Lyric discussion by theonesean 

This is one of the best songs ever - not just one of the best Steely Dan songs, the best ever! This is about a crooked man who started a medical clinic with his friend but he became crooked and stole money from the clinic. His friend caught him and was going to turn him into the authorities but he killed him before he could. But the police caught him and he runs to the teller of the story who remembers him and refuses to help him. The murderer flees town, and is hunted down and has a standoff with the police. He is arrested and sent to jail, "I understand you will soon be leaving town" and again asks the speaker for help, but he only says to warn him when he gets out of jail.

@theonesean, I agree - one of the best songs ever! I also agree with your interpretation, except for the last part - I don't think the cops caught him, just that they're looking for him, and the speaker agrees to not turn him in, as long as he never comes around again. If he does, the speaker will be the first to shoot.

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