"I understand he's your asset." - Sam
"Yeah. That's part of the arrangement." - Peter
Something occurred to me while watching tonight's episode of White Collar: Peter is Neal's friend, but Neal is not necessarily Peter's friend. Opinions may vary, but it was hard not to almost universally support Peter's action in tonight's episode -- even all season long.
At the beginning of the episode, Peter and Neal make a pact to not share Ellen's video with anyone--not even Sam. Neal comes awfully close to breaking that deal relatively quickly and invites Sam over the next day to chat. He does not ultimately show the video to him, but a large part of the reason why he doesn't is likely because Elizabeth showed up with gelato.