George Osborne is on very dodgy ground.
The revelations yesterday and today that the Shadow Chancellor supped champagne on a Russian oligarch's yacht and, it is suggested, solicited a donation from him have created a bit of a media frenzy.
The accusations have been vigorously denied.
Whatever the truth, the whole sorry saga has the fingerprints of Peter Mandelson all over it.
Basically enraged that Osborne went public a couple of weeks ago with the claim that Mandelson had "dripped pure poison" into his ear about the Prime Minister, the new Secretary of State for Business has bided his time and told his mate, Nat Rothschild, to go public.
What does this tell us?
One simple thing: Don't cross Peter Mandelson.
Ever since the announcement he was to return to the cabinet, there has been a conservative witch-hunt, fuelled by their friends in the media, to get Mandy.
This attack on Osborne is a warning shot: if you try, I will come after you too.
It is classic politics.
It says, "I'm back" and now that the Tories are on the run for a change, the Labour Party should be very grateful.