Riding by the rules i'll abide by it soon
See the situation we sophisticated goons
“Riding by the rules” here is really connected to the last line explaining that the third option for his partner that made a bad move is staying on the DL(down low) and making sure he abides by the law to not attract attention to himself.
Rocky’s then says subliminally that he didn’t make the same mistakes and since he’s making money legally, he can afford to break laws doing certain “hobbies” such as:
“See the situation we sophisticated goons” means that they have all the benefits of being a criminal, but since their moneys clean they can be flashy as well.
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