Based on the lyrics, I tend to think Mr Albini is referring to another side/facet of the same person.
Thus the song is referring to how this person "ought to know" them/how bad the penny is - because they're one and the same.
I don't think it's talking about a third person, as evidenced by the lines below re girlfriend/friends' girlfriends.
E.g.
"Couldn't throw me too far"
"Ought to know what a liar I am, ought to know me by now"
"Ought've known you couldn't trust me as far as you can throw me, throw me"
(i.e. can't escape self)
"I think I fucked your girlfriend once... maybe twice, I don't remember
Then I fucked all your friends' girlfriends -- now they hate you"
(i.e. these people now hate the facet of the person/personality this song is referring to).
Based on the lyrics, I tend to think Mr Albini is referring to another side/facet of the same person. Thus the song is referring to how this person "ought to know" them/how bad the penny is - because they're one and the same. I don't think it's talking about a third person, as evidenced by the lines below re girlfriend/friends' girlfriends.
E.g.
"Couldn't throw me too far" "Ought to know what a liar I am, ought to know me by now" "Ought've known you couldn't trust me as far as you can throw me, throw me" (i.e. can't escape self)
"I think I fucked your girlfriend once... maybe twice, I don't remember Then I fucked all your friends' girlfriends -- now they hate you" (i.e. these people now hate the facet of the person/personality this song is referring to).