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Nick Fury watched the footage with a complicated expression.

From the conversation he’d just heard, there was no doubt Evenson knew the two women. But that alone wasn’t particularly suspicious. Their encounter had been a one-night affair at a small hotel, after which they had gone their separate ways without contacting each other again.

That made perfect sense.

Sometimes people crossed paths, shared a night together, and then went back to their ordinary lives. Seeing each other again afterward would be nothing but awkward. There certainly wouldn’t be any deep relationship to maintain.

That was why Evenson had never mentioned the two women.

He hadn’t been hiding anything. There simply hadn’t been anything worth mentioning.

But somehow, at some point, the three of them had crossed paths again.

And this time, it wasn’t to reminisce about some nonexistent friendship. They were working together.

Nick could only imagine how awkward that reunion must have been.

If all three of them were sensible people, they should have silently agreed to pretend they had never met before and selectively forgotten what happened that night.

Unfortunately, one of them was apparently an idiot.

And Nick Fury was willing to bet everything he had that the idiot was Evenson.

That man probably couldn’t keep his mouth shut and had brought up the whole affair himself. Which explained why the three of them were so uncomfortable around one another now.

But none of that mattered.

Nick had no time to worry about how people felt after discovering that their new business partners had once been their one-night stands.

What mattered was the man they had mentioned.

Based on everything Nick knew so far, this partnership hadn’t been initiated by Gospel Company approaching Evenson, nor had Evenson gone looking for them.

Someone powerful had arranged the meeting.

Someone important enough that the two female directors of Gospel Company were willing to give him face—and Evenson was willing to follow his orders.

Who was this "Mr. Someone"?

What kind of position did he hold?

The footage continued playing.

The official meeting apparently hadn’t started yet, so everyone in the room was killing time with idle conversation.

"I’ve got to ask," Salorass said, picking up their earlier conversation. She looked curiously at Evenson. "If you weren’t happy with Mr. Someone’s arrangement, why didn’t you just refuse?"

"You aren’t in the same position as us. We’re trying to make a living and build a business in America. Crossing someone like that would be the same as burning down our own livelihoods."

"But what do you have to worry about? You’re a tiny operation. A barefoot man doesn’t need to fear someone wearing shoes."

She shrugged.

"And weren’t you always bragging that S.H.I.E.L.D. was your rock-solid backing? Even if you refused to give him face, what could he really do to you?"

The moment she mentioned S.H.I.E.L.D., Evenson looked like someone had poked a sore tooth.

"Don’t remind me."

He slapped a hand against the table.

"That’s exactly why I agreed to this stupid assignment. It’s S.H.I.E.L.D.’s fault."

Nick immediately sat up straighter.

S.H.I.E.L.D.

Every trace of fatigue vanished from his face. He listened with absolute concentration, afraid he’d miss even a single word.

"I’m telling you, the current director of S.H.I.E.L.D., Nick Fury, is completely insane!" Evenson complained loudly. "The man’s like a moldy cocoa bean. He’s a goddamn idiot!"

Nick’s face twitched.

In the recording, Evenson was clearly enjoying himself.

In the room, however, Nick Fury’s two front teeth were practically on display from sheer irritation.

He only noticed Pierce staring at him strangely and forced his expression back under control.

So that’s what this bastard says about me behind my back?

Just you wait.

At the next budget meeting, I’m going to make you regret having a mouth.

Unfortunately, Evenson wasn’t finished.

"You know what the problem is? If someone else found out that another organization was trying to recruit one of their subordinates, they’d be climbing the walls trying to stop it."

"But not Fury."

"That lunatic actually helped arrange the whole thing!"

"He kept talking about how he was worried he’d accumulated too much authority. How power could become irreversible. How he might lose himself if he wasn’t careful."

"So when these people invited you to dinner, he told me to go and play nice!"

Evenson spat the words out.

"Yeah, right. Self-restraint my ass. I think he wanted me to come here and feel them out. Find out how they planned to restrict him, then go back and prepare some countermeasure."

"And now look at me!"

"I’ve signed a damn confidentiality agreement. If I violate it, I could lose my house!"

Nick’s expression changed slightly.

There was some truth in that.

He had indeed made those arrangements.

He just hadn’t expected the matter to go this far.

