Lame Pun Reaction: Mikey just can't seem to find a good catchphrase in this episode. Even the Garbageman wants to shut him up...
The Bait: Mikey bemoans the fact that he's always the bait
Mikey: ...especially when we're hunting 'shark'!
Screw the Rules, I Have Money!: Leo assumes that this is how the Garbageman has been able to operate unhindered. A few payoffs to the right people, and as long as he doesn't draw too much attention to himself, his island is off the radar.