I didn’t see anything about this in the “Michael Carter” tag, so I thought I’d put it out there in case nobody else has:
Let’s talk about that redacted SOE file Thompson digs up, supposedly on Peggy’s activities in June 1944. We know that in June 1944 Peggy was kicking Hydra ass with Steve and the SSR. That doesn’t mean she couldn’t have done a side mission with the SOE that went horribly awry, but when Thompson hands her the file, she genuinely doesn’t seem to know what it is or what it’s about. Later, she refers to it as something Thompson dug up to frame her– not blackmail, frame. As far as Peggy is concerned, she didn’t do what that file says she did.
We know that Thompson’s contact was rushing when he snatched that file and might not have been careful about what he was taking. When Thompson looks at the redacted portions, the SOE agent’s name he sees is “M. Carter.”
“M” stands for Margaret. “M” also stands for Michael.
Now, of course, Michael is supposed to be dead in 1944, but we also have the ongoing problem of where, in that case, Sharon Carter comes from.
If Michael was working with the SOE (which, as I’ve previously said, would make sense given his recommendation of Peggy), he could have been involved in some sort of operation that required him to fake his death or after which he was presumed dead. And if that’s the case, why hasn’t he resurfaced post-war? Because apparently, in June 1944, Michael Carter did something very, very bad.
I predict that Peggy will find out about this in the finale, and my fear is that we’re going to be left with a cliffhanger about where Michael is and what he’s doing now that never gets resolved if the show isn’t renewed.