In the book by Frank's valet, George Jacob, in the chapter "Gangland," he tells of Frank's relationship with Mr Big, Sam Giancana.
One day Giancana related to Jacobs how he became the mob's boss of bosses.
Seems Sam was in a Terra Haute prison in the 40's with a Black guy who went on to became king of the numbers racket in Chicago....one of the few ways Blacks could get rich in those days.
The two connected and became partners, but as the world turned, Sam took over the games (nor saying how) but he was nice enough to setup the Black guy in Mexico for the rest of his life.
In the late 1930’s, Chicago mobster Anthony Giancana, past member of the 42 Gang and leader of the emerging Taylor Street faction of the Outfit, was sentenced to four years in the federal penitentiary at Terre Haute, Indiana for operating an illegal whisky still.152 There, Giancana met “Big” Ed Jones who was serving time for income tax evasion. Jones reportedly told Giancana about the vast sums of money that he had made in the policy racket. Released from Terre Haute in 1942, Giancana began making plans for the Outfit’s eventual takeover of the policy racket. . .Ed Jones and his brother George moved toMexico and left the policy racket to Theodore “Teddy” Roe, their partner in the Maine-Idaho-Ohio wheel.
BTW Giancana wasn't really the Boss of Bosses: that was Carlo Gambino. But he was promoted to Accardo's underboss as a result of the Jones incident you describe, which might be what you're thinking of ("He was made Underboss to Tony Accardo as a reward for the Eddie Jones affair.": http://www.crimelibrary.com/gangsters_outlaws/mob_bosses/giancana/up_5.html).