Brokers, Bagmen, & Moles

For decades, Kurt Calabrese lived in the shadow of his father, Frank “The Breeze” Calabrese Sr., one of the Chicago Outfit’s most feared hitmen and loan sharks. Raised in a home ruled by violence, paranoia, and control, Kurt grew up knowing that loyalty wasn’t a choice, it was survival.In 2007, the Family Secrets Trial exposed 18 unsolved murders and a laundry list of heinous crimes that had terrorized Chicago for decades. Based on wiretap evidence from Kurt’s brother Junior, the case led to life sentences for some of the most powerful mob figures in modern history, effectively dismantling the Chicago Outfit. But the trial was just the public reckoning. The real story began years earlier, inside the Calabrese family itself. Season 3 of the award-winning podcast Underbelly, “Killing Kurt” takes listeners back to where it all began.Beyond the headlines and the courtroom, this is the story of a crime family at war with itself. As Kurt wrestled with his own loyalty, his older brother committed the ultimate betrayal, setting off a chain of events that would not only take down their father but leave Kurt caught in the crossfire.Told through his firsthand account, Kurt reveals the untold cost of growing up in the mob, the violence at home, the psychological toll, and the impossible choices made to escape a legacy of fear.Listen to the all new season of Underbelly: Killing Kurt, premiering April 2nd. Available wherever you get your podcasts.---------------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.Binge the entire season of Killing Kurt—along with other gripping Entropy shows—completely ad-free by subscribing to Entropy Unlimited on Apple Podcasts. Unlock exclusive access and enjoy your favorite stories without interruptions. Click the HERE to learn more!

Recent Episodes

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Recent Reviews

JanefromNj

Season2

Just finished season 2 , what an incredible story. I learned so much about Irish history!
my windy city

3rd & final I’m sorry if I’m becoming a pain

One last thing Kurt even though we’ve never met but I feel as if I know you never forget Kurt you have people you don’t even know love you, care about you, and have the ultimate respect for you!!
PDXHamsterCat

Love this show!

Growing up in chicago I know these places and accents. Such a great story that captures the specificity of the chicago finance scene. Fabulous characters.
Creator54356

Enjoying season 1

Great season 1. As a retail trader I find this story to be very eye-opening and enjoyable
I B A Dougherty

My Review

I found this podcast not only very interesting, but really well put together and enjoyable. The small smattering of Irish history was also a great backdrop for the story too. I can’t wait for more!
Tim Rooney the best app critic

Great story

Love the history lesson.
n4ttybyn4ture

Underbelly: fantastic ride through “the troubles”

I’m waiting as patiently as I can for the next episode after listening to the first. Pallasch and Herguth weave together a compelling story of a larger than life everyday man from Chicago and his ability to connect to one of the most hardened factions of the IRA. So glad that these two journalists kept on this story for decades. Now it serves to piece together some of this complicated history that many of us have lived through.
Matthew_Abel

An Unparalleled Original: The Rebel Kind

The Rebel Kind offers a truly unique insight into the dissident group that aimed to create a united Ireland: the Real IRA. This story highlights the scarcely believable protagonist David Rupert, an American giant (quite literally) who successfully infiltrated the Real IRA in a surveillance mission coordinated by the FBI and British Intelligence. What’s more, Pallasch and Rupert’s reporting is truly first-class, offering unparalleled access to a story that you wouldn’t believe if it weren’t for their recordings. As a story 20+ years in the making that nearly landed Pallasch and Herguth in jail for their reporting, The Rebel Kind is intriguing, original, and unequivocally a must listen.
VirtualCFO

Great PodCast

I really enjoyed this podcast and the history of corruption in commodities exchanges.
Ridgelyh

You just can’t imagine…

No one who wasn’t on the trading floors can appreciate what that world was like. This show, which is very well produced, gets you kinda close…
KmBuffalo

Intriguing

I lived through and was impacted by this investigation. I truly enjoyed the perspective, the storytelling, and the depth of details that were revealed throughout the podcast. I'm looking forward to more and the next adventure.
rjmannion

If you love Chicago, you’ll love this podcast!

Kudos to Anjay and team. If you love Chicago, you’ll love this show. And if you’re into trading, you’lll love this show. The Stock Exchanges in Chicago are a huge cultural part of Chicago but most don’t know much about this story. It’s worth the listen and you’ll end up binging it.
Marty YY

Best podcast I’ve listened to

The show is wildly captivating, if you liked Wall Street or Boiler Room you’ll love this.
DJ Double Play

Fantastic Show!

