‘Media Corp will be Capital plus all those newspapers and everything else he owns. With Capital as the jewel in his crown, who will dare to stand up to him? Which prime minister would have the guts to challenge him?’

I’m puzzled. ‘I’d always thought that on the big political questions, you and your firm and Breitner would be aligned. You share his contempt for the European Union, for example.’

Rep tips his head to one side. ‘Don’t believe everything you hear. You must know that Palatine has long-standing relationships with some of Europe’s oldest investment houses. It’s what keeps the show on the road.’

He’s flirting, pulling back the veil on one of the City’s last great secrets: the connections between Palatine and the older financial firms of Paris and Milan, some of which date back to the Middle Ages. These are networks that sustain the wealth and influence of a tiny number of elite European families, through cross-shareholdings in insurance, finance and industry. They are the networks that rebuilt Europe after the Nazi predations.

It’s beginning to make sense. Whatever patriotic ideals he may spout, the reason Rep wants to blow up Breitner is presumably because he’s working for another foreign media business or conglomerate that wants to acquire Capital, probably one from the Continent. There’s no point asking who: he’ll only tell me I’ve strayed beyond my mandate again. But it’s in his interests to whip up a public stink about Breitner, to create an opening for his mystery client to steal in and snatch the prize.

Now that I think I understand his motivation, I am calmer. Everything is business. ‘I don’t suppose you have documentary proof of any of this?’

‘Are you doubting that my word is my bond?’ There’s a twinkle in those dark eyes. ‘I am sure a clever boy like you will be able to secure the proof you need. Now, if you will forgive me, that’s our business done, except to remind you that this conversation never happened, we’ve never met and we never will.’

If I can corroborate what he’s said, it’s more than enough to burn down Breitner’s entire empire. Not just make him bankrupt, but have him handcuffed and marched from his lavishly furnished townhouse to a spartan cell.