‘Industry’s’ Book of Revelations. Plus, ‘The Knight of the Seven Kingdoms’ E5 and a New Chapter in the Warner Bros. Bidding War.

17 Feb 2026 · 1 h 7 min · 28 chapters

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In short

Podcast Episode Notes: The Watch - ‘Industry’s’ Book of Revelations

Episode Overview

  • Hosts: Chris Ryan and Andy Greenwald
  • Duration: 57:24
  • Focus: Discussions on Paramount's acquisition bid, the latest episodes of *A Knight of the Seven Kingdoms* and *Industry*.

Key Themes

  1. Paramount’s Acquisition Bid
  2. Context: Paramount has made a $30 per share bid amid ongoing talks with Warner Bros. Discovery.
  3. Discussion Points:
  4. Concerns over Warner Bros.’s stability and leadership amidst changing bids.
  5. The fluctuating dynamics in Hollywood's acquisition landscape.
  6. Paramount's aggressive negotiation tactics under David Ellison.
  1. *A Knight of the Seven Kingdoms*: Episode 5 Recap
  2. Structure: The episode diverges from the source material, focusing on character backstories through flashbacks.
  3. Key Takeaways:
  4. Flashbacks provide insight into Dunk's origins, reflecting on heroism and chivalry.
  5. There’s a mix of appreciation for the narrative choices and criticism regarding the reliance on flashback storytelling.
  6. Visual storytelling and direction praised for creating a fantasy atmosphere distinct from *Game of Thrones*.
  1. *Industry*: Season 4, Episode 6 Recap
  2. Main Theme: Shifts the narrative towards themes of international espionage with significant revelations regarding character connections to espionage.
  3. Revelations Discussed:
  4. Whitney's involvement with the FSB and implications for character arcs.
  5. Introduction of broader themes related to capitalism and the consequences of unchecked financial practices.
  6. The characters face moral dilemmas, raising questions about identity and ambition.

Detailed Discussion Points

Paramount’s Acquisition Bid

  • Mentioned in *Bloomberg*; analysts speculate on potential impacts on media landscape.
  • Chris expresses concerns about the nature of negotiations and the implications for both companies involved.
  • The conversation highlights the competitive atmosphere of trading and financial dealings within Hollywood.

*A Knight of the Seven Kingdoms*

  • Critique of Flashbacks:
  • Andy notes that while the flashbacks are well-executed, they may undermine the show's narrative economy.
  • Chris argues that the series has effectively built characters without revisiting their origins, suggesting a preference for showing rather than telling.
  • Visual Aesthetics:
  • Both hosts praise the direction and cinematography, emphasizing how visual storytelling enhances viewer immersion in the fantasy world.

*Industry* Season 4, Episode 6

  • Character Dynamics:
  • Whitney emerges as a compelling character, showcasing the duality of ambition and vulnerability.
  • Henry’s character is examined in light of his relationships and personal struggles, with moments of self-realization intertwined with humor.
  • Critique of Storytelling:
  • Chris highlights the challenges of pacing and character development, noting the need for deeper exploration of emotional arcs.
  • The hosts discuss the potential excess in the narrative, suggesting that some character moments may feel rushed or incomplete.

Future Expectations

  • Both hosts express optimism about the remaining episodes of *Industry*, indicating that unresolved character arcs could lead to significant developments.
  • Anticipation builds for how themes of identity, ambition, and moral ambiguity will play out with the imminent conclusion of the season.

Conclusion

  • The episode encapsulates the tension between entertaining storytelling and the complexities of character development in a rapidly evolving media landscape.
  • Listeners are encouraged to reflect on the character dynamics and overarching themes as the season approaches its climax.

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Additional Notes

  • Subscribe to The Ringer TV YouTube channel for full episodes.
  • Send questions or feedback via email to thewatch@spotify.com.

Acknowledgements

  • Producers: Kaya McMullen, Kai Grady
  • Video Supervision: Jamie Yukich

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This structured summary aims to encapsulate the main points and discussions from the episode, providing insights into the hosts' perspectives and enriching the understanding of the topics covered.

Written by AI. May contain mistakes. Listen to the episode to check what was said.

Chapters

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Initial Reactions to TV Night

0:46 to 1:39

The hosts share their feelings about the recent episodes of 'Industry' and 'Night of the Seven Kingdoms' and the chaotic atmosphere of the recording.

“We have a great show for you tonight, today, because we had a great TV night last night.”

Warner Bros. Bidding War

1:40 to 3:59

A discussion on the ongoing bidding war involving Warner Bros., Paramount, and Netflix, highlighting the financial intricacies and implications.

“Interesting turn taken in Hollywood today was the announcement.”

Paramount's Aggressive Moves

4:00 to 5:51

The hosts analyze Paramount's strategies in the bidding war and the potential ramifications for Warner Bros. and its future.

“I do wonder what my reaction to this whole situation would be if David Ellison had hired like Jon Favreau to run CBS News.”

Analyzing 'Night of the Seven Kingdoms'

5:52 to 11:39

The hosts delve into the penultimate episode of 'Night of the Seven Kingdoms', discussing its character backstory and production choices.

“Because I think we'll have quite a bit to say about both.”

Tournament Dynamics and Expectations

11:40 to 14:02

An exploration of the show's portrayal of a backwater tournament and its implications for character arcs and storylines.

“Now, if you are going to pad the material, if you want to fill out a full six episodes, this is a fine place for it.”

Tournament Dynamics in 'Knight of the Seven Kingdoms'

14:02 to 16:44

Discusses the nature of the tournament and the characters' motivations.

“I think it is relatively explicit in the text, but if you're just watching it episode to episode, it may have passed you by, which is that this is like a kind of backwater tournament.”

Perspective and Character Depth

16:44 to 19:49

Explores the importance of point of view in storytelling and character development.

“I'm a big rule follower when it comes to POV.”

The Role of Luck in Storytelling

19:49 to 21:17

Examines how luck and chance influence characters' fates in the narrative.

“And I know you're going to laugh and I'm intentionally, I'm not intentionally bringing up my recent reading of the novel Effingers, I promise.”

Medical Ethics and Historical Parallels

21:17 to 22:40

Discusses the medical practices depicted in the show and their historical context.

“And, you know, the NFL did not have an independent neurologist on hand.”

Character Choices and Development in Dunk

22:40 to 24:16

Analyzes Dunk's character choices and their implications for his development.

“And it proved that it could operate in different registers with this episode.”
Show all 28 chapters

Introduction to 'Industry' Episode Discussion

24:16 to 25:06

Introduces the new segment focusing on the episode of 'Industry' and its revelations.

“I knew everything I needed to know about this guy.”

Revelations from 'Industry' Episode 6

25:06 to 28:00

Breaks down significant moments and revelations from the latest episode of 'Industry'.

“This is episode six, Dear Henry, directed by Luke Snellen and written by Mickey Down and Conrad Kay.”

Exploring the Bold Gambit of Industry

28:00 to 29:11

Discussion on the show's pivot towards broader themes within capitalism.

“And I thought this was such a huge gambit.”

Character Motivations and Story Development

29:11 to 30:26

Analysis of character motivations and how they drive the narrative.

“There's someone profiting behind the people who are more likely to take the fall for profiting.”

