Snakes in The Pits

The FBI busts 46 commodities traders in Chicago

For six months Chicago's commodities traders had been nervously waiting for the big shoe to drop. The FBI announced last January that its agents had quietly penetrated the trading pits at the Chicago Board of Trade and the Mercantile Exchange and found them to be full of snakes. Since then the bureau's investigation -- the most extensive ever conducted into any financial market -- has been proceeding, not so quietly, as more than a dozen traders have been pressed into cooperating with the Government. Last week, with FBI director William Sessions and U.S. Attorney General Dick Thornburgh in Chicago for the...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!