The Diary of a CEOMichael Franzese: I Made $1.4 Million A Day In The Mafia
Former Colombo crime family captain Michael Franzese spills the inside story: how Mafia rules and sit-down justice built a 1.4 million dollar a day racket.
CHAPTERS
- 2:25 – 6:32
Origins, Identity, and a Childhood in the Shadow of the Mob
Franzese explains how he went from pre-med student to Mafia recruit, driven mainly by loyalty to his father, a high-ranking Colombo underboss facing a 50-year sentence. He recounts growing up with constant law-enforcement surveillance, early glimpses of his father’s violent side, and how he initially saw the Mafia as something almost noble and protective.
- 6:32 – 17:33
Inside the Mafia: History, Structure, and the Commission
Franzese outlines the formal structure of a Mafia family and traces how the American Cosa Nostra evolved from Sicilian self-defense groups into a structured criminal organization supercharged by Prohibition. He describes Lucky Luciano’s creation of the Commission, the division into families, and the scale of Mafia presence in New York.
- 17:33 – 21:20
Family Wars, Sit-Downs, and How the Mafia Decides Life and Death
He recounts the internal wars within the Colombo family and how, after the Commission, most violence shifted from inter-family wars to civil wars for power. He then details the formal 'sit-down' process for resolving business disputes and even deciding whether someone lives or dies, including his participation in such meetings.
- 21:20 – 30:34
From Devoted Son to Mob Recruit: Joining and Training for the Life
When his father receives a 50-year sentence on what Franzese insists was a framed bank-robbery conviction, Michael abandons medical school to 'help.' He describes his recruitment conversation, including his father’s chilling question about killing, his two-and-a-half-year probationary period, and the cult-like demands of Mafia loyalty.
- 30:34 – 44:58
Violence, Human Nature, and the Cost to Families
Franzese discusses his father’s alleged involvement in dozens of murders, the Mafia’s internal moral code, and his refusal to publicly discuss any personal killings. He reflects on humanity’s capacity for violence, the trauma of seeing a beloved friend’s mutilated corpse, and how the Mafia destroyed his own family—addiction, overdoses, estrangement—convincing him the life was fundamentally evil.
- 44:58 – 52:02
The Gasoline Tax Empire: Making Millions and Buying Power
Franzese details his most lucrative racket: a massive gasoline tax scam that made up to $10 million a week and allegedly defrauded the government of hundreds of millions. He used shell corporations, bearer-share Panamanian entities, and slow tax enforcement to collect fuel taxes and never remit them, gaining enormous clout within the mob.
- 52:02 – 1:05:20
The Oath, Racketeer vs. Gangster, and the Art of Negotiation
Franzese recounts his Halloween 1975 induction ceremony and explains how 'made men' see themselves as 'born again' into a new life. He distinguishes between gangster enforcers and money-making racketeers, and shares how sit-downs honed his negotiation and people-reading skills, lessons he later applied to legitimate business.
- 1:05:20 – 1:16:56
Betrayal, Father–Son Rupture, and the Beginning of Exit
An article claiming he might start his own family triggers suspicions within the Colombos, and Franzese is summoned to a tense meeting. He later learns from a fellow captain that his father, questioned before him, did nothing to defend him, effectively 'throwing him under the bus.' This betrayal, combined with family ruin and his new relationship, begins to loosen the Mafia’s grip on him.
- 1:16:56 – 1:35:55
Arrest, Hidden Money, and Life in Solitary Confinement
Franzese’s gasoline scam unravels after his 450-pound partner becomes an informant, leading to racketeering charges, a plea deal, and significant forfeitures. He hints at stashed cash, details a $33 million Austrian account the FBI couldn’t initially access, and recounts spending 29 months and 7 days in solitary confinement after refusing to cooperate further.
- 1:35:55 – 2:08:41
Love, Faith, and Building a New Life After the Mafia
Franzese credits his young wife, her Christian family, and eventually his own faith with giving him the courage and reason to leave the Mafia, despite a contract on his life and government pressure to become a major witness. He reunites with his father years later, sets boundaries, and now uses his story to mentor others, emphasizing that people can change and shouldn’t be permanently defined by their past.
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