S1 04: Scapegoats and Fat Cats

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 speaks with a former trader who worked closely with the longtime Merc boss, Leo Melamed, to learn about the underhanded political dealings that enabled the stunning transformation of this sleepy agricultural exchange—and the systemic corruption that followed. 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