Industry season 3 episode 7 recap: Pierpoint must sink or swim in “Useful Idiot”

As a seasoned observer of the cut-throat world of investment banking, I can’t help but feel a pang of sympathy for Eric, who seems to be swimming in a sea of deceit and manipulation. With years of experience under his belt, he’s learned that survival often requires one to compromise their principles – a lesson he appears to have mastered all too well.

We’ve reached the second-to-last episode of HBO’s Industry season 3, and it seems Pierpoint is now facing its new circumstances head-on. With bankruptcy looming, the board is urgently brainstorming solutions to save the company. Meanwhile, Yasmin receives unfortunate news, while Harper takes risks that might burn her. As we approach what promises to be a thrilling season finale, I’m eagerly waiting to see how things unfold!

WARNING: Major spoilers for Industry season 3 episode 7, “Useful Idiot,” are below.

As Sweetpea had speculated, Pierpoint finds himself financially strapped, and throughout the episode, we witness the board’s reaction. It appears that Eric is prepared to betray anyone, including his closest mentor, in order to ascend to the top position. Oh my!

Pierpoint needs help

A celebration for the 150-year anniversary of the company is happening at Pierpoint, but it’s not ideal timing. Yet, it serves as a diversion for employees from current events, benefiting the board. Rishi notices the stock price drop and isn’t oblivious. He inquires from Eric why they didn’t postpone the party and suggests alternative plans. Eric proposes that they continue trading with Asian markets throughout the night to maximize profits. Adler warns us that we are on the verge of declaring bankruptcy.

At the meeting on the Pierpoint board, CEO Tom emphasizes the urgent need to secure approximately $15 billion before the stock market reopens on Friday. The atmosphere among board members is tense, with various opinions and suggestions being presented. Eric proposes some ideas, but Tom remains firm in his stance, leading to an unsuccessful attempt at acquiring funds through a call with the U.S. Secretary of State. While Tom believes the 2008 financial crisis served as a warning, the Secretary of State counters that they should not expect to bail out banks; instead, learning from the past means understanding their limitations in such situations.

On the trading floor, Sweetpea and Anraj were unaware of any issues until Rishi disclosed the situation. Catching them off guard, Rishi announced his departure from Pierpoint and proposed taking them along with him. This news took them by surprise. After Rishi departed, Anraj resumed work, but Sweetpea intervened. She suggested if the company was failing, they might as well enjoy the remainder of their time there.

Yasmin’s impossible choice

Yasmin is still grappling with the aftermath of her father’s demise, fearing she might need to repay all his outstanding debts. She encounters a representative from Hanani Publishing’s board who proposes help for the damages, but under certain conditions. They suggest making Yasmin a public figure in connection with the controversy and claim that she was aware of Charles’ embezzlement throughout. While Yasmin wouldn’t face legal repercussions, the public would perceive an untruth.

As a gamer, I found myself in an unexpected predicament when I learned about my father’s actions from Hanani Publishing. To be honest, I was clueless about his dealings with them. Their representative explained that they can’t make me comply, but if I want to clear the debt, that’s what I need to do. If I refuse, they threatened to sue my family instead. It’s a tough call, but I’m trying to figure out the best move for everyone involved.

That evening at home, Yasmin seeks solace from Robert, who appears quite anxious regarding her well-being. He shares that he has a job interview the following day in Wales and proposes it as a means of distraction for her. With some persuasion, she eventually consents to accompany him.

During their journey, Robert shares with Yasmin details about an upcoming job interview at a pharmaceutical firm focusing on prescribing psilocybin. In the meantime, Maxim phones Yasmin, and they briefly pull over for a restroom break. While speaking with Maxim, he expresses regret for leaving her earlier and reveals that Hanani Publishing was involved in Charles’ illegal activities. This revelation startles Yasmin, and Maxim possesses evidence to support his claim. He sends her some screenshots that she might be able to utilize against the company.

After that heated phone conversation left me feeling frustrated, Robert stepped up to offer some comfort. We mutually agreed it was best to call it a day and booked ourselves into a cozy hotel for the night. To maintain our individual spaces, we opted for separate rooms.

Yasmin shares with her attorney the details Maxim disclosed to her, yet Denise decides not to utilize this information. She clarifies that the screenshots could potentially cause harm to the women who were compelled to sign Non-Disclosure Agreements by Charles, a fact Yasmin hadn’t previously considered.

Afterward, Yasmin cracks a humorous remark suggesting that the hotel concierge harbored romantic feelings towards Robert, which visibly angers him. He feels as though she continues to toy with him, causing him distress. He advises her to be open and honest with him, and she offers an apology. She confesses that she tends to ruin anything she cares about deeply. They exchange a tender kiss, but upon returning to the hotel, they each retreat to their separate rooms.

Rishi wants out of Pierpoint

In a phone conversation, Harper – having completely vacated Robert’s residence – listens as Rishi updates her about happenings at Pierpoint. He proposes a job opportunity, hinting at exclusive insights, and suggests that Sweetpea and Anraj could join her firm. To grow their business, he advises them, they must increase their workforce. Harper appears hesitant and requests Rishi to keep her informed about Pierpoint’s developments.

