Following his unprecedented levels of success in the public popularity stakes in the wake of the live televised Leadership Debate, the big guns have been sharpening the knives in preparation for a scathing counter offensive, with the sole intention of discrediting the Lib Dem Leader.
The most damning indictment so far to emerge is without doubt the revelation that Mr Clegg is the son of a wealthy merchant banker who attended an exclusive Westminster public school.
Other unsavoury details emerged, most of which can be easily dismissed as fabulous fictions, such as Clegg spending the night with troublesome French woman Vanessa Perroncel, visiting an Amsterdam ping-pong lady sex show, carrying on an extra marital affair with a gay Brazilian sex-change dwarf, and of being the mastermind behind the 9/11 terror attacks.
But nothing quite so damning as being labelled as the son of a banker.
Some experts are opining that this is a bigger body blow to Nick Clegg than had he been found guilty of setting off the Iceland volcanic episode, getting Wayne Rooney sent off, or conceding a last minute penalty in the World Cup Final.
Currently in the UK, any form of association with a banker ranks one rung lower down the social ladder than being the illigitimate son of a Nazi crack whore.
It will be interesting to see if Nick Clegg can ride this one out.
It was reported that the chinking of champagne glasses were heard in the early hours emanating from both Labour and Conservative HQs.
More as we get it.