Give Rishi the Emmy for This Spotlight

(Warning: Spoilers for the Season 3 of Industry.)

Wall Street taught us that “money is a b—h that never sleeps.” Industry’s Rishi Ramdani (Sagar Radia) takes this lesson to heart in Sunday night’s episode, which cranks up the anxiety to new levels. If you thought Season 3 was already barrelling forward, then apparently the ceiling for tension has no limit for HBO’s investment bankers.

In Episode 4, Pierpoint is still riding the storm of what is now the Lumi failure, as the green energy company has gone into administration and the British government will likely provide emergency relief. Eric (Ken Leung) attempts to downplay the seriousness of this development during a staff meeting, but later admits to Rishi they are “on the precipice of a crisis.” But Lumi has little to do with the adrenaline-fueled Rishi-focused roller-coaster that takes place over this episode’s 48 hours, proving Industry is at the top of its game as its characters continue to flail.

Strap in because this is stress-inducing TV at its very best, more than earning the comparisons to Uncut Gems.

Considering Rishi screamed, “I am violence! I am violence!” during the Lumi launch day disaster, it is nothing new to hear his borderline unhinged orders. However, the combination of his growing personal debt and the eye-watering figures he’s accumulated in the red at work means Rishi hits a point of seemingly no return.

While Pierpoint edges toward disaster, Rishi is deep in a catastrophic cycle in this episode, in which the camera never leaves his side. Nope, not even when Rishi goes to take a leak or is multitasking, holding his infant son Hugo while watching one of Sweetpea’s (Miriam Petche) OnlyFans videos—though his payment is declined. So when Rishi’s nose drips blood on Hugo’s cheek, rather than slow down at the otherwise sedate bash he is hosting, he takes the opportunity to do another line.

It is the festive season, and the idyllic village where Rishi now lives looks ready-made for a sequel to The Holiday. Suburban living isn’t going according to plan, though. While Rishi has bought a healthy size of land, the locals don’t want him to renovate their slice of (white) English cricket pavilion history. “It’s mine, but it feels like it’s theirs,” Rishi says.

Nicholas (Al Roberts) is an overbearing neighbor who still views himself as the de facto owner of Rishi’s property. He also is the man to whom Rishi’s wife Diana (Emily Barber) lost her virginity at Nicholas’ 18th birthday party (with a theme of “White Mischief”—yes I want to see precisely how racist the outfits were). Not only does Nicholas prune Rishi’s bushes at 5 am (not a euphemism), but he has renamed Rishi’s dog from Rajah to Roger—Rishi gave up the pet because he thinks the pooch is causing his incessant back irritation. The colonizer vibes are off the scale, and Rishi can’t even go for a late-night walk with bookie Vinay (Asim Chaudhry) without being accused of loitering.

Keeping up appearances is difficult when associates make house calls for a late repayment (Rishi also has over £230,00 in debt across various credit accounts). Earlier, Rishi quips, “Money is an illusion,” and working in a job where investments are numbers on screen is one way to lose perspective. Creators Mickey Down and Konrad Kay wrote this barnbuster of an episode that once again proves you don’t have to be fluent in banking lingo to experience every high, low, and knot in Rishi’s stomach.

After 15 years at the company, Rishi’s “choice language” finally lands him a meeting with HR after comments on an “Overheard at Pierpoint” subreddit are attributed to him. The trader makes Succession’s Roman Roy (Kieran Culkin) sound like a kindergarten school teacher in comparison, and it is highly entertaining to hear other characters sum up the unfiltered missives, which Rishi reasons are him “talking straight.” Eric plays it down as “a bit unadulterated” and “a little blue.” In a staff meeting the following day, Robert calls his phrasing “backward,” adding, “You make people uncomfortable.” Again, this is putting it mildly—especially if you pay attention to Rishi’s dialogue in the background of any trading floor scene.

Until now, Rishi cites his ability to make money as a reason he can get away with illimitable HR violations. But this safety net is quickly disintegrating.

In Season 2, Harper (Myha’la) observed that Rishi is the kind of guy who never takes a moment to think about who he is, which rings true in an episode where he hits rock bottom and scores big time. Sagar captures Rishi’s mania of winning at work and the casino, followed by the dregs of nothingness as he gets beaten up for hitting on a random guy’s girlfriend, then losing the stack of cash in the blink of a roulette table eye. The Emmy-worthy showcase paints a picture of a husk of a man still searching for that next bet, even with his swollen face and blood-stained shirt.

The money Rishi uses as his initial casino funds is from his co-workers, who are part of a horse racing syndicate and unknowing lenders. We see Rishi’s mix of negging and salesman skills when he collects from Robert (Harry Lawtey), Anraj (Irfan Shamji), and Eric, who all have misgivings about the £2,000 stake. Anraj mentions he needs to pay rent, Eric doesn’t trust Rishi, and Robert doesn’t understand how the buy-in has ballooned since the initial £100. “I don’t know what the fuck you just said,” Robert responds before giving his cash. This line sums up how I feel about a lot of the financial jargon. Like Robert, I am all in.

Later, nothing comes of the HR discussion other than Venetia (Indy Lewis) quitting her job, and her parting gift is telling Rishi she heard he is a terrible lay—“a five pump chump.” Despite this truth-telling, Rishi ends on a high, further contributing to his invincibility streak when his gamble pays off. “You’re not even a good trader. You’re just lucky,” says Anrah. In typically cocksure fashion, Rishi asks what’s the difference.

At home, where Rishi is drowning in debt, he gets his mojo back in a straight-talking conversation with his wife, who agrees to bail him out. The following morning, a revved-up Rishi is back on the hyper-machismo streak, smashing up the cricket pavilion and getting his dog Rajha back. If Rishi stopped here, he would be ahead. Instead, he rings Vin, telling him he has the £200,000, but he wants to put £50,000 on the previous tip. “I’ve got a feeling, a great feeling like fate is shaving her c–t just for me,” Rishi says. How soon before fate shuts her legs, leaving Rishi scrambling? Now, that bet seems like a sure thing.