The Fascinating Complexity of Whitney

30:26 to 33:13

Delving into the character of Whitney and his unique traits.

“and I'm excited about the expansion of the terrain.”

The Potency of Life Strategies in Industry

33:13 to 35:12

Discussion on life strategies portrayed in the show and their implications.

“And there's something remarkably gentle and also honest about the way that Minghello is playing this guy.”

The Challenges of Storytelling in a Compressed Season

35:12 to 39:03

Examination of storytelling challenges faced in the season's format.

“that I'm bumping up against and maybe it'll be resolved in the last two episodes because some of the other storylines have fallen aside or been pushed out of the frame and we'll talk about those specifically, Eric.”

The Return of Beloved Characters and Their Impact

39:03 to 42:00

Analysis of the return of characters Eric and Rishi and its narrative effects.

“This is a, there's nothing wrong with the story.”

Character Deconstruction in 'Industry'

42:00 to 43:20

Explore the transformation of characters like Eric and Rishi in 'Industry'.

“that often happened with succession where it's like, just so you know, these are bad people that you're cheering for, quote unquote.”

Narrative Choices and Sacrifices

43:20 to 44:30

Discuss the narrative structure and choices impacting character depth.

“And it takes nothing away from, you know, Cigar Radia and Ken Lung delivering arguably two of the best performances on the show this season.”

The Bleak Reality of Characters' Lives

44:30 to 45:50

Examine how the characters’ lack of personal lives reflects their struggles.

“as too good to be true already, and then we join it and we suddenly have access to its inner workings.”

Searching for Emotional Footholds

45:50 to 47:50

Analyze the emotional journeys and struggles of characters this season.

“They don't have, they're not full lives.”

Evaluating Character Relationships

47:50 to 49:50

Discuss the complex relationships between characters like Henry and Yasmin.

“I'm just, I'm struggling with the week-to-week execution.”

Performances and Character Development

49:50 to 51:40

Evaluate the impact of performances on character development throughout the season.

“I guess, you know, a London sex club where you dance, you stick your dick in some stuff.”

Harper's Evolving Role in the Story

51:40 to 56:03

Analyze Harper's character trajectory and its implications this season.

“And the actors appear completely confident.”

Exploring Harper's Character Journey

56:03 to 59:05

Discusses the emotional journey of Harper in the season and its impacts.

“I think that they have left her emotional or character journey a little bit to the side as they have focused on Henry.”

Connections and Themes in 'Industry'

59:05 to 1:02:40

Examines the thematic depth of 'Industry' and its real-world connections.

“because I wasn't on, I wasn't confident in my read of where everyone was in that moment.”

Final Thoughts on the Season

1:02:40 to 1:04:20

Reflects on the season's strengths and invites listener engagement.

“And then you dig a little bit deeper into the metadata and you're like, you know, so much of the season's ideas and themes are inspired by the real life wire card fraud that happened in Germany.”
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Transcript

Automatic transcript. May contain errors.

0:05I need support staff to clear the room. Stand up and walk now.

0:37Which canonically is a Christmas movie, by the way. It is a Christmas movie, but it's also about marriage. You know what I mean? It's about love. Yeah. It's about honesty. It's about revealing ourselves. It's about masks. It's about cabals. It's very relevant. We have a great show for you tonight, today, because we had a great TV night last night. A kind of quintessential throwback HBO night of two huge episodes of a television show, Industry and Night of the Seven Kingdoms. We'll be talking about both of those shows. is you can reach us at thewatch at spotify.com. You can follow us on Instagram at thewatchpod underscore.

1:12You can watch us on YouTube at TheRinger-TV, and you can watch us on Spotify, where I hope you're listening to us. Greenwald, how are you doing, man? It's raining in Los Angeles. You seem grumpy. Oh, I'm not grumpy. We just had a fire alarm here. There's like a lot of people. Listen, I respect it. Spotify clearly does not recognize President's Day. And really, why would any of us? I mean, honestly, we were free to take today off, but I just thought you'd want to get these takes off because of the shows last night. I found it. Well, we'll get into the specifics, but that was a tough viewing block.

1:44Interesting turn taken in Hollywood today was the announcement. It's in Bloomberg. You can read Luke Shaw's piece about it. He obviously understands this stuff way better than you and I do, but since we are about to wade into the vagaries of the financial world, we might as well start here with Paramount, Warner Brothers, and Netflix. There seems to be another chapter to this story. Netflix and Warner Brothers had agreed, essentially, to their deal at something like a$27 per share price. And now it seems like there are elements of the Warner Brothers board asking for negotiations to be reopened because of Paramount's improved bid.

2:23They had a$30 per share bid. And we can get into backstopping and who wants what and why this is happening. But what's your initial reaction when you hear that news? It's worrisome. I mean, I think that anyone who's been watching this story and who has better financial awareness than we do probably noted with interest that Paramount isn't really in the business of listening to a no. That David Ellison is basically having a borderline polite tantrum about this because he thinks that it should be his. And ever since a few months ago when Warner Brothers accepted the Netflix bid, he has been out there stamping his foot, writing open letters to European regulators, agitating, improving the offer, basically saying, we're offering you more money, we're offering you all cash.

3:15And I think that the pushback has been consistent from Zaslav and Warner Brothers saying, this is a more sensible deal for us for X, Y, and Z reasons. One of the reasons being our businesses are more complementary to each other, that in terms of the employees of WBD, there are many of those similar employees at Paramount because they also are a legacy studio with a footprint in Hollywood and buildings and a lot. but you know this is the way that business tends to work both maybe on industry and in our actual real life industry these days is the loudest angriest voice wins and it's I don't know I mean I'm not I'm I try not to be in the business of cheerleading for business I don't know if any of this is good but I do think that the behavior of Paramount both prior to this deal and during this deal does not necessarily suggest a harmonious marriage and any kind of like consistency and fidelity to what Warner Brothers has been doing right up to this point.

4:22I do wonder what my reaction to this whole situation would be if David Ellison had hired like Jon Favreau to run CBS News. Do you know what I mean? Like I have to... I got to stop you. Which Jon Favreau? Not Jon Favreau, the Mandalorian Jon Favreau. Oh, okay. Yeah. I mean like crooked media. I mean, I wonder whether or not like there would be so much hand wringing if essentially there wasn't this kind of like Trump appeasing bent to Paramount these days. Yeah. I mean, I think that's I think the the the the conglomerate conglomerization of media into regime friendly apparatuses is terrifying. And, you know, it's not like there are many companies that haven't bent knees or, you know, other parts of their bodies over the last three years.

5:12But there has been the sense that Netflix, you know, is... It's funny. We've talked about this. Netflix has been a villain in this town in a lot of ways over the last few years. But in terms of not being the Ellisons and not... They come out as heroes. They come out as heroes. And additionally saying that we value, at least lip service is being paid, to we value what the film half of Warner Brothers has done over the last year and a half. We value what Casey Ploy's and his team at HBO has done. So I don't know. This is all C-suite way above our heads, but it is a little concerning. Which one of our Sunday night television shows do you want to start with?

