‘Industry’ Season 3, Episode 4: Recap

If you had to pick one word to describe Sunday night’s episode of “Industry,” the first one to come to mind might be “chaos.”

But as is often the case with the hit HBO series, that chaos is portrayed in such a bold and ambitious way that you cannot look away. Season 3, Episode 4 focuses in on chaos agent Rishi Ramdani (Ragar Sadia), the king of one-liners and lewd commentary on the trading floor at Pierpoint. Sadia was upped to a series regular in Season 3.

“He’s an alpha male, he leads with his chest out,” Radia told The New York Times. “And he’s the epitome of bravado, which is so fascinating, because for someone like myself who comes from a British South Asian background as an actor, we don’t get the chance to play those types of roles.”

Throughout the episode, audiences get a peek into Rishi’s life with his wife Diana (Emily Barber) and newborn, the financial secrets he’s hiding in his personal life and his career, and how his brash personality at work is a bit different than his demeanor with people in and around his home.

We chatted about Episode 4 and all the sides of Rishi. Get into our chat below.

Ah yes, the long-awaited Rishi episode. Here we are, people. We’re in for a ride.

The opening meeting was so fascinating to watch. Since Frank (Joel Kim Booster) published a hold, signaling to investors to sell Lumi stock, the aftermath has negatively impacted Pierpoint’s reputation handling future IPOs (i.e. Europa Gas). Now, the bank is functioning like a pressure cooker, despite Eric trying to keep his cool, and Rishi feels tasked with making up whatever revenue they’ve lost. He’s watching closely to see how the government’s emergency budget announcement will affect the market. That’s my read on the situation, but I could be wrong. — Ruth

I definitely needed this explanation. One thing about this show that frustrates me is that they talk so fast about all the finance stuff that I’m like WTF is happening? This breakdown is SO helpful. — Erin

I’ve said this before, but what makes the show so strong, though, is that you don’t necessarily need to know exactly what is happening to feel the maximum amount of anxiety. Most stressful show on TV right now, for sure. They are so good at tension! The scene later on the trading floor, when Rishi is doing so much risky stuff when the budget announcement comes down, and things do not go as he predicts, I still don’t quite know what exactly happened. But was I extremely stressed? Yup. — Marina

In conversation with Eric & co., we see Rishi as the ruthless, flippant capitalist he is, bumbling on and on about a “no bullshit, free market vision.” “Money is an illusion. It’s a social contract built on trust,” he says, talking to Rob. Eric remarks, “The ghost of Margaret Thatcher in a handsome Asian kid,” referring to Rishi. He, for some reason, oozes a confidence and conviction that this will all ultimately be fine and bring forth a profit. I’m not sure if I buy the act though. — Ruth

Rewatching this episode, knowing that we’re about to find out about Rishi’s gambling addiction, Rob’s questions and Rishi’s bombastic answers take on a greater, eyebrow-raising significance. Here are two examples I wrote down:

Rob: “I’ve never actually held the money.”

Rishi: “Money is an illusion. It’s a social contract built on trust. Unless you think I’m fucking you?”

Rob: “Is there a reason this is so analog?”

Rishi: “Who in history was ever helped by a paper trail?”

Rishi’s bombast has always been a fixture of this show, but now we have a better sense of why: part of it is a coping mechanism for hiding the deep shit he’s in at home. He can at least put on an act of being confident at work, even if, as we see in this episode, his risk-taking is out of control, even on Pierpoint standards.

One non-Rishi note: at the Lumi meeting, Sweetpea starts asking a lot of questions about the state of things at Pierpoint. This is going to set up the second half of the season. She’s onto something here. — Marina

Oh, Domesticated Rishi™ is different. He and his wife moved out of the city to a lily-white countryside community to raise their kid, much like a certain echelon of New Yorkers migrating to Connecticut. I’m sure it has something to do with the British version of the white picket-fence American Dream. But there’s a clear discord going on here. Apart from his microaggressive mother-in-law approaching him about “red cabbage biryani” and his neighbor racially profiling him, he’s watching OnlyFans in the restroom while actively holding his infant child. (Now, that’s crazy, but it’s not that crazy when you remember he had sex with Harper hours before his wedding.) Rishi seems unhappy in his marriage and unhappy in his new life. But most importantly, Rishi is broke. Like, extra broke.

