As entertaining as it may be, it's pretty derivative itself (you should pardon the expression) of The Producers, and the lead singer does a pretty good Nathan Lane, I'd say. Not surprising since he was one of the actors who took over the role of Max Bialystock after Lane created the role in the Broadway musical version of the show.
The story was a joint effort by This American Life, NPR, and ProPublica. A text version of the story is up now on ProPublica's Web site. Makes for good reading, if it doesn't make you want to head to the ramparts in revolution.