5:53Because I think we'll have quite a bit to say about both. I think we should start with Night of the Seven Kingdoms. Okay. but I do have a lot to say about both. You're right. So this is an interesting episode, the penultimate episode of the season, you know, and a little bit off book, both in terms of the momentum that the show had been building up and also going away from, I think literally the source material. There are suggestions within the novellas, apparently according to Mal and Joe and just my discussions with them that, you know, outline broadly and obviously spoilers going forward, honestly, for night of the same kingdom kingdom.

6:29and industry in case we make any jokes. There are allusions in the text about Rafe, about his life in Flea Bottom, where he came from, how he hooked up with Sir Arlen, etc. But to explicitly draw this connection between Dunk's childhood or Dunk's young years and how it shaped him and shaped maybe the way he felt about heroism, the way he felt about chivalry, the way he felt about what a knight is supposed to do, I thought it was okay. It was not my favorite part of the series so far. This is a show that I feel like has made very few missteps. And even within this episode, it's a testament to the kind of cooking oil this thing has, that they were able to still make two-thirds of an amazing episode while also having a huge flashback second act that goes back to Flea Bottom and goes back to Dunk's origins.

7:31Tell me how you felt about the flashbacks specifically. The most important thing for me to say first is Chris, you can't use cooking oil. That will kill him. You have to use wine. So in terms of your metaphors as well, be very, very careful. Yeah, you're right. My bad. That's something all the maesters know. Although I have to say, just the sort of man on the street medical response did remind me of when I would be hung over in the early 2000s and you would offer some suggestions. It's just like, well, the chain mail seems to have stopped it. We'll just throw some hot Wesson on it. And just, you know, we'll probably be okay.

8:07I thought this was a fascinating episode of television for what it was and for what it wasn't. Like when the flashbacks started, I immediately started to get a feeling that it caused me to text you, which I try not to do in the middle of television shows, but I knew you'd already watched it, to ask. Do you try? Yeah, I didn't say I succeed. I just, I try. It's just like a policy. You know what I mean? A suggestion, a guideline, which was, is this invented? Because it felt, and you know, very often one's spider sense about that sort of thing can be wrong, but it did feel so tonally different from what the show had been up to this point.

8:43and you told me that it was, which did make sense. Everything that was in the flashback was very, very well done and executed. You know, I have long wanted a flea bottom that, you know, where the smell and stench of everyone leapt off the screen and I finally got that and felt very rewarded for that for my longtime commitment, you know, to the working classes of King's Landing. I thought that the storytelling made sense. The, I don't know how they found a little dunk like that. I have to say that the show made a bet on itself in the early going that it was going to be so different from the Game of Thrones that we've come to know, to respect, and to occasionally be horrified by, that I was a little disappointed in the episode for backsliding into the nihilism of what has come before.

9:36It is completely in keeping with George R. R. Martin's fictional universe. It is resonant and relevant to Dunk's journey as a hero that he would come from nothing and have an innate sense of unfairness and how the world is built. I get all of that. I have nothing structurally to critique here. Objection to the actual story that gets told in Flea Bottom that he is with this girl. It's his first love and she's killed in front of him. And that sets him on this path towards a kind of wandering, you know, like samurai. Or is it that we get, because my objection was like, I just didn't think the show needed it.

10:19I think the show had done this remarkable magic trick of economy where it's going for 30 minutes an episode. and I'm learning more and feeling more than I have in years watching Game of Thrones, including the end of this Mothership series and all of House of the Dragon and my private viewing of the Naomi Watts Blood Moon episode just in my personal archives. Just kidding, nobody's seen that. And I just didn't think it needed it. I don't think that I hate the penultimate episode flashback almost as much as I hate the flash forward in the first episode of shows. Yeah. And I think that it didn't trust us to just be like, this is obviously who this guy is, regardless of how he wound up here.

11:04And it's almost more magical and romantic to think about like somebody just being innately good rather than being like, I'm innately good because I saw something really bad when I was a kid. Of course he did. You said it a hundred times better than I could. My first pass was like, I was just sort of bummed that it went back into the more familiar nihilistic savagery. but I think your point is the stronger one. And I think I was also processing that, which is origin stories are kind of boring. Origin stories are kind of redundant. And I think that's what I meant when I said that the show had made such a good bet on itself early on.

11:40Now, if you are going to pad the material, if you want to fill out a full six episodes, this is a fine place for it. And I thought that the aesthetic choices of having him pass out and then have this flashback and then being brought back into the action was expertly done. I don't have, I didn't find fault with any of that. But yeah, I agree with it. And then there's just kind of a, does everything in the end come to two guys clobbering each other? I mean, long-term listeners in this podcast hope so. But beyond that, like, it's... So you didn't actually, even the Baylor fight, you were kind of bummed out about it.

12:17Well, I want to talk about that more specifically. Because like, okay, so like big picture for this episode, I said this to you when we were talking offline. I think that the direction on the series through five episodes is equal to or greater than any direction of a Game of Thrones series thus far. And I don't say that to like do a drive. And I don't say that lightly because Sapochnik and all those guys. Exactly. Mark Milad, Sapochnik, other people whose names I don't have in front of me like have did exemplary work in the original Game of Thrones, particularly on these big showcase battles, which is a different kind of filmmaking.

12:48that said the way Ashford feels in the opening moments of this episode from the mud and the fog and more specifically the the colors the muted color schemes and the extravagant armor of like the Baratheon horns and the the gold I don't even know what they are on the dudes with the mustaches it's really really evocative and it's really transporting and it is fantasy in a way that I think Game of Thrones intentionally leaned away from in its early going when the whole point was not that this is a fantasy show on HBO, that this is an HBO show in a fantasy world. I loved those details. So again, that setup made me a little disappointed that not that Dunk wasn't the best fighter.

13:36I thought that was well done and I like the disorientation and being inside of the helmet and everything like that. But ultimately, they're just pounding on people and he's just getting stuck like a shishkoob. Yeah, I mean, I think it's a different, it's not going to be Littlefinger or Tyrion outsmarting people or some great game of chess that they're playing. It's about might. I've been really thinking about this element of the show that I don't know how explicit it is. I think it is relatively explicit in the text, but if you're just watching it episode to episode, it may have passed you by, which is that this is like a kind of backwater tournament.

14:11This is not the final four that they're in. Like the Targaryens are kind of pressed to be there. They're not really happy about being at Ashford. Two of the Targaryen kids have gone AWOL. You can see Makar in the beginning of the series is just kind of like, this is bullshit. Arian is obviously a sadist. So he's looking for any opportunity to torture people and be a bastard or not literally, but, you know, to be just a son of a bitch. and there was something about the mud and the muck that they were fighting in that really felt Second City or away game. And I really liked that. And they've been building up to some sort of tournament battle the entire time.

14:58So I don't really know what other culmination this could come to other than these guys are fighting. I do love the fact that it's essentially like you have a few extra hours in the city and you go by the Rucker and LeBron calls out KD and they're finally going to settle it there. And cameras haven't been invented yet. One of the other things the show has done so well is punched above its weight in terms of budget and production. Like when Casey gave the most recent interview that he gave about the state of HBO to Nelly at Deadline, Casey Bloys, he always does, he consistently talks about Night of the Seven Kingdoms as a creative success for them, but I think he is motivated and has good reason to be proud of the fact that they also, quote unquote, made it at a cost to prove that not everything in their most valuable IP needs to cost hundreds and hundreds of millions of dollars.

