Elsbeth – Season 2 Episode 10

Published: Jun 17 2025

If we've gleaned any wisdom from "Succession," it's that vast fortunes are not inherently a passport to bliss. Indeed, the series aptly underscores the notion that such colossal wealth often corrupts the hearts and minds of those who amass it, transforming their offspring and colleagues into a nest of vipers, so engrossed in their quest for more that they jeopardize American democracy just to get their greedy hands on it. Repulsive, yet fascinating! And oh, the joy that surged through me upon beholding the ever-welcomed visage of "Succession's" own Alan Ruck, briefly essaying a dual role in this week's episode of "Elsbeth"!

Elsbeth – Season 2 Episode 10 1

In this week's installment, the Roy family's actual eldest scion gives Elsbeth a run for her money (no regrets, no apologies!), portraying both the relentless corporate raider Peter Hepson and his ill-starred twin, Bill Hepson. Poor Bill. After a brush with death in his private jet, he undergoes a life-altering transformation, deciding to bow out of Hepson Capital, their highly successful venture capital firm, to donate the bulk of his assets to worthy causes. Alas, his benevolent resolution is brutally truncated by his own sibling. Who among us hasn't had a serious spat with a sibling, but this seems an excessively drastic response.

One week and a staggering $3.6 billion later, Peter pulls off a remarkable feat of multitasking: shedding his signature Brioni suit (a deep nod to menswear enthusiasts, love it!) for an ensemble mimicking Bill's more relaxed, aging hippie attire as he strides powerfully through Queens, stalking his way up to Bill's fifth-floor walk-up, only to hurl his brother out of the hallway window to his death below—all while participating in a live call-in segment on a prominent business cable show. Ruthless.

It merely underscores that Peter is akin to a dog with a bone—once he sets his sights on something, be it acquiring a company or murdering his brother, he pursues it relentlessly and without pause. Motivated almost solely by an insatiable thirst to win at any cost, killing Bill (I digress! My restraint is admirable!) serves as a means to bolster his public image and reputation, both personally and professionally. It may even serve as a twisted form of retribution for having been their industrious late mother's favorite.

Speaking of their diligent late mother, Mrs. Hepson was a single parent who raised her sons in Queens, imparting to them the value of hard-earned money. Peter still lives by her enduring lesson, perhaps in the vain hope of earning her favorite status. The past is but a memory, Peter, and had you been even remotely like Bill, you might have grasped that. Alas! Instead, Peter pockets an envelope of cash found on Bill's lifeless body, staging the scene to resemble a mugging or home invasion gone awry.

Unsurprisingly, the news of Bill's murder has cast a somber pall over the entire neighborhood. A recent arrival who had quickly endeared himself to the locals, including the so-called "thugs" by handing out $100 to each of them for no apparent reason, Bill's absence is deeply felt. Duncan, the owner of Duncan's Donuts, who admired Bill for his affability and generosity as a tipper, was particularly shocked. Yet, oddly enough, on the morning of his murder, Bill walked straight past Duncan, engrossed in a phone conversation and acting as though he didn't recognize him. Strange indeed.

Elsbeth senses something amiss with Peter, yet his alibi appears solid. He claims to have been calling into Ava Mournier's TV show from his Manhattan office to refute statements made by a CEO ousted from his company after Hepson Capital acquired a controlling stake. Ava labels Peter an "activist investor," a euphemism for someone who tries to manipulate the market to their advantage. (For those inclined, Industry's second season weaves an intriguing, season-long plot thread around risky investments and insider trading.)

Elsbeth dives into Peter's past appearances on Ava's show, noting several recurring traits: he talks incessantly, often interrupting Ava, and never asks questions. He's not there for a dialogue but to grandstand. These facets of his overbearing charm remain consistent, except for the day of Bill's murder. On that day, he actually posed a question to Ava and let her respond for roughly 30 seconds. Moreover, his voice sounded slightly out of breath, an unlikely scenario if he were indeed calling from his Manhattan office.

