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Malick’s revelations had left the room in stunned silence.

What... what... what the hell?

How had an ordinary-looking old man suddenly started spouting such insane nonsense?

Unfortunately, the shareholders seemed to be focusing on the wrong part of his story.

HYDRA?

An organization supposedly wiped out at the end of World War II had somehow survived, infiltrated S.H.I.E.L.D., and taken control of the entire organization?

Were they seriously being told that, for all these years, their tax dollars had been funding a criminal organization?

Well, considering the American government’s track record, that wasn’t entirely impossible.

But this particular story was a little too outrageous.

They might as well have told them that a Super Saiyan had once appeared on Earth, flown into space, and single-handedly destroyed an entire alien invasion fleet.

Come on. This wasn’t a Hollywood movie.

"I understand that this is difficult to accept."

Malick studied their expressions and immediately understood what they were thinking.

They were still too young and inexperienced.

If only they knew how much more difficult it was to swallow the truth when you happened to be the patriarch of one of HYDRA’s oldest founding families.

He’d practically changed religions overnight, and now he was sitting in a conference room calmly exposing his former comrades.

Compared with that, accepting a few uncomfortable facts about S.H.I.E.L.D. was hardly a challenge.

"But I can assure you that my sources are completely reliable. The information I’ve received is accurate."

He paused.

"In fact, quite a few things that have happened over the years only make sense once you accept this reality."

His confidence gave the shareholders pause.

Their initial disbelief gradually turned into uncertainty.

Zolar Rockefeller leaned back in his chair, rocking it slightly as he rubbed his chin.

"Suppose... just suppose everything you’ve told us is true. Does that mean Nick Fury is HYDRA as well?"

It was worth hearing Malick out.

If there was even a small chance he was telling the truth, ignoring him would be foolish.

"He’s not."

Malick shook his head.

"Like me, Fury holds a senior position within the organization, but he’s been kept completely in the dark."

"That raises another question."

Elizabeth Morgan looked up sharply.

"Nick Fury was attacked this morning. If he were a HYDRA operative, I could understand that as an internal power struggle. Perhaps someone was unhappy with how the spoils were being divided."

She folded her arms.

"But Fury isn’t HYDRA. Whether he’s merely a figurehead or whether his position provides convenient cover for HYDRA’s activities, the organization has allowed him to operate for years."

Her eyes narrowed.

"So why kill him now?"

She picked up her phone and placed it on the table.

"There’s something else. I’m not an expert in assassinations. My family deals in legitimate business, after all."

She gave Malick a pointed look.

"But even I can tell that this morning’s operation was terribly rushed."

"An armed confrontation in broad daylight. Explosions, a high-speed chase, more explosions..."

She tapped the phone.

"Videos of the entire incident are flooding YouTube. If that was supposed to be an assassination, I’d love to know which part of it was supposed to be discreet."

Elizabeth leaned back.

"I think this was a spontaneous attempt to kill him. But why?"

She considered the possibilities.

"Perhaps Fury finally discovered that HYDRA had infiltrated his organization. Or perhaps he stumbled across something far more important. Maybe he accidentally interfered with a major HYDRA operation and became an immediate threat."

Her expression grew sharper.

"Or..."

She rested her chin on one hand.

"Perhaps HYDRA no longer needs him as a convenient public face. Which would mean they’re preparing to make a major move."

Malick stared at her for a moment.

Then he applauded.

"Excellent. Very impressive analysis."

He nodded approvingly.

"You’ve understood almost everything."

"HYDRA is indeed preparing for something enormous. Their plans are simply too ambitious to remain hidden forever. Fury noticed the signs and, quite unintentionally, placed himself directly in their way."

Malick paused.

"Unfortunately for him, they couldn’t afford to let him interfere."

This wasn’t an exaggeration.

Pierce’s assassination attempt against Fury had been rushed.

His original intention had been to wait until the Insight Initiative was fully operational. Fury would then have been eliminated as part of the coming worldwide purge.

It would have happened so quickly that Fury wouldn’t even have realized he was dying.