And he’s clearly not used to that. When his wife offers to help, he barks at her saying, “That’s my area,” and his insecurities as a man and provider really jump out. I’m not sure if he’s over-extended himself financially with this new move — or his obsession with revamping the neighborhood pavilion to build “something for the community,” which I presume is Rishi’s true passion. Regardless, he and his wife Diana are simply not on the same page about anything. She tries this bit to make him jealous and aroused, and Rishi’s repulsed by her stepping out of her designated gender role. *rolls eyes* — Ruth

One thing I love about this show: Every exchange is so revealing. You learn so much from just a few lines of dialogue. Rishi’s pouring his money (which he does not have) into renovating the town’s cricket pavilion, presumably as a show of confidence and bravado.

This exchange about him exaggerating his cricket abilities (Diana: “I thought you said you opened the batting at school.” Rishi: “I had a chronic ankle injury.”) It makes me wonder how much he has inflated his biography to his white in-laws to seem palatable to them.

I got so tense watching all of the microaggressions flying around: the neighbor accusing him and Vinay of “loitering,” the line from Nicholas about Diana moving back into town (“It’s nice when people come back to where they’re from”) — of course, the implication being that Rishi is not from there. Hoo boy. A lot going on here.

One other incidental note: I clocked that Rishi is urinating while watching OnlyFans on his phone and holding his baby. The urine motif continues! — Marina

Oh, we quickly figure out why this man is buh-roke: He’s been betting on horses and gambling like hell. This character Vinay pulls up on Rishi to collect his due, and Rishi simply does not have it. But from the conversation with Vinay, Rishi is intent on proving himself to these white people. Self-doubt is certainly a new look for him, but it’s unsurprising to see a man of color, of his stature, be so consumed with white validation. Admittedly, that’s how many choose to play the game and operate within the system; landing the seemingly most desirable white wife is just one step closer to the top. That Nicholas fellow, who seems to be an old pal of Diana, is constantly overstepping, and that would drive me mad. Nicholas is talking about how much he loves the way Rishi and Diana have “assimilated” into the community, which is a very choice word, I might add, and then says, “It’s lovely when people come back to where they’re from.” Not too much, Nicholas. You’re pushing it. — Ruth

Nicholas was pushing it so much that every time he came on camera, I’d groan really loudly. His nice-nasty attitude was really irking my nerves. He does this thing where he says something “nice,” and then it’s quickly followed by a complaint from “others.” Like, sure the older people were probably complaining about his loud car, but, Nicholas, let’s be real, you are complaining too. Don’t try to make yourself look better by pointing fingers at others. Also, why does Nicholas of all people have Rishi’s dog Rajah ― not Roger? This gets resolved by the end of the episode in such a satisfying way. — Erin

I’m screaming at the “Overheard at Pierpoint” mention because for industries like finance, Reddit threads are the real Glassdoor. (Don’t ask me how I know!) That’s where people anonymously vent about terrible company culture, terrible colleagues, etc., and it’s finally catching up to Rishi after 15 years at the bank. Tensions are building as his associate Anraj tries to warn Rishi that he’s surpassing his risk limit. Too bad Rishi doesn’t give a damn. He’s impatiently waiting for that “top rate tax cut” rumor from Harper to come to fruition, so he can make people buy, buy, buy and line his pockets.

In the scene where Eric pulls Rishi aside, it becomes increasingly clear what Rishi’s relationship to work and self is. “The contract in this place is simple: As long as I’m making money, I’m free.” Money may not buy happiness, but what does poverty get you? It’s what you can do with money that matters. Now, one thing I loved was watching Rishi read Eric DOWN. “You trap everyone into a power game where they don’t know where they stand with you,” Rishi said. Moreover, Rishi confirms my hunch that Eric fired Harper merely because he saw her as a threat outpacing him.