15:53Not that they cheaped out on it, but it's a different structure. The opening of the battle brought that home. I was like, this is just incredibly beautiful. I mentioned the good direction. I should have said Owen Harris directed this episode. He directed the first two as well. and Sarah Adina Smith did the other episodes and I thought they were exceptional. She did the whole block, yeah. No step off at all. She's also done the finale that's coming up this week. When we got to the battle, of course it should be from Dunk's perspective, but did you feel cheated at all? A, that we never saw our favorite horny Baratheon do his thing.

16:28And not only that, like when they mentioned at the end, yes, two people died. I swear to you, I know this is my job to do this podcast with you. I don't know who they meant. I have no idea who actually died in the battle. Maybe there's a point to that, or maybe it only matters if you are like deep, deep book diver. Yeah, what is it? Like Harding and Beesbury died? I think that I'm a big rule follower. Yeah, Harding and Beesbury died. I'm a big rule follower when it comes to POV. This is one of the things that really drives me crazy. And I think it's just a product of having watched too much television over the last 10 years, but I start to give myself different neuroses.

17:04And one of them is if this is a show, that's a story that's largely being told from whether it's Marty on Ozark or whatever's whoever's POV, there are certain things that they would be privy to. There are certain things that they would not be privy to. And one of the things that drives me crazy, especially say in mystery shows, is when for the purposes of like expediency or economy, they start telling you things that characters wouldn't know, you know. and I sure would love to have seen three more minutes of this fight with people saying, it's Lionel Baratheon in his horns and he's come and struck me with a mace.

17:46Wait, I'm sorry. I have to stop you. You don't like breaks in POV but in terms of narration and fourth wall. That's what you're really saying, right? I got a 15 minute fight. It appears about midway through. He's like, oh yeah he's really fighting Aryan. If you rewatch it, you can hear make our say, my son, my son, and that, uh, Baylor and Lionel hold him back. It's at the very end when make car is like breaking free from that hold that he hits his brother in the back of the head with a mace, you know, a mace or whatever. And it's tragic. It's tragic that it happened at all. I mean, like it's tragic that it's, it's, it's also one of my favorite things I was saying to Joe and Mal about game of Thrones is that there are elements of it that are prophesied, that are prophesied, whether it's, you know, the, you know, the prince who was promised and this idea that somebody is going to come back and save everything.

18:38And then, then 95 % of the show though, or 95 % of the story is this guy had the fortune or misfortune of standing here when this happened. Yep. And, and there's a lot of luck that plays into it. And I think that this story is a great combination of both where you have fortune tellers and dreamers talking about where things are going to go. But ultimately, this is a guy who happened to walk into a puppeting tent the wrong time and got mad because a prince was torturing a woman. And the entire scope of fictional history was changed by that action. It was changed by Egg shaving his head and running away.

19:20Like Like everything, it adds to the majesty and grandeur of the show that everything is a butterfly flapping its wings. And it gives something that might otherwise just be, yeah, like a fairytale novella, that feeling of importance and stakes. And, you know, to the show's credit, to the universe's credit, to George R. R. Martin's credit, like one of the most compelling things about the series is the way that it rejects, not just rejects the idea in most fantasy or sci-fi entertainment that there is a prince who is promised, that there is some sort of fate controlling things, even though it may seem bleak or dire at different moments, but it does so in a way that is in tune with our own reality.

20:07And I know you're going to laugh and I'm intentionally, I'm not intentionally bringing up my recent reading of the novel Effingers, I promise. The reason I bring it up only is because what that book taught me about like German history that I didn't know, for example, you probably knew, you're more of a history buff than I am. But like the Kaiser's son, who was married to Victoria's daughter and was going to like liberalize Germany and give everyone rights. And then he gets cancer and gets to rule the country for 90 days. Yeah, he gets cancer. Yeah, it was before the FSB and tender got involved.

20:40But Cozy Bear got involved. But the larger point being that history doesn't move always the way it's supposed to. And there are a lot of these what ifs. And it always does seem to be the relatively decent would-be leader who gets a mace to the back of the head. Yeah, it's like, we'll go back and we'll look at 50 years or something and be like, well, clearly the trends were moving in this direction. And I'm like, yeah, but the trends were moving in that direction because somebody got in a car accident. You know, like there's this incredible alchemy that happens when luck and happenstance hit fate.

21:14And Martin's a master of that. I was curious whether or not when Baylor walks back into the tent and they're counting up casualties and Baylor, you know, he looks okay at the beginning. And, you know, the NFL did not have an independent neurologist on hand. Do you think we still have a Baylor if they leave the helmet on? Like, what do you think? What did you think of the medical procedures? So you think... Like he could just be Baelor, the guy who has to wear a helmet all the time. All the time. So it's kind of like Tony Stark's little core thing. Like if you move it one degree, there's no more Hand of the King.

21:48Exactly. Oh my God, that's my favorite character in a long time, man. Baelor is incredible. He's too good for this world. When he comes out and he's just like, you are a good man, son. Like, okay, all right. I've seen this episode of McBain. Yeah. I think you make a good point about the medical and support staff. There is no blue tent. There isn't any tour at all that we know of. He does instruct them to take his helmet off. And it is the kind of thing that you don't... He does. You know, the NFL has a lot of issues. But when Brian Dayball tries to go into the blue tent to say Jackson Dart doesn't really have a concussion, there are protocols that stop him from doing that.

22:26Whereas if Brian Dayball was, for example, heir to the throne, he could probably tell the doctors to fucking put that kid back in the game immediately so we can run him directly into the defensive line six more times. You know what I mean? So it is a little bit different. It's a beautifully executed show. And it proved that it could operate in different registers with this episode. I think there's just a part of me, and maybe it's just like a stubborn part of me, but I kind of wish it didn't... It didn't need to. I don't know if it needed to do that. But maybe... I mean, I don't know the other alternative being like a 25-minute fight, especially if they had told it from entirely Dunk's perspective and we wouldn't have really understood who was doing what at what given moment.

23:09I mean, I understand the practical reasons for breaking away from that. That would have been draining. Yes, I agree with that. And it doesn't have the same dramatic arc. It doesn't have the same kind of like, and then this is going to happen, and then this is going to happen the way Hardhome does. You know, where when you're like, first they've gotten to this point, and then the dead rise, and then they chase them, and then they get to the water. It's like these guys are all standing and feel wailing on each other until people drop. So it's visually less dynamic than some of the other big set pieces we've seen in Florence history.

23:42Do you have any notes for Rafe? I feel like she fucked around and found out. You know what I mean? Keep stealing.

23:52I thought that the most interesting thing about the Rafe and Dunk part was Dunk being like, what if there's nothing better than this? why are we leaving this is all I've ever known and that was probably the most telling the most interesting element of when you think about everything he has done since then and especially the choice he makes after Arlen dies and he's just like I'm going to decide to become something that I wasn't it's the first time he's done that so I thought that was just there's just really good writing throughout this season I just think that the flashback did take me out of it a little bit I think if you watch it and especially if you watch it in totality, if you were to say like, I'm gonna put aside three, four hours and watch this entire series, I still think that that flashback would jump out as like, I knew everything about this guy.