In Pierce’s mind, that would have been a final act of mercy toward an old friend.

But events had forced his hand.

"So what exactly is HYDRA planning?" Elizabeth asked. "Are they trying to provoke another world war to achieve their ambitions?"

She had stretched her imagination as far as she could, but the most extreme possibility she’d come up with was another global conflict.

Malick dismissed it immediately.

"A world war? No."

His voice was cold.

"Their plan is almost complete. Once it succeeds, they’ll have achieved their objectives without giving the rest of us any meaningful opportunity to fight back."

Moore DuPont frowned.

"That sounds rather dramatic. What exactly are they planning?"

"The Insight Initiative."

Malick rose from his chair.

He began walking slowly around the conference table as he spoke.

"After the Battle of New York, Alexander Pierce presented a proposal to the World Security Council on behalf of S.H.I.E.L.D."

He stopped beside the large display.

"His argument was straightforward. Humanity was entering an era of unprecedented change, the likes of which hadn’t been seen in fifty thousand years."

"The threats facing our civilization would no longer be limited to terrorists hiding in remote corners of the world. We now had to contend with extraterrestrial invasions as well."

He looked around the room.

"Obviously, the latter represented a far greater danger. S.H.I.E.L.D. couldn’t keep one eye on the ground and the other on the sky indefinitely. Fighting on two fronts would inevitably leave gaps in its defenses."

"Pierce therefore proposed what he called an ultimate security measure."

Malick’s expression hardened.

"The Insight Initiative. A system supposedly capable of suppressing global terrorism, tracking criminals, and neutralizing dangerous individuals before they could threaten the world."

"Initially, my colleagues on the World Security Council considered the proposal far too dangerous."

He continued walking.

"S.H.I.E.L.D. already possessed extraordinary privileges. Granting it the authority envisioned by the Insight Initiative would expand its power to an entirely new level."

"Naturally, the Council refused to approve it. The proposal was effectively shelved."

He paused.

"Then Aldrich Killian appeared with his Extremis soldiers."

The shareholders listened intently.

"Killian kidnapped Tony Stark, defeated War Machine, and even attacked Air Force One."

Malick gave a humorless smile.

"Alexander Pierce seized the opportunity to revive his proposal. Although I’d already left the Council by then, I can easily imagine the expression on his face."

He imitated Pierce’s smug confidence.

See? You should have listened to me. Look what happened.

"The Battle of New York had already marked a turning point in human history. It announced the arrival of a new era, and with that era came new criminals, new threats, and new ambitions."

Malick shook his head.

"Pierce argued that S.H.I.E.L.D. needed new methods to deal with these dangers."

He spread his hands.

"Eventually, the Council had little choice but to approve the Insight Initiative."

Zolar rubbed his cheek thoughtfully.

"And what exactly does this initiative involve?"

He frowned.

"Judging by the name, it sounds like some kind of global surveillance and wiretapping system. The sort of program that completely ignores the privacy rights of ordinary citizens."

Malick gave a cold laugh.

"In the world HYDRA intends to create, people will have duties, not rights."

He shook his head.

"But I don’t blame you for misunderstanding the project. Initially, even the Council and I were deceived."

"We recognized that the Insight Initiative would dramatically expand S.H.I.E.L.D.’s authority. However, we believed we could still establish sufficient oversight to prevent the organization from operating beyond our control."

His expression darkened.

"We were wrong."

"According to the reliable intelligence I’ve recently obtained, the proposal Pierce originally submitted to the Council was nothing more than a smokescreen."

He looked directly at Elizabeth.

"It wasn’t the real plan."

"Then what is?"

"Allow me to introduce the system designed to accompany the Insight Initiative."

Malick pointed toward the conference room’s enormous display.

"The Insight Helicarriers."

The screen immediately lit up.

A video began playing.

The footage showed the same secret hangar Nick Fury had previously visited with Captain America and Evenson.

Three enormous helicarriers stood inside, their construction almost complete.

It was an impressive sight.

The footage had been obtained by Ghost, who had recently switched sides.

Her defection was proving extremely useful.