But can we PLEASE talk about whatever is going on between him and Sweetpea? — Ruth

The Eric/Rishi conversation after the HR meeting was another exchange that was so illuminating! We get this window into what Eric and Rishi’s relationship has been like. Similar to his dynamic with Harper, Eric sees a lot of himself in Rishi, probably mentored Rishi from the start, and is still looking out for him. But he also treats his underlings like adversaries.

Ruth, my eyes also widened at that line, and the next one: “Maybe if you spoke straight to your fucking talented protegée, you wouldn’t have felt the need to fire her for outgunning you.”

So much fantastic writing here, like these two lines from Eric: “Rishi, let’s be straight. Your language is a bit unadulterated. You’re a little blue.” And: “Some people might read your hyper-machismo as a direct correlation to your appetite for risk.”

I found it amusing that the HR guy at the meeting is the same HR guy we’ve seen throughout the show. That HR guy is busy!

Ruth, I was confused about this too! In that scene at the coffee shop, is the implication that Sweetpea is the person Rishi was watching on OnlyFans? Is OnlyFans one of her side hustles, in addition to being a girlboss influencer?

I also thought this bit of dialogue on the trading floor was *chef’s kiss.* Rishi: “I didn’t know Milton Friedman wore Manolos.” Sweetpea: “That’s because these are Bottega, so…” — Marina

So, um, Rishi has a severe gambling problem. He refuses to acknowledge limits of any kind. I have never seen this man so on edge. Vinray & Associates are quite literally breathing down his neck to get the money they loaned him. After scrambling from colleague-to-colleague to get it, he spends it all at the casino, ignoring his wife’s calls and getting a section at the club instead of paying Vinray back. “How are you in finance but so broke?” Vinray asks. I’m wondering the same thing! Rishi boasts he’s good at making money and that is simply not happening, especially once the sterling he placed so much faith in starts trading worse. While he correctly predicted a top rate tax cut, it did not pan out like he thought it would. — Ruth

The gambling scene caused me so much anxiety. I could not believe he was up on his bets at the blackjack table and left with a pile of money. I cannot believe he took said pile of money TO THE CLUB and then just puts it on the floor like he doesn’t need it to save his damn life. THEN gets into that huge brawl after kissing some man’s partner. THEEENNNN, goes BACK to the casino, hits a bad run and loses it all. He even leaves his little bit of cash on the table! He’s pitiful! He had a high high and the lowest of lows in the matter of like five minutes. It’s an incredible, albeit tough, scene to watch. — Erin

I don’t know why this detail struck me so much, because of course he is stealing from everybody, but the fact that he’s stealing from Eric felt especially desperate.

This five-minute scene was some of the most stressful TV I have seen all year — stressful in the best ways. He spirals so far down a deep, dark rabbit hole that toward the end of the scene, I clocked how he reaches for his wedding ring and ponders whether he should pawn it, and finally realizes: “Oh no, I am in some deep shit.” And then when Diana calls, her immediate questions are: “Who were you with? And what have you taken?” This is not new territory for him.

Rishi is a mess. What a mess all around. Something I love about great TV: when you feel for a character despite them being stuck in a crisis of their own making. — Marina

I have in my notes, “He’s spinning his wedding ring! Uh oh!” I was so concerned! — Erin

This meeting really gets at a question that the series co-creator Konrad Kay posed: “Does it matter whether the workplace made me like this, or whether I am actually, naturally like this? And is that even an important question?” Bloodied and staggering into the office, Rishi has to attend the mandatory team HR meeting Eric alluded to the day before. As Rishi makes excuses for his language on the trading floor, Yas asks, “Oh, my God, were you always like this?” And it really does make me wonder if there was ever a point early in his career where Rishi operated like a vulnerable, emotionally intelligent, real human. Did it prove to be unsuccessful? Did Young Rishi quickly identify that Pierpoint is not the place for all that, then adjust accordingly? — Ruth

I laughed at how bad Eric is at leading this meeting: “We need to spend a minimum *glances at watch* 15 minutes in here… Does anyone want to share how they feel about working on our desk?”

