Originally Posted by The Batlord

Pancho IS Lefty. OMG how did I never see it. The entire song makes sense now. It's not about one man betraying another for money. It's about one man betraying himself for money and leaving behind his freedom in exchange for hollow financial security. And that's why the Federalis kept letting Pancho go. Cause the powers that be aren't concerned with "rebels" since they know given time they'll just take the payout and become yuppies who aren't a threat to anyone. And that's why only one character is introduced at the beginning of the song. God it's so simple.