harper, she has to be able to trust her – and trust that Harper won’t take as much pleasure in cheating on her former employer as she obviously did earlier in the day.

For his part, Eric has made it clear that he doesn’t want another Harper on his desk. Yasmin is hungry for praise after saving Lumi’s IPO and expects a “well done” from him, but Eric warns her not to get involved in such “market manipulation” again. Yasmin is elated, frustrated, exhausted and in constant need of reassurance. When she takes an unexpected call from Muck, she doesn’t need much convincing. He asks her out to dinner, where he reveals that he convinced his uncle – Lord Norton, the newspaper magnate – to delete the article about her as an “embezzlement heiress.”

Yasmin decides to thank Muck the only way she knows how: through power manipulation. She invites him to go to the restaurant’s bathroom with her. “Look at me,” she demands, meeting his gaze in the mirror. “Now look at you. That’s why this will never happen.” But then she remembers an important anecdote from Sweetpea’s gossip this morning: Muck is a pervert and he, er… likes urine. Yasmin struts to the bathroom and pees, which elicits a wicked smile from Muck. He leaves the bathroom and the restaurant before anything else unpleasant can happen between them, but leaves an extremely rare bottle of wine at their table for Yas to take home. She downs it on the curb outside the restaurant.

Finally – as if that wasn’t enough drama for one episode! – there’s a flashback to Yasmin’s trip on the Hanani yacht. Charles reveals to Yasmin that the Hanani publishing empire is in trouble; if he returns to London, he’ll face criminal charges. Yas is angry with him for incriminating her. They argue: she spits at him; he throws a glass of wine in her face. He insists that she will always come crawling back to him. Yas ends the episode on the deck of the yacht, Harper by her side, warning her not to cry. But the tears on Yasmin’s cheeks suggest that something serious has happened – something we haven’t seen before.

Portrait photo by Lauren Puckett-Pope

Lauren Puckett-Pope is a culture writer at ELLE, where she mainly covers film, television, and books. She was previously deputy editor at ELLE.

Leave a Reply

Your email address will not be published. Required fields are marked *