The shut-down of Omaha, Nebraska's Franklin Community Federal Credit Union, raided by federal agencies in November 1988, sent shock waves all the way to Washington, D.C. $40 million was missing. The credit union's manager: Republican Party activist Lawrence E. Larry King, Jr. behind whose rise to fame and riches stood powerful figures in Nebraska politics and business, and in the nation's capital.
In the face of opposition from local and state law enforcement, from the FBI, and from the powerful Omaha World-Herald newspaper, a special Franklin committee of the Nebraska Legislature launched its own probe. What looked like a financial swindle, soon exploded into a hideous tale of drugs, Iran-Contra money-laundering, a nationwide child abuse ring, and ritual murder.