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There are few things on television I enjoy more than a good “Billions” fake-out. The sine qua non comes from the stellar Season 2 episode “Golden Frog Time,” in which a Chuck Rhoades who at first appears to be sobbing is actually laughing hysterically because his plan to undermine his enemy Bobby Axelrod worked like a charm. (At the expense of his best friend and his father, but still!)

The sleight-of-hand that occurs in this week’s episode isn’t nearly as momentous, but it provides that thrilling frisson nonetheless. For a moment, it looks as if Chuck has put the screws to Mike Prince’s alma mater, Indiana A&M, to prevent it from investing in his firm. How? By blackmailing the university’s endowment chair, Stuart Legere (Whit Stillman alum Chris Eigeman), who has been embezzling.

But it turns out that the opposite is true. Chuck is blackmailing Legere and the endowment into investing with Prince by threatening to expose the embezzlement. Having previously rejected his father for the role as too obvious a choice, Chuck wants an inside man who will report back on Prince’s every move, and now he has found one. The needle drop of the Police’s “Every Breath You Take” that accompanies the maneuver is no mere music cue. It’s a mission statement: No matter what Mike Prince does, the watchful eyes of Charles Rhoades Jr. will be on him, whether he knows it or not.

Why? Because Chuck really and truly seems to have gotten religion where the billionaire class is concerned. He calls Prince “a robber baron.” He denigrates Prince’s seemingly charitable donation of a new fleet of high-tech subway cars (funding for which was the purpose for reopening the exclusive Prince List to new investors, like his alma mater) as a new form of “noblesse oblige.” He characterizes Prince’s seeming benevolence as an attempt “to further his own ends, whatever they may be, while he enjoys ten thousand, a hundred…

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