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Born to crime syndicate family.
At hardly ten months of age, mass arrests landed his entire family in prison.
Ever-so-benevolent judge Odin Borson took pity on the child.
Pulled strings, adopted him quietly.
Raised the little Loki as his own, by his son Thor.

"You are both of you born to justice. Both of you, both of my sons."

"When I grow up, I'll lock all of them up -- all the robbers and murderers!

"So will I! I can too."

Twenty years of Odin's calm, dignified head-of-household lifestyle.
Private school.
Old money.
Living next to his boisterous, kind athlete of a brother.
Never the one favored.

"It's the championship today, Loki. It's my day. None of your tricks; be sincere, if you are capable of it."

"Believe me, Thor, I've looked forward to this day as long as you have."

Age twenty-one, Odin seeking election to governor of the state, and a reporter snoops around and finds that Loki is not Frigga and Odin's. She assumes a scandal and publishes.
The truth is revealed to Loki, and then to the state at large via press conference.
The story bends in Odin's direction. His act of charity in Loki's infancy wins him the election.
Loki leaves home permanently.

"Is that what I am? A nothing, a charity case, a little inkblot on your pristine path to political office? I'm not your son, and I never was!"

Now: a con artist. A drifter. Vicious, and mean, and deeply, deeply unhappy.