A location as secret as the Insight hangar would normally have been impossible to photograph without attracting attention. But Ghost could phase through solid objects and move wherever she pleased.

She had infiltrated the facility without being detected and recorded some extraordinarily valuable footage.

Moore stared at the three massive vessels.

"Those things look impressive."

Their enormous hulls were covered with weapons. Even sitting inside a hangar, they looked like floating fortresses.

"They’re even more impressive than they appear."

Malick smiled, though there was something deeply unsettling about it.

"Each helicarrier uses the latest generation of turbine engines. Once deployed, they won’t need to land again."

He gestured toward the vessels.

"They’re also equipped with advanced stealth systems. Both optical and electronic concealment. Existing reconnaissance equipment will have enormous difficulty detecting them, let alone locking onto them for an attack."

His smile widened.

"And their weapons..."

He allowed the room to fall silent.

"Each helicarrier carries a super-gun. At maximum firing capacity, a single vessel can kill two million people in one minute."

He paused.

"With satellite-guided precision."

Nobody spoke.

The shareholders stared at the screen.

Zolar wiped the sweat from his forehead.

"Is this what the Insight Initiative really is?"

His voice had grown noticeably quieter.

"HYDRA’s grand plan? Pointing a gun at the head of every person on Earth?"

"That’s only part of it."

Malick returned to his chair and loosened his collar.

He’d known about these weapons for some time, but hearing the figures never became any less disturbing.

"They aren’t merely pointing guns at the world’s population."

He looked around the table.

"They intend to pull the trigger."

"Pull the trigger?" Moore asked. "Against whom?"

"Anyone they consider an enemy. Anyone they believe might resist HYDRA’s rule."

Malick changed the image on the display.

A new set of documents appeared.

They were the files Sarah had stolen from the Moriah’s Star.

"The most important part of the Insight Initiative is its predictive algorithm."

He pointed toward the documents.

"HYDRA’s scientists have developed a system that analyzes an individual’s past behavior and attempts to predict their future actions. It evaluates whether someone is likely to accept HYDRA’s rule or eventually become a threat."

"Anyone who fails the assessment will be eliminated once the helicarriers take to the sky."

Moore frowned.

"Predicting someone’s future based on their past? How accurate can that possibly be?"

"Human nature is complicated. Nobody can predict it perfectly."

A voice answered from the side of the room.

Orriseth smiled pleasantly.

"But HYDRA doesn’t need perfect accuracy."

Her smile was almost angelic.

"Better to kill a hundred innocent people than allow one potential enemy to survive. Once you’ve decided to begin a purge, why stop at the people you’re certain will resist?"

She tilted her head.

"Those who will definitely oppose HYDRA must die. Those whose intentions are uncertain must die as well. Anyone who makes the organization uncomfortable is a potential threat."

Her smile never changed.

"According to our conservative estimates, they’ll eliminate approximately ten percent of the world’s population in a single operation."

She paused.

"Seven hundred million people."

The room went quiet again.

"Even if a few people manage to escape, the sight of such a massacre will be enough to ensure that the survivors never dare to resist."

The shareholders stared at the documents.

They weren’t sure whether they believed everything they’d just heard.

But there was one important distinction between an outrageous lie and a terrifying possibility.

The lie could be dismissed.

The possibility couldn’t.

Imagine sitting at home, enjoying dinner with your family, when an invisible weapon suddenly killed you without warning.

There would be no trial, no explanation, and no opportunity to fight back.

Just death.

Moore slowly turned toward Elizabeth and Zolar.

"Listen... would either of you like to come back to my place with me?"

The other two looked at him.

"When I was younger, I had a rather severe case of paranoia. I used some of my allowance to build a nuclear fallout shelter beneath my villa."

He hesitated.

"We could stay there for a while."

Saloras chuckled.

"Do you really think hiding underground will save you?"

She looked at the three shareholders.

"Suppose HYDRA has already placed your names on its list. You can hide in that bunker for a few days, perhaps a few weeks."

Her smile turned cruel.

"But unless you intend to spend the rest of your lives underground, the moment you emerge, those super-guns will blow you apart."