"I wouldn’t worry about your house," Orestes said from across the table with a dismissive wave. "It’s barely worth anything."

"Besides, even if you did lose it, Fury would take care of you. There’s no way he’d let his special adviser end up sleeping on the street."

"He’d probably give you a place through S.H.I.E.L.D. You might even end up somewhere nicer than your current home."

Nick found himself nodding.

There actually was an unused storage room at S.H.I.E.L.D.

"That house may be small, but it’s my fortress."

Evenson’s voice softened.

"I’ve got memories there."

He hesitated.

"Besides... if I actually violated the agreement and tipped Fury off, what happens when the whole thing comes to light?"

"Would Fury still be director of S.H.I.E.L.D.?"

"Would I still have a paycheck?"

He sighed.

"We’d both be retiring together. And not the comfortable kind of retirement. No pension, either."

Nick’s expression slowly froze.

Wait.

Hold on.

Everything Evenson had just said was real.

The arrangements existed. Nick had made them himself.

But after setting everything in motion, he’d assumed the matter had quietly died.

Apparently not.

The operation had continued in secret.

And judging by the recording, Evenson was already deeply involved.

Beside Nick, Pierce’s expression changed as well.

So Fury was actually trying to restrict S.H.I.E.L.D.’s authority?

What the hell?

Had this man considered anyone else’s feelings?

Thankfully, that wasn’t actually what was happening.

Otherwise, Pierce would have suffered a massive loss.

Still, the idea was dangerous enough that Pierce couldn’t help feeling uneasy.

He forced a smile and patted Nick on the shoulder.

"Checks and balances."

He nodded solemnly.

"It’s good to see you’ve developed that kind of awareness. I’m... very happy for you."

"Oh."

Nick barely reacted to the praise.

His mind was somewhere else entirely.

If things really had developed the way Evenson described, then the person who had arranged the partnership between Evenson and Gospel Company—and continued directing the entire affair—

It had to be...

Him.

Nick had finally figured out who "Mr. Someone" was.

And the footage that followed confirmed it.

A door opened somewhere inside the conference room.

The camera shifted.

A woman wearing a black trench coat and a wide-brimmed black hat walked into view.

She removed the coat and hat.

Nick recognized her immediately.

Stephanie Malick.

Gideon Malick’s only daughter.

That settled it.

Nick gave a small nod.

The person behind the entire operation was Gideon Malick—the former World Security Council member and current adviser to the President of the United States.

"Malick arranged all of this?"

Pierce played his part perfectly, putting on an expression of surprise.

Internally, however, he was completely calm.

He already knew.

The phone call he’d received in his office had come from Gideon Malick.

Malick had also been the one who told him about the Ghost Fury had secretly deployed.

And Pierce’s perfectly timed arrival at Fury’s office?

That had been arranged beforehand as well.

The truth was, Ghost had already been inside Fury’s office.

Invisible.

She had simply waited.

She’d remained hidden until Pierce arrived and started arguing with Fury. Once the atmosphere had become tense enough, she’d pretended to have just returned and suddenly appeared to deliver her report.

And Ghost felt absolutely no guilt about the deception.

Why should she?

For years, these people had treated her like a tool.

They had never seriously considered fixing what had happened to her. They had simply exploited her abilities while keeping her in the dark.

If they had deceived her for so long, what was wrong with deceiving them once?

Pierce’s cooperation, meanwhile, wasn’t voluntary.

He had no choice.

His faction of Hydra—the newer generation associated with the Red Skull—had been at odds with Malick’s old families for years.

But however much they disliked each other, they were still part of the same organization.

And if nothing else, Pierce understood the importance of protecting the organization from unnecessary exposure.

Malick had been involved with Hydra for decades. He knew far too much about its internal affairs.

If Fury followed this trail and exposed Malick, who knew how many people Malick might drag down with him?

And when it came to protecting himself, Pierce knew exactly who Malick would name first.

Him.

So helping Malick was really just another way of protecting himself.

Besides, there was one useful piece of information Pierce had gained from all this.

Evenson Richter—the man Nick Fury apparently relied on so heavily—wasn’t actually a S.H.I.E.L.D. agent.

Pierce almost felt sorry for Fury.

Do you have anyone on your side at all?

"I don’t think I’m late," Stephanie said.

