This is a Captain Marvel parody done in 1954, after the cancellation of the original comic book, for NUTS! #5.
Reblogged from http://pappysgoldenage.blogspot.com/
Betty Grable was the top pinup girl of the second World War, who was still making movies at the time this comic book was published.
And so the story ends up in an insane asylum, which seems appropriate for a story published in NUTS! Actually switching back and forth so the other guy would have to serve the sentence sounds just like the sort of thing those two would do, since they're basically a couple of kid characters anyway.