After that scene, we're introduced to Rick Masters who is a counterfeiter. He is in a warehouse, printing up fake $20 bills. We're introduced to a rather complex process and see how the bills are created from start to finish: from the drawing up of the bills to tossing the bills into a dryer to create a look of used bills.
We learn that Jimmy is just three days away from retirement, but has one last job to do. Another role of the Secret Service is to track down counterfeiting operations. He heads to the desert to track down Rick Masters. Somehow the Secret Service has figured out where the warehouse is. When he gets to the warehouse, he is shot dead.
A few days later, Richard and team head to the warehouse and find Jimmy's body, dumped into a garbage container. All the equipment has already been moved out except for the dryer (which honestly seems odd). Richard than takes over as lead investigator to track down Rick Masters. He is given a new partner named John Vukovich.
They start on their investigation to catch Rick Masters passing counterfeit bills. They start by tracking down his mule, Carl Cody. Carl Cody, even though looking at multiple years in prison, refuses to talk (initially, but later in the movie provides an important hint). They also stake out an individual named Max Waxman who is known to buy from Rick Masters. Unfortunately, the two fall asleep while staking out Waxman's home. During the time they're sleeping, Rick Masters shows up at Waxman's home (the reason being that Waxman had said that Cody had not made the delivery of counterfeit bills while Cody -- in prison -- had said he had made the delivery). The two have a confrontation and Masters shoots Waxman dead.
Now how did Chance and Vukovich know about Cody and Waxman? I'm assuming it was all part of Hart's initial investigation.
Up to this point in time, the movie gives the impression that Chance is a solid, honest, risk taking US agent who is just out to get solid evidence against the individual who killed his former partner. His image takes a turn to the negative when Chance walks away with some evidence from Waxman's home without letting the LAPD authorities know what he is doing. Vukovich is aghast that this was done.
Chance and Vukovich decide on a more direct confrontation with Masters. Vukovich goes to Bob Grimes, who is Masters' lawyer. Vukovich is able to convince him to set up a meeting with Masters. They go to Masters, asking for a million in fake bills. Masters demands $30,000 up front. This amount of money is beyond what the Secret Service will allow. Luckily for them, Chance has an informant named Ruth Lanier. (This is also another example where Chance's image takes a hit. Not only is he using Lanier as an informant, but basically forcing her into a sexual relationship with him.) Lanier had happened to mention earlier that she knew about $50,000 that was illegally being transferred from San Francisco to Los Angeles.
Chance and Vulkovich grab this individual and take him off to the Art District of Los Angeles where they proceed to take the $50,000. What they don't realize is that they've been followed. Two individuals from a bridge pull up and start shooting at Chance and Vulkovich. They run for cover. At the same time, the person they grab is shot dead from the bridge. That starts a dramatic and intense multi-car chase that starts in the Art District of Los Angeles, heads to the LA River and ends on the 710 Freeway where Chance and Vulkovich finally ditch the multiple cars that end up chasing them.
It doesn't take long for Chance and Vulkovich to realize why so many cars were after them. They had accidentally gotten themselves in the middle of an FBI investigation and that the people chasing them were the FBI. Vulkovich is consumed with guilt and wants to admit that they were the ones involved in the incident. He even goes to Grimes, the lawyer, to see what would happen to him if he did turn himself in. Meanwhile, Chance tells him they are going to focus on getting Masters instead of turning themselves in.
The two eventually meet with Masters for the exchange. After making the exchange, Chance and Vulkovich attempt to arrest Masters and his hunch man. Chance and the hunch man fatally shoot each other. Masters runs off.
Vulkovich makes a bet that Masters is off to the new counterfeit location (Chance had eventually gotten Cody to talk). There, Masters reveals that he knew that they were Secret Service as he mentions that he knows what advice Grimes had provided Vulkovich. In a final stand off, Vulkovich manages to kill Masters.
The movie ends with Vulkovich now totally transformed from being a good agent to being as corrupt as Chance. He takes on the attitude of Chance and walks up to Ruth Lanier's house. He tells her that he believes that she knew that the $50,000 that was being transferred was an FBI sting operation. Now Lanier is under the same obligation to him: both as an informant and basically his sex slave.
The movie has an interesting take on our law enforcement. Chance, Hart and Vulkovich are all dedicated to protecting the president and chasing down counterfeiters. Yet, perhaps they're so dedicated that they're willing to bend the law to get their targets.
One question I have is: does it make sense that Grimes had told Masters what he had discussed with Vulkovich regarding admitting guilt? It didn't appear like Grimes had said anything to Masters about the two when he set up the million dollar meeting. Masters, in fact, had Chance's and Vulkovich's vehicle searched by a third part while the three of them were discussing the need for a million in fake bills. Perhaps on the movie editing floor, there are scenes where Masters got suspicious and confronted Grimes. And then, if Masters eventually found out, why would he be so bold as to meet with two secret service agents. Was he really willing to kill two more secret service agents? He surely would have gotten the whole power of the US government going after him. Anyways, I think that line between Masters and Vulkovich should have been edited out of the movie.
Also, was Vulkovich correct in accusing Lanier of knowing about the sting operation or is he just using that as an excuse to abuse her just like Chance? I suspect he was just making an accusation. Lanier worked as a cashier at a strip club. I really doubt that the low level criminals that discussed their crimes with her would have known one way or another that a specific situation was an FBI sting operation. It indicates all the more how dirty Vulkovich had gotten.
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