Underbelly
Underbelly is a podcast series exploring the wild and true stories behind investigations into the underbelly of society. From enigmatic spies, to seedy criminals and crooked officials, to the upper echelons of government intelligence, we shine light on the underworld through never before heard revelations about crimes you never dared to imagine. Season one of Underbelly—Brokers, Bagmen, & Moles—takes a fresh look at the FBI's most expensive undercover operation in history. Told through archival audio as well as new and exclusive interviews with the people who were there, this financial thriller features host Anjay Nagpal investigating whether the Feds' 1987 attempt at exposing widespread corruption at Chicago's future exchanges was a huge success... or a massive failure. It all depends who you ask. Season two of Underbelly, premiering March 13—The Rebel Kind—is the unreal, real-life story of Dave Rupert, a six-foot-seven Chicago trucker who infiltrated the heart of a dangerous faction of the Irish Republican Army. Veteran journalists Bob Herguth and Abdon Pallasch tell you the story of how this unlikely man with entrepreneurial dreams and a willingness to do whatever it takes ends up being the most famous/infamous spy during The Troubles through tape recordings they made of Rupert in secret locations 20 years ago.
Episodes
April 4, 2023 • 2 mins
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 ...
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April 26, 2023 • 39 mins
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...
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April 26, 2023 • 35 mins
In the 1980s, blue collar kids started making millions at Chicago’s commodities exchanges. This century-old boys' club was one of the best-kept secrets in the world until the FBI showed up and tried to end the party. The FBI investigation put the exchanges on front pages everywhere, but when the Feds packed up, business went back to usual—like they’d never been there. Thirty years later, former-trader-turned-Hollywood exec Anjay Na...
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May 3, 2023 • 38 mins
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 o...
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May 10, 2023 • 45 mins
Pulitzer prize-winning journalist Bill Crawford broke the news of the undercover investigation in January 1989, when an unnamed source in Washington, D.C. tipped off the Chicago Tribune. The Trib’s initial stories billed the case as a tremendous win for the government, but right away, Crawford questioned if the government had missed its mark—could they perhaps have been gunning for the men in charge of the exchanges? Anjay then spe...
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May 17, 2023 • 37 mins
Within a week of breaking the story, the press learned that the FBI came to Chicago’s exchanges partly in response to a complaint from a powerful agricultural company called Archer Daniels Midland. While that remains the popular narrative, Anjay’s sources convince him that the government has managed for decades to keep something about this case secret—but what, exactly? In this episode, we learn about the government’s attempts to g...
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May 31, 2023 • 41 mins
Someone was bound to talk eventually, and it ended up being one of the white-collar kids at the Chicago Board of Trade. Anjay speaks with trader Dave Skrodzki about his decision to cooperate, what it meant for his livelihood, and why Skrodzki thinks the government found exactly what it was looking for in Chicago. While Skrodzki and a few other cooperators helped the FBI solidify a few cases, the Feds ultimately didn't produce nearl...
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June 7, 2023 • 46 mins
The man, the myth, the target of this investigation? That’s Lewis Borsellino… at least, according to Lewis Borsellino. The son of a mafia hitman, Borsellino made a name for himself as one of the most successful traders in the S&P 500 futures pit. That got the Feds interested in him, or so the story goes. Borsellino tells Anjay he suspects there's more to it than that, and Anjay decides there is only one way to get answers: speaking...
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June 14, 2023 • 55 mins
After nearly eight months of off-the-record conversations, two FBI agents agree to speak with Anjay on the record. Randy Janett and Mike Bassett tell Anjay their side of the story. They're open about why this investigation ended when it did, but when it comes to what inspired the FBI to send agents to the floor in the first place, will they stick with the public narrative, or will they reveal some cracks in it?
Notes: Head to DRINK...
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June 21, 2023 • 49 mins
Defense attorneys come out swinging, in an attempt to whip up a furor over the dozens of charges against Merc traders. But they have a tough time getting jurors to understand how the buying and selling of future contracts work—not to mention keeping them awake—and the trials descend into chaos. In the end, how many traders were found guilty? And how do the agents who worked the case view its legacy now? Anjay has the surprising ans...