But are we absolutely certain of his whereabouts? His assistant diligently informed Captain Wagner of his alibi, and call logs from Ava's show indicate a Manhattan number. However, what if he utilized a VPN to disguise his actual location? Hepson Capital recently invested in a VPN firm, and it's plausible Peter wanted to test it out, for reasons ranging from innocent curiosity to sinister designs. If he did, it added another layer to his alibi. Even then, he could have called Ava, posed a question, and, during the 32 seconds it took her to respond, committed the murder. Peter's alibi is robust, yet not impenetrable, and Elsbeth is as relentless in her pursuit of truth as Peter is in his quest for dubious priorities (as per his and Bill's biography, The Hepson Way, his pet peeves include inflation, diversity, equity, and inclusion (DEI), and CEOs. It evokes a strange connection to Project 25 and Luigi Mangione, somehow).

The linchpin in this saga turns out to be cobalt, a crucial element for items like phone batteries. Both Elsbeth and we learn from Ava that while cobalt is essential, mining it wreaks havoc on the environment. Bill's charity funded research into alternative battery technology, but without their continued investment, cobalt is more likely to remain a battery component, leading to a recent surge in its price. Guess what happened the day before Bill's demise? Hepson Capital took a substantial position in cobalt that day. Is it securities fraud to exploit prior knowledge of someone's impending, unnoticed death to manipulate commodity prices?

Ava delivered an incisive tutorial on cobalt and insider trading, the scene unfolding serendipitously during a lunch outing with Peter at an upscale restaurant. At the table, their clashing viewpoints and a negotiation tinged with extortion culminated in a bitter stalemate, with Peter storming out, leaving behind a paltry five-dollar bill to cover his share of the three-hundred-dollar meal. Thanks to Elsebeth's keen observation, this stingy, malevolent note inadvertently unveiled Peter's guilt in murdering his own brother. The five-dollar bill originated from Bill's meticulously curated collection of modern error coins and notes, which housed not only 19th-century antique bills but also contemporary pieces with unique serial numbers, like this five-dollar note. During the settlement and donation of properties, Bill had intended to sell these treasures and had visited the bank to initiate the procedures; the envelope containing the cash was one that Peter had stolen from his recently deceased sibling. Peter's ingrained avarice remained unchanged, refusing to fork out even an extra penny. As he was handcuffed and led away, Peter snarled viciously, "I won't admit to anything. Do you think this will bring me down?" Typically, Elsebeth's clients leaned towards confession, sparking within me a reckless hope that perhaps Peter Heppson's presence would be felt again this season. May my wish come true!

Turning our focus now to Elsebeth's predicament in representing Mark Van Ness, extricating herself from this thorny situation hinged on uncovering a legal loophole to nullify the attorney-client privilege that hindered her from publicly discussing Van Ness—himself a member of Van Ness's team—suppressing a police report against his ex-wife, Amber. The incident had left Elsebeth profoundly shaken, vowing never again to involve herself in a case that prevented her from following her conscience.

Meanwhile, Kaya, donning oversized noise-cancelling headphones, inadvertently overheard Elsebeth recounting the ordeal aloud. Based on Elsebeth's words, Kaya deemed herself justified in defending herself against the accusations leveled against her. Matters escalated when Carter (who, in the season premiere, had mentioned this to Elsebeth from the comfort of his imposing SUV) approached her with a warning that his company would issue a press release ensuring she would be held accountable. Upon the release's publication, Elsebeth immediately tendered her resignation, but Captain Wagner and Lieutenant Connor persuaded her to exercise patience and fortitude. Given some time and research, they assured her they could unravel the conundrum. Indeed, when Elsebeth encountered Van Ness surrounded by a throng of legal assistants on the street, she cleverly provoked him into threatening police harassment and online exposure in front of a witness—Kaya. Kaya promptly arrested Van Ness on a minor offense, automatically terminating the attorney-client relationship between him and Elsebeth. For Carter to personally warn Elsebeth and later give her an encouraging nod spoke volumes about Van Ness's deplorable client behavior. Subsequently, unnamed police sources (undoubtedly Lieutenant Connor, continuing to quietly exemplify his qualities as an exceptional colleague and friend) provided details of Amber Van Ness's police report to the media, clearing Elsebeth's name. Both Kaya and Elsebeth exhaled in relief, but upon seeing Judge Crawford's photograph, they agreed: more work remained to be done. Onward we march!

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