Orriseth added another unpleasant detail.

"Don’t entertain any illusions about your families, either. HYDRA will undoubtedly eliminate them as well."

She spoke as though discussing an ordinary business arrangement.

"An organization that intends to rule the world through absolute authority won’t have much patience for free trade, free markets, or independent concentrations of wealth."

She looked at the three representatives.

"If I were HYDRA, I’d kill you, seize your estates, confiscate everything you own, and transfer your companies and businesses to loyal supporters."

Moore’s forehead veins bulged.

"HYDRA..."

He clenched his fists.

"Every last one of those bastards deserves to burn!"

"Hey, hey. Watch your language."

Malick looked mildly displeased.

"There’s no need for that sort of behavior. Show a little class."

While Zolar and Moore were still fuming, Elizabeth remained composed.

She looked directly at Malick.

"Why are you telling us all this?"

Her voice was calm and measured.

"If you’ve obtained this information, shouldn’t you be presenting it to your former colleagues on the World Security Council? Or handing it directly to the FBI?"

She leaned forward.

"You didn’t bring us here simply to frighten us. You want us to do something."

Malick nodded approvingly.

Clever woman.

He couldn’t help noticing how often women seemed to be taking the lead these days.

Umbrella itself was being run by two women. The goddess he now served was also a woman, and she seemed considerably more interested in her daughter than in him.

Even among these three representatives of powerful financial dynasties, the two men were behaving rather poorly, while Elizabeth was the one thinking clearly.

Was the world heading toward a matriarchy?

At this rate, he wouldn’t be surprised if the strongest member of the Avengers turned out to be a woman, too.

But those thoughts were beside the point.

"The reason I’m telling you this is twofold."

Malick’s expression softened.

"First, I want you to understand the danger we’re facing. But I also want you to know that you don’t need to be afraid."

He looked toward the Eredar Twins.

"I cooperated with this company and helped establish the Black Badge Division precisely to oppose subversive organizations like HYDRA."

"Now that I’ve discovered their true identities and understand their objectives, we can finally take action against them."

His voice grew firm.

"I guarantee that the Insight Initiative will remain nothing more than a proposal. It will never be allowed to succeed."

Elizabeth exchanged a glance with the others.

None of them asked how he could make such a confident promise.

If Malick succeeded, wonderful.

If he failed, they could always go home, prepare their estates, and wait for the executioners.

"However..."

Malick smiled faintly.

"Once HYDRA is defeated, we’ll face an entirely different problem."

He folded his hands.

"HYDRA has thoroughly infiltrated S.H.I.E.L.D. Bringing down HYDRA will inevitably mean bringing down S.H.I.E.L.D. as well."

He looked around the table.

"But does the world stop needing protection just because S.H.I.E.L.D. no longer exists?"

"Do we stop fighting terrorism? Do criminals and dangerous individuals suddenly disappear? Do ambitious people stop threatening world peace?"

Elizabeth’s eyelid twitched.

She finally understood.

All the talk about the satellite, the Insight Initiative, and HYDRA’s plans had been leading toward something else.

A much larger objective.

"Let me put it plainly."

The Eredar Twins rose from their chairs simultaneously.

Both placed their hands on the conference table and leaned forward, surveying the shareholders.

The time for subtle hints was over.

"When S.H.I.E.L.D. collapses, it will leave behind an enormous power vacuum."

Saloras smiled.

"So, in your opinion, who should inherit the position S.H.I.E.L.D. currently occupies, at least within the United States?"

Elizabeth rested her chin on her hands.

A knowing smile appeared on her face.

"The Black Badge Division."

She looked from Malick to the twins.

"That’s what you’re proposing, isn’t it?"

Her smile widened.

"You want the Black Badge Division to replace S.H.I.E.L.D. And to make that happen, you need us—not just us personally, but the families behind us, along with all the political connections and influence we can bring to bear."

She leaned back.

"You want our full support in making the Black Badge Division the new S.H.I.E.L.D. of the United States."

Her eyes narrowed.

"Am I right?"

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