Chief Economist and Global Strategist of Euro Pacific Capital Peter Schiff accused CNBC of biased coverage that helped enable Sam Bankman-Fried’s FTX scam. He argued that the network shares responsibility for investor losses.
It’s shameful how @CNBC used the #SBF conviction to further pump #Bitcoin. CNBC lifted SBF up on a pedestal and bought into his scam hook, line, and sinker. In fact, CNBC shares blame for losses suffered by investors who opened accounts with #FTX based on their biased coverage.
— Peter Schiff (@PeterSchiff) November 3, 2023
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.
Moreover, in the public statement, Williams said, “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.”
Nevertheless, Bankman-Fried’s attorney claimed that SBF maintains his innocence and will continue to vigorously fight the charges against him. He also mentioned that even though they respect the jury’s decision, they are very disappointed with the result.
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