Heard back from my son, and this is pretty close to right:

WANTED

Wanted - the girl I trusted - who took my money and stole my car.
Wanted - the girl I trusted - who left me stranded - and mad as farr.

I can laugh now 'cause it didn't hurt a bit - the car was stolen and the money's counterfeit.
She’s wanted by all the po-lice - they'll never catch her un-a-werr
Because she'll lead them into the roundhouse - and they'll never corner her there.

[Mandolin interlude]

She was last seen in Hernando's hideaway - she was wearin' one of Benny’s old toupees.
A jury will find her guilty, and as I see it, there ain't no hope.
When she was born her dear old mother - should been arrested for smug-a-lin' dope.


(Incidentally, several words are spelled here like they were pronounced on the recording.)