I watched the episode last night. Here are my comments.
1. Ray did not have sex with the pop psycho and the pop star. There remains an ambiguous relationship between the pop psycho and Ray, and there remains some sexual tension in it, but that was much less evident than in previous nights. In Freudian dream interpretation, beaches and waves are symbolic of sex, so Ray jumping naked in the water in the same way the pop psycho did earlier does suggest that Ray is coming around surrendering to the pop psycho's will. We still are not clear whether that will involve sex or just mind games. If it is mind games, there will be a sexual undercurrent, you can bet on that much.
2. Why did Ray jump in the water? I think it had multiple meanings. The first is enumerated above. Also, I think it is emblematic of Ray's desire to wash away his sins. He was feeling particularly dirty at that moment, having violated his personal code of justice by nearly killing the girl reporter. You'll remember that the pop psycho jumped into the waves after his act of violence against the stalker. So Ray is both succumbing to the pop psycho by adopting this methodology for dealing with internal violence issues, and attempting to clear his conscience.
3. Ray would not turn the tape over to the government for the simple reason that the tape continues to have value for him. In spite of the suicide by the young FBI man, the head honcho might well weasel his way out of the scandal. Having the tape gives Ray leverage to save the reporter's life, whereas giving the tape up relinquishes control. Remember, Ray is a total control freak. He would never give up control and hope that events would evolve in the way he expects. He desperately needs to control events himself.
4. It did seem strange that the FBI guy did not kill Cochran. I think it's one of those things where the plot needs Cochran alive at this point, so he had to be spared. But it is also plausible. The young agent was a sniveling, butt-kissing coward. He went to the restaurant intending to kill Cochran, but in the end he only had enough courage to kill himself. The fact that Cochran's wife was pleading for his life may have had something to do with it. I thought Cochran's facial expression at this point was priceless. You could see Cochran was terribly inconvenienced and angry, but wasn't going to give a second's thought to whether he should feel culpable or guilty for the suicide.
5. Everything Ray's father touches turns to shit, and this robbery will be no different. But watching it unfold will be fascinating.