Elsewhere, Adler confides in Eric, though he yells at him for making him look stupid by finishing his sentence in front of the board. He tells Eric about a potential partnership with Mitsubishi who are looking to invest. He also says that when he becomes CFO he’ll give Eric any position he wants, which seems to surprise Eric. Eric asks how he still has the appetite for all of this, to which Adler questions what else there is.

Previously, during the board meeting, Adler attempted to discuss a possible agreement with Mitsubishi, but was cut off. There’s news that the head of Barclays Bank will visit them soon, possibly indicating they might sell Pierpoint. Tom suggests this could be our most advantageous choice.

Rishi observes the Barclays CEO arriving at Pierpoint, which prompts him to phone Harper for a report. In response, Harper informs him that she regrettably won’t be able to recruit three individuals at this time.

Harper is on her own again

Eventually, Harper confesses the truth to Petra, admitting she learned at Pierpoint that they were on the verge of bankruptcy in the restroom. This revelation distresses Petra, who points out that this is confidential information they’ve been handling. She accuses Harper of cornering them and expresses her discomfort with Harper’s willingness to play unscrupulously. It’s too precarious, she warns.

When I found myself on my own, I reached out to Otto, filling him in that my relationship with Harper had come to an end due to her exhibiting some questionable legal behavior.

During the meeting with the Barclays CEO, Adler expresses concern for keeping the Pierpoint name, while Tom says he should be concerned about the employees of the company. The Barclays CEO leaves to make a few calls, and he returns soon to say they’re in agreement to acquire the company. Adler is angry, while Eric seems in shock. Pierpoint has been around for 150 years and it’s about to be sold just like that.

Eric starts to turn on Adler

In a private conversation with Eric, Wilhelmina, who holds the role of Chief Financial Officer at Pierpoint, advises him to prevent Adler from causing public humiliation for the company. She implies that if they handle this carefully, they might be able to retain their positions within the company. This moment of realization strikes Eric deeply as he observes Adler’s inappropriate behavior upsetting Tom. Consequently, Eric decides that he will prioritize saving his job and may choose to protect himself by distancing Adler from the situation. It is highly likely that Adler will bear the brunt of this decision.

After a series of phone calls, the CEO of Barclays returns and shares disheartening news with the team: The planned acquisition has been cancelled. It’s now 4:00 in the morning, and under the pressure of the situation, Adler suggests revisiting Mitsubishi as an alternative. Tom eventually agrees to this proposition. Desperate for a solution, Adler confides in Eric that he has secretly initiated early discussions with Mitsubishi and they are prepared to move forward.

In her hotel room, Yasmin chooses to consume some of Robert’s psychedelic pills, but this leads to unexpected consequences. Later on, Robert hears shouting from her room and goes inside to find her wounded with a bleeding hand in the bed. He inquires if she’s taken anything, to which she responds by asking him if she’s a bad person. She confesses her feelings for him and expresses her love, annoying Robert because she’s not in her right mind. In an attempt to calm her down, he tells her to stop and gives her a comforting hug.

As a devoted follower, I find myself at Pierpoint, where the Mitsubishi team gathers. Adler requests us to commit a whopping $9 billion in equity, and it seems things are looking up. However, Eric points out an oversight on page 12 of the contract – the money is incorrectly labeled as enterprise value instead of the desired equity value. We all shake our heads, realizing this isn’t what we agreed upon. Adler apologizes profusely, expressing his bafflement over how such a mistake slipped by him.

Afterward, Eric deceives by stating that Adler was informed about the phrasing, claiming he’d mentioned it several times. Tom queries as to the situation, and Adler apologizes once more, revealing his illness. Tom orders Mitsubishi to depart so the Pierpoint team can confer privately. Adler discloses to everyone that he has a cancerous growth, which he hadn’t shared because he believed it wouldn’t affect his mental abilities. Tom instructs him to go home, and Wilhelmina proposes Eric assists him in hailing a taxi.

Eric and Adler walk down the hallway and Adler finally realizes what Eric has done.

Robert’s hopeful future

Yasmin calls Denise and tells her she won’t be taking the Hanani Publishing offer and will be leaking the information Maxim sent her. She feels like it’s either the company or her, and she’s choosing herself. Robert returns from the interview and tells Yasmin there’s a big job in Silicon Valley he might pursue. He seems genuinely excited about the new opportunity and his future.

As Harper walks outside, a vehicle draws level with her, and a man requests she talks to Otto nearby. Harper consents, though it’s hard not to feel uneasy about the situation.

Towards the end of the episode, we see what Pierpoint’s impending action will be. The council discusses Bill, and Tom queries whether Eric should be forced to take an extended break. Eric responds affirmatively, and they concur that Mitsubishi isn’t the suitable path for them. Eric discloses his secret strategy, welcoming potential investors. Although it occasionally takes him a moment, Eric is typically one step ahead of those in his circle. It may be wicked, but it’s also remarkable. In investment banking, there’s no sense of loyalty.

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2024-09-23 05:28