24:37I knew everything I needed to know about this guy. When you put it that way about, I think that's a good thing to latch onto though, that sort of the risk averse nature of him up to a certain point. It did remind me of the good old days of driving a 95 with you, where like every so often I might get a little like, what if we took this exit? And you'd be like, this is fine. There's a Cinnabon 65 miles from here. Let's just stay the course. You want someone like that by your side. I can't wait anymore. I want to talk about industry. This is episode six, Dear Henry, directed by Luke Snellen and written by Mickey Down and Conrad Kay.

25:14I wrote out a list of the industry's book of revelations from this episode. So I thought maybe we could go through these revelations one by one as a way of talking about the episode. did you have any throat clearing I want to make my opening statement to the jury about this particular episode or do you want to do it sectionally with me? I think we can do it sectionally I think that I would preface this because this will come out clearly when we talk about some of the specifics that I found this to be the most challenging episode maybe of the series and it has inspired a lot of consideration and thinking about what aspects of this episode in particular in relation to the challenges of this fourth season and then the overall successes of the series, what might be contributing to that reaction.

26:02But it might be better to go granularly and then go widescreen. Okay, so I'm just basically going through the book of Revelations, my revelations while watching this episode and also the revelations internally with the show. I don't want to spoil it. Is one of them that you can be homo at school? Was that a revelation? or was that just like you've been to England, been to England? Honestly, I've read enough spy fiction to know that that is, that's a truism. Number one, Whitney and Ferdinand are in bed with the FSB, perhaps somewhat unwittingly on Whitney's part, though he is packing a Lithuanian passport.

26:41And this did not occur to me while watching, but when he's singing Whitney Houston to Harper at one point in the episode, Several people noted that could be where he chose the name Whitney if he is, in fact, a long-term sleeper agent on the part of the FSB to infiltrate the Western financial markets. Or a long-term fan of past gone-too-soon R &B queens. Yes. Yes. It could be that he just happened to be singing Whitney Houston, but is really more into the health advice from stand-up comedian Whitney Cummings. Oh, that's really... That's why he chose the name. This is a huge twist, revelation, added element.

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27:31It explodes the genre of the show to introduce the idea that this is actually an international criminal syndicate and a nation-states intelligence service working behind the scenes to do whatever they're doing. and we're going to talk a little bit more in depth about what Tender is up to and the idea that essentially they're mining for data and that they're looking for opportunities to blackmail, leverage, and expose the client base. And I thought this was such a huge gambit. It's like a real, like, you're either fucking with us or you're against us right now on part of the show. because, man, they could have just done six, seven seasons of these crazy kids doing E and making trades.

28:28And I think I'd be fine with that. But this is a huge swing. I think that as challenging as that particular pivot within the episode may have been granularly on a story level, I do love the show's, and by when I say the show, we're talking about Mickey and Conrad's creative and artistic willingness to engage in as big of a picture as possible. Because if the show, you know, up to this point is so deeply concerned with the essential nihilism of, which is like the fourth time I've used that word in this podcast already, but it's 2026, of late period capitalism, push it further. Meaning it is interesting and gross when when enormous profits are being made due to lack of oversight or due to an over-indexing of narrative over substance or any of the other things that you could accuse tender of or many other companies that still exist in our real world.

29:36but the next question behind that and it's the same sort of question that one could bring and that some people in Congress are bringing to the Epstein stuff is it's not just who profits literally in terms of money but who is also profiting from the overall structural lack of oversight like who can fill that gap who can take advantage of that and very often the answers are extremely bad actors and I don't mean bad actors in the cast of industry I mean like the Russian Secret Service or a cabal of sex criminals in the case of what's going on in America right now. There's someone profiting behind the people who are more likely to take the fall for profiting.

30:14And I think the expansion of the aperture in that way is, you're right, it's a bold gambit in the show, but maybe this is also where a lot of our conversation about the episode is going to fall, which is I completely see this vision and I'm excited about the expansion of the terrain. When we start talking about how it unfolds within episode six of season four, then I had more issues with it and how it is delivered. But I think it's an exciting place for the show to go. And in many ways, not an inevitable place, but a consistent place for it to end up considering where it started and the trajectory it's been traveling on.

30:51I thought that that scene where Ferdinand comes out to Whitney and he's having a cigarette and is talking about how easily it is to rationalize becoming part of the Russian intelligence services because it cleared the path for him to become CFO of the Austrian bank that he had been working at, that tender acquired. It was a wonderful, wonderful scene. And it's just explicit enough. I think that I'll hear people out if they're like, I need to know explicitly, is Whitney a Lithuanian citizen who moved to America with these orders or how much of his character is fashioned out of thin air. We'll talk about the night out that he has with Henry and the morning after revelations for discussions that those guys have.

31:43But they ride the third rail of like, how much do we need to show? How much do we need to tell for people to feel and to think? They don't often will have... They will take... Here's any other show would do. These four scenes... And industry does it in two. Yeah. And those two might be scene one and scene four, and you're missing the middle, and you get to the part where it's exciting at the beginning and terrible at the ending, but you don't understand how you got there. I get that. I get how they do it, and I like it a lot. But I can understand why people might bump on it. I think the reason why I like it so much leads me to my second revelation, which is that Whitney has become my favorite character on this show.

32:25Whoa! What a turn by you! I don't know what happened, but here's the thing. The obvious hybrid of, and there's something kind of wonderful about Max Mengele playing a Tom Ripley-esque character when his father directed one of the great adaptations of Ripley. but I love the fact that this guy is not going full Henry Hill and staring out the windows at helicopters and that he is like, he is a associate. Like I don't, I don't even know what the diagnosis of it would be, but even when everybody confronts him, every time he gets quote caught, every time you think he's, there is no, his back's not to the wall because there's no wall there.

33:09He's like, I'll just turn around and be something else. I'll just turn around and be something else. He never seems stressed. And there's something remarkably gentle and also honest about the way that Minghello is playing this guy. And I just find it absolutely fascinating. Maybe not easily trackable. Maybe I couldn't draw your character's arc over the course of the series so far. But he and Harrington are the two most explosive things in the series this season. How did you feel about the moment on the PJ when he looks at the emergency exit briefly? Loved it. Loved it. But like he said, Henry, by the canal, or he's just like, I'm not interested in suicide.

33:52He says, I don't believe in it. I don't believe in it. And then he lies about the history of suicide in his family, just like he's lied about every aspect of his family. Yes. Right. But that's the thing is that if you're just constantly fashioning an identity, I almost think he was looking at it as like a simple, Like he was looking at the exit door as like more symbolic than he was like, what if I open this private jet door and just fall to my death? Yeah, I mean, one of the things that helps, I think, our enjoyment of the series and particularly our discussion of the series is the raw fissile material that these guys are playing with is extremely potent.

34:29And the idea of fake it till you make it being a life strategy and a winning life strategy, particularly if on some metrics you have already unshakably made it. And that's the case with like someone who's landed gentry like Henry. You know, the episode ends with the implication that Henry is now on the hook for one of, for now two of the greatest financial catastrophes in recent British history. But his harpsichord room is still waiting for him. You know, like they're still running tours through it if he falls from this height because he's not falling that far. I think that there's opportunity though, and I think this is one of the other things that I'm bumping up against and maybe it'll be resolved in the last two episodes because some of the other storylines have fallen aside or been pushed out of the frame and we'll talk about those specifically, Eric.