Ruth, I also found Rishi’s answer to Yas’ question so revealing: “What difference does it make? You adapt!” I think the subtext is, in fact, that he wasn’t always like this, but he had to adapt to the toxic, sink-or-swim environment at Pierpoint. — Marina

But he makes it out by the skin of his teeth. Just as security is about to pull him off to the trading floor and escort him out, the government makes an announcement reversing their unproductive top rate tax cut, the market flips. Rishi ends the day making 18 million in profit across Pierpoint’s books. The real winner though? Venetia. Proud of her for leaving the burning house that is Pierpoint and calling Rishi a 5-pump chump to his face, which is quite a tame insult in comparison to how he speaks to everyone else. — Ruth

Five-pump chump! I loved that line so much. — Erin

Good for Venetia! This was also such a great line from her: “I’m bored of working for this dictatorship of dying men.”

This trading floor scene is another one of those scenes I was alluding to earlier, where I don’t quite understand the financial details, and yet I was on the edge of my seat the entire time. What a rush!

Another fantastic bit of dialogue I noted here, when Anraj tells Rishi: “You aren’t even a good trader. You’re just lucky.” Rishi responds: “Yeah? Tell me, what’s the difference?” — Marina

There’s a lot — dare I say, too much — going on with Rishi and his wife. He may love the idea of her, but I don’t think he actually likes or respects her. It seems like he had a distinct vision of what he wanted his wife and his life to be that differs from her expectations. That became especially apparent when she yelled, “I’m not your English country rose! When you were cruel, you made sure we were cruel together!” She admits she had an affair with Nicholas, which is unsurprising considering their marriage was built on infidelity.

The prevailing theme of developing masculinity is so fascinating. I was extremely surprised that Rishi, of all people, put his pride aside and was willing to ask his white in-laws to help pay off his gambling debts. A few lines stuck with me: “Do you know what being a man is? It’s how you treat the people who expect your love,” and when Diana whispered, “It’s much easier to raise strong boys than fix broken men.”

His crumbling marriage aside, Rishi’s luck may have turned temporarily. He wakes up Christmas morning to damage the pavilion, making the way for him to revamp it the way he wants. He got his dog Rajah (not Roger) back and sent some goons to jump Vinay, which…I don’t know if that was the wisest decision. Using a Wu-Tang Clan song in the outro was definitely a choice lol. — Ruth

You’re totally right, Ruth. Throughout this final scene, I kept thinking that Rishi married Diana for the potential entry point into the kind of life he wanted, not the actual person. And so much of that life is just an image. — Marina

Not sure where to put this, but each episode, I’ve been talking about how bold and ambitious this whole season has been so far. To me, one of the marks of great television is when each episode feels distinctly its own, but also fits perfectly into the arc of the whole season. It’s a hard balance to pull off. So far, every single episode this season has felt really bold: the Lumi IPO launch that turned into a disastrous trading day, the climate conference, and now, this standalone Rishi episode that unfolds over basically two days and is such a revealing snapshot of this character that we now know so much more about. At the same time, each episode is pushing the arc of the season forward. Every piece fits together perfectly, every detail matters. It’s such excellent television. — Marina

Yes, this is such a great point. Sometimes when TV series decide to do bottle episodes like this, where it focuses on one character or one moment, you can feel like the episode is just filler. But this episode was much more than that. With Rishi’s character getting upped to series regular, it felt right to not only get a deeper look at his character, but also his storyline helped plant seeds for what’s to come. It really seems like a great pivot moment for the show ― but not in a way that felt like a distraction. — Erin