Alfred continues to track the imminent downfall of the economy. He attempts to bring his proposal to short the market to the cabal of conservative generals, politicians, and industrialists, but is rudely rebuffed.
Charlotte asks Henning and Czerwinski to put Weintraub under surveillance, without Boehm's knowledge.
Gereon tracks down Richard Pechtmann, and takes him to a line-up where Greta will have a chance to identify him. However, still being leveraged by the Nazis, she declines to confirm his identity, much to Gereon's frustration.
Weintraub prepares to resume filming with Vera in Betty Winter's part, setting up a heavy guard around the studio. Gereon and Charlotte arrive to question him regarding the gap in his alibi, but Weintraub has disappeared.
The Phantom attacks Vera as she is fitted for the shoot. After a prolonged chase, the Phantom nearly kills both Gereon and Charlotte and eventually leaps from the roof of the studio with Vera, killing her. Weintraub, dressed in the costume but now unmasked, barely manages to survive the fall.
Tropes:
- Back-Alley Doctor: Frau Cziczewicz, the Ritters' neighbor, performs illegal abortions in her apartment.
- Cassandra Truth: Of the conservative cabal, only Wendt gives Nyssen some benefit of the doubt, with a professional economist heaping scorn on his predictions of imminent doom.
- Crowd Surfing: Charlotte barely manages to survive being thrown from the lighting catwalks by dropping into the arms of the crowd of people that congregated beneath her.
- Foreshadowing: Dr Ullrich discusses a murderous insulin overdose as the perfect crime with his assistant.
- Historical Domain Character: Along with Bruening, General Kurt von Schleicher makes an appearance among the conservative cabal to whom Nyssen directs his pitch. Schleicher was the final chancellor of Germany before Hitler's rise to power, and the leader of the camarilla that surrounded President Hindenburg.
- Impaled with Extreme Prejudice: A non-fatal case, as the Phantom incapacitates Gereon by impaling his cheek on a large spike.
- Obstructive Bureaucrat: The conservative bureaucrat in the Justice Ministry, who tries to continue railroading Greta's case and immediately calls up Councilor Wendt as soon as Litten leaves.
- Upper-Class Twit: The conservatives discuss their contempt for the Nazis and their populism, viewing them only as useful tools to be kept as junior partners in their coalition until no longer useful.
- What Could Possibly Go Wrong?: The banker extending a huge loan to Boehm smugly assuages his doubts with comments along these lines.
