Show Notes
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 that sets us up for brand-new conclusions about the origins of the investigation. *We will be off next week for the Fourth of July and returning Wednesday, July 12th with the next episode.* Learn more about your ad choices. Visit podcastchoices.com/adchoices
More from Underbelly: Killing Kurt
In the final chapter of Killing Kurt, Kurt Calabrese travels to a remote house in North Carolina to confirm his father’s death. What begins as a simple errand turns into an emotional reckoning. Inside a dim room behind a red curtain, Kurt comes face to face with the body of Frank Calabrese Sr.—the man who dominated, abused, and haunted his life. For the first time, Kurt is able to speak freely to his father, unleashing years of pain, rage, and conflicted love.
As Kurt Calabrese tries to settle into life after prison, ominous threats begin to arrive—dead rats on his porch, anonymous letters, and a staged bomb at his home—signs someone in the Outfit suspects he’s cooperating with the Feds. While he denies involvement, suspicion falls on his father and the father's girlfriend, Diane, whose presence near Kurt’s home the night of the rat incident raises red flags.
In 1998, Frank Calabrese Jr. makes the most dangerous decision of his life: he writes a letter to the FBI offering to turn against his own father—one of the most feared mob enforcers in Chicago history. What follows is one of the most audacious undercover operations in the history of organized crime.
In 1995, the FBI's years-long investigation into the Chinatown crew comes to a head with sweeping indictments and early morning raids. With their criminal empire crumbling, the Calabrese family faces the full weight of the justice system—and begins to turn on itself. This episode tells the harrowing story of what happens when loyalty becomes a liability. Junior faces a 30-year prison sentence. Kurt is offered a deal: serve two years, and his brother, father, and uncle all get reduced sentences. Despite a lifetime of abuse at the hands of his father, Kurt agrees—sacrificing his own freedom for the sake of family.
A duffel bag filled with mob cash disappears—and with it, any remaining trust between Kurt Calabrese, his brother Junior, and their volatile father, Frank “The Breeze” Calabrese.