35:22But the twinning of Harper and Whitney as American fabulists is interesting to me and I think clearly interesting to the show. but like with many things that I've been interested in in this season, the real estate simply hasn't been there to pursue it. And maybe this is all part of an end game to bring them together because that's what, I don't mean bring them together romantically or even psychosexually as they've already been. I just mean to bring those storylines into harmony with each other in a different way. So I'm going to move up one of my revelations. I had the next one I was going to talk to you about, Eric's blackmail, but I'm going to take the last one and put it here because you just sort of mentioned something fascinating.

36:04So much like Rishi several weeks ago where we're like, I guess that's it. I guess that's it for Eric. And then Ken Loong did an interview with Vulture the night of, on Sunday night. It was released fairly soon after the episode came out. And was pretty explicit about the fact that he shot quite a bit of material that is not in the show. Now, I cannot wait to talk to Mickey and Conrad about this. I hope that they feel comfortable talking about it because I don't know if Ken was supposed to mention this, but he definitely seemed to allude to several scenes with the escort, Dolly, with his daughter, with his ex-wife, with Harper, perhaps an entire kind of arc for his character that was a little bit more discernible.

36:56instead it feels like a guy who gets taken into the it's basically Tommy from Goodfellas to keep the Goodfellas stuff going and he just is walking into his party and it goes oh no right as he gets the recognition from his daughter the love that he craves the love that he wants he looks down at his phone and what we are to presume is Whitney is blackmailing him not only with video of his sexual encounter with this escort, but also proof that she's 14, 15. It's dark. She was born in 2011. So depending on when this is literally set, yeah. And this is also, speaking of, this is an even bigger McBain scene than poor Baylor.

37:38This is my best day ever. This is a direct quote. He's just had the, quote, one miraculous run that makes you live again. Harpoon, you just gave me my favorite every day in finance. well we should we should be clear about this there's no part of this interview where Ken Lungs is like a fucking I'm mad that this got cut out yes I'm mad about what left on the cutting room floor he's very matter of fact about how he considers and we've talked to him like he is a very very thoughtful intellectual actor who really intense intense about his process and what he needs to get to where he needs to go and so he's sort of helpfully explaining to the questioner about like his journey within Eric this season may have been different from the audiences because about his process and his internal thought and decision-making, but also because, you know, he's like, well, I did these different things that were steps A, B, C, and D to get to what you saw.

38:32Yes. This is not an indictment. Every show cut scenes whole cloth. And part of the artistry of making television and film certainly is remaking the show. I mean, you say you make the show three times on the script, on the stages, are on set and in the edit room. And each time you start from scratch almost and you rebuild it, that's how all great works are, are, are made. So it's not a problem that these things were cut, but it is another piece of evidence, I think, to my larger sensibility about the season, which is it's too much story. This is a, there's nothing wrong with the story. It's an exciting story and it's an incredibly ambitious thing.

39:13And it has felt, uh, appropriate to be watching the season of industry against the backdrop of the Olympics where they're like, well, this guy is going to spin six times. And then if he doesn't, you're not like, this guy sucks. You're like, holy shit, imagine spinning six times. I cannot help but shake the feeling that this is a 12 episode season of television that has been reduced to eight. And I don't, I want to be clear when I say this, I don't mean that they were given 12 episodes. I mean, they were given the same eight episodes they've been given every time. I think if anything, I would imagine that they would laugh at the idea that they would want 12 episodes for a season.

39:50I think that yes, they shot stuff. And yes, there's a feeling like we missed something there maybe, but I don't think that it's because like they were asked to reduce the episode count or anything like that. And also part of their superpower, and we've praised them for this before, is get to the good stuff. You know, don't bore us, get to the chorus, but a TV show. Like there's power in that. And there's still, even in this old prestige medium, there's still surprise in that. When this episode begins with Harper going straight to Yasmin to say, here's what I'm doing. You're sitting on a mountain of lies.

40:23It's like, oh, you know, she could have bought her dinner first. But no, the show is going right into this. But there are other things that I think that are suffered, that have suffered this season because of the frenetic pace and the lack of real estate. For example, early in this episode, we're told that Tender has quickly become the Gen Z choice for banking. I'm like, I thought they've only been at bank for 10 days. Right. That seems very, very abrupt. That's a good point. I hadn't thought about that. There's other things that you can see in terms of character arcs. like we praised and I will continue to praise to high heaven the show's fuck it bravery in being like we have reached logical conclusions for Rishi and for Eric with the conclusion of season three and the wrapping up of Peerpoint but we want to work with these people more we want our show to have them so we will just figure it out and we will bring them back and we will try to be honest and be true to what happened to these characters in the past but there wasn't enough room for it so I'm going to push back a little bit on those two characters because I think that there's something really interesting about the fact that they brought back two of the most beloved people on this show beyond maybe what the actual story structure supported.

41:43And they're almost like, this is what you get. This is what you get when you want these guys to come back because you think Eric has badass lines or you think Rishi is a legend or whatever. I'm not saying that they're critiquing the viewer or that there is some sort of like meta conversation about like why, you know, that often happened with succession where it's like, just so you know, these are bad people that you're cheering for, quote unquote. I don't think that's what's happening here. But I think that this is a world and a job and a set of consequences that chews people up and spits them out fast.

42:15And when you lose a couple of miles per hour off your fastball, like Eric did, Eric is a mess this season. He's fucking empty. he's an empty husk of a guy we find him he's basically spending his days playing golf he's left his family they bring him back he doesn't seem to have the same fire he doesn't seem to have the same acumen he's basically propping this fund up with his own money but all they can do is get meetings with these like kind of lesser known family desks of investments you know whatever and then every time eric is kind of needed or counted on he's also in the corner looking at his phone watching sweet peas only fans video or dialing up a teenage escort it turns out and he is being seduced into a world that he really no longer is built for um and you can make the same argument somewhat for what happens through rishi and it's like watching these guys who we kind of looked at as like bigger than life and previous seasons get atomized is really fascinating to me but i don't i do agree with you i agree with you about like the telling of the story though Yeah, I think that what you just did is an incredibly compelling argument for the fate of and treatment of those characters.

43:26And it takes nothing away from, you know, Cigar Radia and Ken Lung delivering arguably two of the best performances on the show this season. I just have the feeling that there was more there and there simply wasn't room for it. And that has continued this throughout. I was trying to think about aspects of the show that have been sacrificed for the complete, the grafting of an entirely new body onto an existing body of a show. There is a version of this season that I'm sure they've discussed or explored. We can ask them about this. And there are reasons why they chose not to do this. But starting this season with the breakup of Jonah and Whitney and Whitney taking over and then turning it into a bank.

44:17And then we are in real time as he's recruiting our characters into positions of power, all so the house of cards can fall down within an episode and a half. It's a lot of legwork. As opposed to starting the show with Tender as too good to be true already, and then we join it and we suddenly have access to its inner workings. There was a choice there to start that from scratch with the season. Yes. One of the things that have been, some of the things that have been sacrificed along the way in the service of this becoming a show about global finance and fraud and also international espionage and journalism is none of these characters have any home or personal life anymore.

