S1 02: T-Bun and the G Men

Explicit content warning

04/26/23 • 39 min

1 Listener

To understand this case, you need to meet the colorful cast of characters at its core: Chicago commodities traders. Meet part-time bookie, possible mob associate, and full-time trader Tony “T-Bun” Bonjourno. He’s a blue collar guy whose dad’s friend helped him get a job on the floor. Once there, T-Bun and his friends live a life beyond their wildest fantasies. T-Bun gives us our first glimpse of the FBI agents’ actions on the floor and tells an incredible story that might just be the answer to why this investigation ended prematurely.

Notes: You can find episode transcripts and more on our website at https://www.entropymedia.art/brokers-bagmen-moles.

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Notes: You can find episode transcripts and more on our website at https://www.entropymedia.art/brokers-bagmen-moles.

Learn more about your ad choices. Visit podcastchoices.com/adchoices

Previous Episode

Underbelly: Brokers, Bagmen, & Moles - Season 1 Trailer

When you picture the 1980s’ Wall Street boys’ club, you might not think of Chicago. But in 1987, its Mercantile Exchange dwarfed the New York Stock Exchange in both dollars and international influence. Member-owned and expanding rapidly, how it worked—or who was working it—was more obscured. That’s when the FBI stepped in. The Feds sought to shine light upon it through a high-stakes operation, the most expensive in its history, to expose corruption at Chicago’s Merc and Board of Trade. What ensued was an elaborate undercover investigation resulting in dozens of indictments for traders who were accused of conspiring to defraud farmers, banks, pension funds, and other customers from around the world. The government either had itself a huge success that reformed our financial markets, or it was total flop—it all depends who you ask. Led by host Anjay Nagpal, after more than thirty years, Brokers, Bagmen, & Moles gets to the truth.

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Next Episode

S1 03: Knock Knock. Who's There?

The ‘80s were a time of tremendous growth on the floor, creating opportunities for guys like boxer Ray Pace. Ray went from working part-time on movie sets to trading for one of the largest brokerage groups at the Merc, ABS Partners. Little did he know, by 1987, he was standing next to an undercover agent. In the grand scheme of things, Ray was a small fish, so Anjay questions if his role with the controversial ABS is what put him on the Feds' radar. The agents say he committed felonies; Ray says he was just doing business the way he was taught. All this leads Anjay to a new idea: Was Ray just a scapegoat, a way for the FBI to cover up its own failure?

Notes: You can find episode transcripts and more on our website at https://www.entropymedia.art/brokers-bagmen-moles.

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