Growing up in Chicago and only hearing small amounts of information about the board of trade and mercantile exchange I was fascinated to learn all about the inner workings and what went on “down there”. Well done!!
ANF921ANF

Fantastic Series

Thank you for producing this series. My father was a local in the CBOT soybean pit, and was one of the 700 people subpoenaed. I was 14 when the FBI came to the door, and my parents didn’t burden us with the details, but it was a very tense period. I did ask my dad about this later and I recall conversations where he explained what out trading was. My Dad died in 1999, and I hoped he would have shared more of his stories on the floor with me as I became a full fledged grown up. I will never forget the time we picked him up at the train, and he had fashioned two training cards as a nose guard so he could give us a visual as he recalled story of one trader biting the nose of another trader.
Clif L

Great story, well told.

Kudos to Anjay and team. They are doing a great job telling a story that’s not always easy to understand. They have great sources to help the listener through the story of the FBI investigation into the futures markets in the late 1980s. The markets are chaotic and colorful places and they do a good job of bringing the listener into the pits.
Valentined4

Great voice

Easy to listen to and real interesting especially now a days and having easy access to the stock market.
Yfi uv

Highly entertaining

Just finished episode 9. Can’t wait to find out how Rays trial ends up. I have a bad feeling. Really great work overall
Jobusjacksonian

Love it

Great story, only three episodes in but hooked
Slim111222

Yen trader

Pretty cool to hear podcast. I started trading in the Yen and knew the names of the guys you’re talking about and heard some of the stories. Always felt badly for Ray even though I hadn’t met him. My understanding was he really hadn’t done anything
BSCSP500MTZMD

Had lunch with Peter Vogel

This is outstanding- Ran the SP desk for BSC - I had lunch with Peter Vogel - He was not “local” materiel after 5 mins -There was a savvy to the locals - he didn’t come close and btw when you executed orders (my order fillers AACE - WBP could do things faster and more accurate than a Harvard MBA 😎
050/454

Bond pit trader

As someone who stood ten feet away from one of the undercover agents, this podcast really took me back to those days. What an absolute waste of time and money on the FBI’s part. After the agents were outed, I remembered the time he traded with me on the curb thirty seconds after the close to get flat. The funny thing is, everyone knew which brokers and locals were corrupt, yet none of those guys were indicted. The CBOT was the greatest place in the world.
Cronie6114

Ah-sum

Very Chicago. Authentic. Insane. Can’t wait to hear the rest!!
Liam5220

Must listen

The combination of finance, criminal intrigue, and history is presented seamlessly and clearly. The industry experts are entertaining and intelligent. I have enjoyed every second; every episode ends leaving me wanting more.
bthedorf

Must listen

Five stars. Would love to hear more from Tim and Stretch. Love hearing their point of view and humorous take on the absurdity of their experiences.
Roxker4000

Fascinating story

I’ve never heard about this story but it’s fascinating. Being a newer trader I’ve also always wondered how it went down on the floor prior to online exchanges too. Really great story telling!
Madjamrozek

Great Podcast

Such a good listen! You grow up in Chicago hearing about how bustling the stock exchange used to be, cool to hear what it was like first hand and what contributed to its downfall
SAAKess

Wild Story

Love diving into this wild, insular subculture of Chicago and financial markets and learning about the seminal FBI investigation through the wild characters who lived through it. Always cool to see the world encapsulated in movies like Wolf of Wall Street through a real life narrative non-fiction lens. Especially love the intimate portrayals of the traders and the layered, complex events they experienced through the FBI’s undercover sting. You can tell this story is told by Chicago natives, so it has real authenticity. Looking forward to being both educated
Kbythebay

Pure Chicago Gold!

Love this new podcast — what an incredible story and such colorful characters in the best city!
MontanaMom1

PodLove

Fascinating!
Linluel

Great Show!!

So intriguing. Great characters explaining the craziness in "the pit”. Love it.
lexadelgado

Love a deep dive corruption story!

Such a fun and informative topic of how white collar criminals get away with white collar crime and how the government can’t get it together enough to stop them. It gives wolf of Wall Street/succession vibes, can’t tell who I’m rooting for yet but I wanna see who I end up hating the most.
WaHproduction

This is an insane story

Chicago in the 80s on the trading floor of the Merc. Largest FBI investigation in US history. How is this not something I know about already?
WheredYouGetThosePaws

Can’t wait for more!

It’s a story I’d never heard before, one that’s shocking, unbelievable, and surprisingly funny. Loved the first two episodes, and can’t wait for the rest of the season!