45:00Now, you could argue that, like you did, artfully, that's the point. They have sacrificed every bit of themselves to become these full-time brain warriors in this arena that, you know, normals don't understand. Yeah, they've recreated PeerPoint inside of a hotel. It's smaller and smaller rooms. But it's like, there is no separation between like, I'm going home now. Harper lives in a hotel. Eric lives in a hotel. Like these guys, like they are just now these people who haunt these sort of in-between spaces of work and home. There is a, it's incredibly bleak as a human being watching the show to watch a show.

45:43And I don't think the comparison to the succession argument is, you weren't making this, but I mean the larger argument that, well, these are bad people. I don't think these are bad people. These are husks of people. They're not good or bad. They don't have, they're not full lives. They don't exist. They don't do anything. Harper doesn't live anywhere. Harper doesn't want anything other than dominance. Um, this is also where you start to feel the lack of a Rob who was too soft for this world. Ultimately, he was a romantic. It's where you start to feel the loss of the old Rishi voice. Remember Rishi became a prominent character in the show because Mickey and Conrad discovered that with the ADR, they could just pump jokes into an otherwise sterile environment.

46:32We've lost that voice and we've lost those jokes. it is hollowed out in a way that is quite bleak um and i know you have another revelation but i i just was feeling it so deeply in this episode that um that pit you know uh i love that i love that because i think it's really real i think it's i think that i've been searching for a foothold emotionally on this season. In the past, it's been evident. In the past, it's been Rob's attachment to Yasmin. In the past, it's been Harper's paternal obsession with Jesse Bloom. Whatever it's been, this recognizable thing that you've seen in other shows and you've heard in other stories.

47:19These people all openly being like, I am a construction and the only thing that's keeping me from self-immolation is a total victory or moments of euphoria or basically like women's sherbet and fluorescence, as Henry puts it, you know, and living in this euphoria either of success or excess. And I think that that is an uncomfortable place to be for 60 minutes a week sometimes, but as like a, I love it as an idea. I love it as an idea too. I'm just, I'm struggling with the week-to-week execution. You're struggling with a week-to-week execution of it, particularly because an episode like this, which on the one hand feels like it's designed to be totemic and iconic and have these enormous mythological falls.

48:10I mean, there's a line that made me stop in my tracks because I was like, wait, and there are many lines in the show where I'm like, what? But then it slowly, like, what is the line about, look at yourself, you're wavering at the scale of Valhalla. Like these are elevated, you know, elevated stakes, elevated scale. But in practice, in the naughty busyness of these 59 minutes, I was experiencing it as one scene after another of characters making speeches to each other. And we have the tapes, we have the records. I am a huge fan of the way these guys write dialogue, of the way these guys construct seasons of television.

48:54I struggled with this episode. And the moment that was the hardest for me in the midst of it was Eric goes on CNN with Whitney. And under the harsh studio lights of what is meant to be the real world, you know, not their shadow world that they exist in full of, you know, hotel club sandwiches and glory holes. like actually the Klieg lights are on and they're doing the public story. They quote Sun Tzu at each other and say more, you know, Valhalla shit. I was hungering for a moment of prose, I guess, to kind of like - Rather than the poetry. To drive it down because at a certain point, these people continue to talk at each other and I want them to actually talk.

49:42Henry is off the wagon, realizing that life is not worth living if you don't have euphoria. He and Whitney go out to a nightclub, I guess, you know, a London sex club where you dance, you stick your dick in some stuff. Did that differ from your experiences of London nightlife? Because I'm reading Surprise here. That's not how I remember. No, it's just...

50:14Kind of no show really does nightlife like this. No show does these people getting after it and communicates the feeling of it. And honestly, no show really does morning after this way. And I thought that their canal conversation was a highlight of this episode. But I guess Henry's personal relationship to substances and his relationship to his sexual identity and his marriage and just Henry in general was something I wanted to discuss with you. He has plenty of middle-class friends, which I thought was nice. Just while it's top of mind, the show does remain elite in its confidence in just dropping references to things that prove its bona fides and confuse 96 % of the listeners.

51:02Like, elite reference to Topjaw. I thought that was great. At the worst possible moment, you know? There wasn't even time for it. Do you think the Topjaw guys were like, they mentioned us on Industry I hear. Exactly. Let's see the exact moment when they do. Do you think eating with Todd is like, dodged a bullet there? Like, finally. Really, really low-key reference to Chiltern burning down, thus there not being anywhere to have fun anymore. Respect that. Yeah, the Henry thing, I mean, Kit Harington is phenomenal in the show. And it is interesting to think about all of the characters and all the performances in the light of the Ken Leung interview, because one of the things that I really have admired is that there have been moments in watching the season of the show where I am personally confused as to where and when these characters are in their emotional journey with themselves and with each other.

51:56And the actors appear completely confident. Now, I mean, they're great actors and famously, this is a very collaborative set and that Mickey and Conrad are very available to the actors and very close to the actors. So they're there to, you know, make sure they know what's going on. But clearly they, they understand where they are in the story, which is a, which is a good thing and a helpful thing as an anchor. Um, do you feel, does your more liberal attitude towards the, um, speed, the run of play here, does that apply to just to talk about Henry, to talk about where Henry has gone in this season in a relatively short amount of time and specifically the state of his marriage.

52:39Because the whisper down the line skepticism that opened the episode was interesting, but also to me felt a little reductive that Harper tells Yaz and Yaz says, fuck you. Then Yaz tells Henry and Henry says, fuck you. And then Henry goes to Whitney and he's a little - Whitney and Whitney's like, fucking A. Well said. In terms of the Henry emotional storyline, performance, great depth that he contains fantastic but in terms of where he is and what he's doing and how angry he is at Yasmin. I think he's angry because he wants to be whoever he wants to be at that given moment and he doesn't want anybody to tell him not to and I don't think that he and Yas are capable of being some on any given Wednesday we can we can go out and have a normal night like they they're either like crying making up with each other or fighting but I don't think they're capable of being the couple that I want.

53:39I think Yasmin projects out across decades of, you know, wealth and power in the UK aristocracy. I think she wants that. I think she wants to project forward a, a new stability that she lost with her father. And Henry is like, I can barely keep myself alive. And if I'm not feeling not only like the main character, but the prince who was promised like I literally have to be the guy who's out there saving the world with an app then it's not worth doing nothing is worth I just don't even want to get out of bed all I want to do is crush up pills under my combat boots and snort them off a harpsichord and die one of the low-key brilliant things about the way the character is presented is he is always in costume not at his costume birthday party which is telling, and that was his lowest moment, but he is always wearing the corporate swag.

54:38He was wearing the Lumi swag. He was wearing the tender swag. When he goes to the rough trade club or whatever that ends up being, he looks like he's always been there. Yeah. You know, and when he gave his speech at the event in the previous week, he is, you know, the shirt is unbuttoned just so and the sleeves are rolled up. He always looks the part because he himself is, you know, terrifyingly empty. Yeah, I just think that scene where he's waking up, everything has sort of gone to shit because Harper's done her presentation and Yasmin has been calling him and she finally gets him and is just like, I can't believe you're doing this to me again.

55:14Tells you everything you need to know about their relationship. Where are you with the Harper of it? I think that the Harper card, this has happened before in previous seasons. I think that the Harper, the centrality of Harper to this season will emerge in the last two episodes. Stern Tau is now just Stern again. Um, and she has done what Eric prophesized. She has become a world killer. You know, she is able to stand up in front of people and just be like, I make it. So I've declared that this is bullshit. You know, I saw some people online, um, critiquing the fact that there was no evidence, evidence that she wasn't really presenting a lot of evidence.

