It’s a confidence trick: exchanging his funny money, his worthless shares, for Capital’s real cash. It’s ingenious, but risky. If all the little ducks aren’t in a row, his house will come tumbling down. If word leaked to the City and investors that the pension fund is rotten, official watchdogs would weigh in, Media Corp’s shares would crater and the takeover of Capital would be scuppered.

And once the watchdogs were sniffing around, the politicians would at last feel emboldened to ask questions and intervene. Would the enlarged Media Corp make Breitner too powerful? Would there be too little competition in the television and newspaper industry, undermining democracy with a reduction of media voices and views? The deal could – probably should – fail the public interest test. Any government with a backbone would say no to Breitner.

‘Is it relevant that Schon Partners are underwriting the bid for Capital?’ I ask, recalling Jess’s forensic analysis. ‘Aren’t they on the hook for a billion pounds if it goes wrong.’

‘A lot more than that. The reason they are backing the Capital takeover is because they are already up to their eyeballs in Media Corp debt. They’ve loaned Breitner so much money, the only hope they have of getting it back is to prop him up by throwing good money after bad.’ He sniffs. ‘As they say, if you owe the bank a few million pounds, it’s your problem. If you owe them a few billion, it’s theirs. Breitner has Schon by the goolies.’

No wonder Muller was doing Breitner’s dirty work for him. But I am uneasy; why is Rep spilling? What is his angle?

‘Are you involved in the Capital takeover?’

‘I’m afraid that’s straying beyond your mandate.’

That’s an affirmative, then. ‘I thought you acted for Breitner.’

‘Not on this occasion.’

That’s interesting. Has Breitner sacked Palatine? Is this Rep’s retaliation? For Palatine, loyalty is determined by what will maximise the partnership share, the millions of pounds of profit trousered by the partners at the end of each year.

‘And you disclosed all this to my sister?’

‘The material facts, yes.’

‘Why did you help Clare?’

‘Let’s say that I am not a fan of James Breitner. I am not convinced that his ownership of important British institutions is necessarily a good thing.’

‘I suppose, as an FC journalist, I should leap to his defence.’

‘Breitner hates Britain. Or rather, he hates everything that makes this country great. He is here from the colonies to prove he’s better than us. If he gets control of Capital, he’ll be unstoppable.’

‘That’s a bit over the top, isn’t it? Capital’s only a commercial TV company.’