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June 28, 2023 • 43 mins
As the trials wrapped up, Congress held a series of hearings that questioned how these markets should be regulated. In echoes of those trials, Congressmen displayed varying levels of comprehension of how the Merc & CBOT worked, and it turns out that those who did understand might be a little too familiar with the heads of those exchanges. As the inquiry winds down, clear winners and losers emerge. Meanwhile, Anjay has a phone call ...
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July 12, 2023 • 45 mins
More stories of mob ties among traders come to the surface, so Anjay decides to call one more agent—the one with a background in organized crime, and who seems most willing to speak with him: Dietrich Volk. Anjay arrives in a remote part of Colorado to interview the former agent, and at long last, we learn the truth of this investigation. By the end of their conversation, Anjay thinks he might be able to prove what the agents never...
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July 19, 2023 • 55 mins
Trying to find more concrete evidence that the FBI was actually on the floor to investigate the ties between organized crime and Chicago’s exchanges, Anjay searches through thousands of pages of court transcripts. What he finds isn’t quite what he was looking for—instead, he discovers a legal brief that leads him down a completely unforeseen and even more shocking path. What happened to this smoking gun, and why was nothing ever do...
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September 27, 2023 • 1 min
Join host Anjay Nagpal and special guests from Brokers, Bagmen, & Moles for a live panel discussion and Q&A! We'll share stories from behind-the-scenes of the production, answer your burning questions about the wild stuff that went down on the trading floor, and share some laughs (and tacos).
This FREE event will be at the Texan Taco Bar in Chicago's West Loop (942 W Randolph St), next Tuesday, October 3, from 5-6:30pm. Space is li...
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October 26, 2023 • 69 mins
Underbelly creator & host Anjay Nagpal, showrunner Danielle Elliot, "Brokers, Bagmen, & Moles" book co-author David Greising, and traders/fan favorites Tim, Stretch, & T-Bun got together at the Texas Taco Bar in Chicago to have a live panel discussion and Q&A. If you missed it, you can still enjoy hearing about the origins of the investigation, the struggles & successes bringing it to life in audio, a few more stories from the floo...
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February 29, 2024 • 3 mins
The Rebel Kind is the unreal, real-life story of Dave Rupert—a six-foot-seven Chicago trucker who infiltrated the heart of a dangerous faction of the Irish Republican Army. From Entropy Media, the second season of the Underbelly series focuses on the unlikely man with entrepreneurial dreams and a willingness to do whatever it takes to get the job done. Veteran journalists Bob Herguth and Abdon Pallasch tell the story through tape r...
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March 13, 2024 • 44 mins
Meet Dave Rupert. A guy born in a part of Upstate New York so rural it's practically Canada, with a past nearly as untamed: trucker, one-time professional wrestler, pilot, a bit of a serial entrepreneur. Meet Mickey McKevitt. An ocean away, he leads the Irish Republican Army's militant splinter cell, the Real IRA. The two men had seemingly nothing in common, but by the time they met, Dave had earned the trust of the group as though...
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March 20, 2024 • 45 mins
When an FBI agent walks into Dave Rupert's truck stop, his mind starts racing. There's so many things law enforcement might want to address. A few friends he made though a dalliance is the last thing on his mind. Dave Rupert's unusual background in upstate New York led from a family doing what they had to do to survive to becoming a trucking entrepreneur. But a night out at a bar in Florida will eventually change Dave's life.
Addi...
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March 27, 2024 • 46 mins
Dave Rupert experiences a little indigestion as he mulls over an offer from the FBI. He'll learn the agent who approached him has a background in investigating international terrorism back in Chicago. In fact, Ed Buckley is well known to Irish Republican supporters in the city. When Dave sees an opportunity to make some money, he goes for it.
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April 3, 2024 • 46 mins
Dave's plot to run a bar for profit while spying on vacationing republicans along the banks of the Drowes River is a rocky as the road to Dublin. The former owner of his pub wasn't paying the bills and that makes Dave's life even more difficult. But a diligent barkeep certainly doesn't look like a spy and his plan kind of begins to work. Knowing the history of the British occupation in Ireland is just the tip of the iceberg for Dav...
Mark as Played
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