55:54She was just like, it's a, you know, house of cards on top of a Ponzi scheme. And that was like enough for people to be like, Oh, okay. but I don't think that that speech that she gave I think the whole point was that she was supposed to talk about women and finance and instead used it as a pivot to talking about I hope you'll indulge me instead of talking about whatever I'm going to show you a woman doing her job yes the jury's still out on Harper Mahalo's performance I'm not even talking about I'm talking about the character and what she's doing this season because she is a little bit... I think that they have left her emotional or character journey a little bit to the side as they have focused on Henry.

56:44Yeah, there is no... I mean, it's all off screen. And look, I'm fully aware of the inconsistencies here. We started this podcast by saying, you know what? Dunk is dunk. We don't need to know his traumatic origin story. And then we get to Harper and Harper, a character who, I quoted this last week, said in this season, my trauma is traumatic and that's enough of that. I admire that. I think it's a strong choice, particularly the way TV has gone the last 10 or 15 years. But you also have to deal with the consequences. And if everything that is emotional happens to the character off screen, or you shred a card and you take a phone call, that's asking a lot of the performer and it's asking a lot of your writing to have enough ballast to support her in all of the things that she does.

57:29So sometimes I just don't, I'm confounded. There's a difference between someone, a character who surprises everyone by zagging as Harper has done in the workplace. And then there's been moments this season where I've been actively confused. Like when Eric is delivering his, his speech on CNN and it cuts to Harper and she's like, wow. She's like, she's basically like, look at God. And I don't understand what he's doing. that's, I don't understand what's notable about that. I didn't fully get the power of what he was doing and why it was landing on her. And we then ended in a place that again, supports the nihilistic, these are shells who I love the analogy you used, who have lost their fastball and this is what happens to failed men, version of Eric.

58:14But it also, we have to say that this has been a four season, intensely intimate relationship that ends with a disappointment and rejection that felt it didn't feel final. It didn't feel ultimate. It felt of a piece with ways that they have argued and fought before. You mean the last scene? I'm not, and I want to be careful because I'm not criticizing the choice. I don't think these characters were ever bound for a hug. You know, I don't think that that was the nature of it. And it also might not be done. You know, we said last season, there's no way Rishi's on the show again. There might not be a way that Eric is on the show again.

58:55It is smart that they keep us guessing on that score. But I felt, I was disappointed that I didn't feel more in that parting because I wasn't on, I wasn't confident in my read of where everyone was in that moment. I think that the argument that I would make in favor of how that relationship concludes, even if it's disappointing for people who find Harper and Eric to be the most fascinating relationship in the show, of which I've often counted myself as one of their number, is that the reason Harper is good at what she does, if you accept that premise, is because she is invulnerable, because she has nothing to be vulnerable over.

59:43There is nothing about her family. There is nothing about her love life. There is nothing about her past. I mean yes she in previous seasons she was trying to cover up her she didn't have the degree that she said she had or maybe she wanted to hide certain aspects of her of her history or her biography but I don't think she's like that anymore and I don't think she cares about anything other than winning and she doesn't seem we've we've barely seen her outside of the office and when we have she's with people from the office um or doing things like having sex with Whitney in a scene that takes on a whole new kind of layer of symbolism from earlier in the season.

1:00:22She only exists to do one thing. She's a shark. And Eric, for as much acumen as he may have and for the 10 million that he threw in and for all that stuff, he's vulnerable. Yeah, they can't get her. And he has things to lose. And he can see right in front of him everything he stands to lose if this tape comes out. the kid's never going to speak to him again, you know? And I think that that is how we may want the hug and we may want the, the catharsis between Eric and Harper, but it's an indication of like one's built different. Yeah. I think that's, I, you know, the more we talk and I appreciate your level headedness on this.

1:01:05I, I imagine that if, and when I rewatch the season, I will be more enthralled by the possibilities and the expansion of the world. Well, you notice that everything that I'm saying, I'm like, here's this theme, or here's this idea, or here's this way that this made me... I don't disagree that there are clunky lines, that there are times when I'm like, this didn't quite connect or make sense. Like, it's not a flawless series or season. But I don't think that there's a show on TV that makes me think about this stuff the way industry does. There's even, you know, essentially a throwaway scene where they get to also like get a couple shots off at Trump and there's the American guy there and Chloe Peary delivers this withering put down.

1:01:48And when you get a moment like that, I'm like the audacity of the show to be all the things that it's been and also in its own very specific British way, take something from the wire in the sense of it's all connected and everything in this show. the phones in PeerPoint and the data lines are connected to every other building in London and in the world. And the audacity and imagination and creativity to say, our show runs the length of these cables, that it is connected. This isn't just about these people, you know, trying to get ahead or trying to get off or whatever the first season could be reduced to, I think is commendable and exciting.

1:02:32And so a scene like that, which we almost, we can barely have a moment to register as the car zooms past it, is really fascinating. And then you dig a little bit deeper into the metadata and you're like, you know, so much of the season's ideas and themes are inspired by the real life wire card fraud that happened in Germany. The Ben Taub piece from New York. Huge piece in the New Yorker about it that I remember reading at the time. And it takes on a different relevance after you've watched the show as well. You know, there's, you can read that and so much of it is about, well, Germany, like, Angela Merkel walked this profoundly fraudulent, riddled with Russian intelligence company up to President Xi and was like, you should do a deal with them because they're the pride of Germany.

1:03:25Primarily because Germany wanted to be in the fintech space. and they want the narrative. So to read that article as Mickey and Conrad did and say, well, what does England want? And what would it be like in England? And how does it become an English story by tying in the aristocracy and tabloid culture and everything else that it did is remarkable and thrilling and works from a top level. So it is, in the spirit of two episodes remaining, it does feel a little peevish to be like, these things aren't working for me but the project is remarkable. This show can be anything it wants to be, but there are costs to that.

1:04:04Look at you putting a button on stuff. Outside of my window, Noah's Ark is about to happen. There's like flash flooding. We just got flash flood warnings here in the studio. That's after the fire alarm stopped going off. I'm going to let you guys figure that out. This is our last show. What a way to go. If people have questions about industry, I'd love to hear from our listeners about how they're feeling about this season. Send us your emails, thewatch at spotify.com. thanks to Kai thanks to Kaya and hopefully I'm feeling better and I'll be in studio on Thursday you're amazing shout out DayQuil that's what it was it was DayQuil it wasn't that a weird hole in my bathroom that I went to go see you later

From the publisher

Chris and Andy talk about Paramount’s latest takeover bid and the news that Warner Bros. Discovery may reopen acquisition talks (1:44). Then they discuss the penultimate episode of ‘A Knight of the Seven Kingdoms’ S1 and its use of flashback (5:51), before walking through the many revelations from ‘Industry’ Season 4, Episode 6 (25:07).

Subscribe to the Ringer TV YouTube channel here for full episodes of The Watch and so much more!

Hosts: Chris Ryan and Andy Greenwald

Producers: Kaya McMullen and Kai Grady

Additional Video Supervision: Jamie Yukich
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