She sat down with her back to the camera and looked around the room.

"Has the other lady arrived yet?"

"Important people always like making an entrance," Evenson said lazily.

Nick’s eyes narrowed.

Another woman?

Stephanie had called her the lady.

Evenson had called her a big shot.

Could it be...

Could one of the female members of the World Security Council actually be coming here in person?

"I’m sorry I’m late."

Another woman hurried into view.

"My position is a little sensitive, so I had to be careful."

Nick Fury’s jaw dropped.

So did Pierce’s.

"Perfect timing, Agent Carter."

Evenson waved cheerfully.

The last woman to enter the room was none other than Peggy Carter.

Nick was completely stunned.

Peggy Carter?

She was involved in this?

For several seconds, his mind simply refused to process it.

Then, inevitably, he began constructing an explanation.

It had to be some kind of special committee.

An organization operating directly under the World Security Council.

Its purpose would be to secretly monitor S.H.I.E.L.D. and the Avengers. If they discovered corruption, misconduct, or some kind of dangerous transformation within either organization, they would intervene immediately.

Yes.

That had to be it.

Gideon Malick, with his experience and political connections, handled the overall coordination.

Peggy Carter, with her impeccable reputation, oversaw monitoring and supervision.

Gospel Company provided the funding.

And Evenson...

Nick paused.

He couldn’t immediately figure out what Evenson contributed.

Field operations, perhaps?

That seemed plausible.

Meanwhile, Pierce was far more confused than Nick.

Unlike Fury, who had been completely kept in the dark, Pierce knew the truth.

The footage was staged.

Everyone in it was acting.

Malick had already told him enough to understand what was really happening.

This recording had been fabricated to conceal Malick’s cooperation with Umbrella.

Gospel Company was merely Umbrella’s public cover.

The two women were Umbrella’s directors.

And Evenson was actually a senior executive dispatched by Umbrella to infiltrate S.H.I.E.L.D. and the Avengers.

All of that made sense.

But Peggy Carter?

What the hell was she doing here?

Everyone else in the recording belonged either to Hydra or Umbrella.

So which side was Peggy Carter on?

Pierce’s mind went into overdrive.

Peggy Carter wasn’t Hydra.

He was certain of that.

Which meant—

She was Umbrella.

But when had she joined?

Had she been with Umbrella from the beginning?

The thought was horrifying.

Peggy Carter was one of S.H.I.E.L.D.’s founders.

If she’d been an Umbrella operative from the very beginning, then didn’t that mean Umbrella had effectively been S.H.I.E.L.D.’s largest shareholder from day one?

And if Pierce, as director, had managed to infiltrate S.H.I.E.L.D. to this degree...

How many Umbrella agents had Peggy recruited during her tenure as a founder?

Then another thought struck him.

How many members of his Hydra network were actually Umbrella agents who had infiltrated Hydra?

Pierce nearly jumped out of his skin.

But then he forced himself to consider another possibility.

Peggy might have joined later.

Her miraculous rejuvenation and newly acquired powers had been handled by Evenson personally.

Perhaps that was when she had joined Umbrella.

Even so, her influence would be enormous.

Her reputation.

Her connections.

Her seniority.

With all of those advantages, how many of S.H.I.E.L.D.’s remaining loyal agents had she already recruited?

And Peggy Carter had influence within the Avengers as well.

She was Tony Stark’s childhood nightmare.

Captain America’s youthful ideal.

Her influence was terrifying.

If Captain America suddenly showed up one day with his shield painted with Umbrella’s logo instead of the American flag, Pierce wasn’t sure he’d even be surprised.

He silently glanced at Nick.

Poor bastard.

At this point, S.H.I.E.L.D. probably had only one genuine member left.

Nick Fury himself.

But then Pierce noticed the faint smile on Peggy Carter’s face in the recording.

A chill ran down his spine.

He’d been so busy laughing at Fury that he’d forgotten to consider something far more important.

What if he was in exactly the same situation?

What if he was the one being kept in the dark?

S.H.I.E.L.D. was crawling with Hydra.

But what if his Hydra—

His precious "Snake Shield"—

was crawling with Umbrella agents?

Pierce’s expression became solemn.

No.

After this was over, he was going to investigate.

Thoroughly.

He absolutely had to know.

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