CNBC’s skewed coverage, according to Euro Pacific Capital’s Chief Economist and Global Strategist Peter Schiff, aided Sam Bankman-Fried’s FTX swindle. He said that the network bears some of the blame for investment losses.
Schiff slammed CNBC for putting SBF “on a pedestal” and failing to scrutinize FTX’s operations. In his post, Schiff said that CNBC bought into his scam hook, line, and sinker. Schiff argued that CNBC should be held accountable for their biased promotion that led to FTX customers’ losses.
Moreover, Schiff asserted regulators and politicians were also complicit in enabling the scam. He claimed SBF could never have gotten away with his scam without the help of politicians who allegedly accepted his bribes. According to Schiff, the regulators’ “ineptitude proves that free markets can do their job much better.”
Bankman-Fried was convicted of all seven criminal counts on Thursday. Damian Williams, the U.S. Attorney of New York, stated that while players like SBF might be new, this kind of corruption is as old as time.
Furthermore, Williams stated in a public statement, “This case is a warning to every fraudster who thinks they’re untouchable, that their crimes are too complex for us to catch, and that they are too powerful to prosecute.”
Nonetheless, Bankman-Fried’s counsel stated that SBF maintains his innocence and would fight the allegations against him forcefully. He also stated that, while they accept the jury’s verdict, they are quite upset with the outcome.
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