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Jon Stewart Claims Wall Street is as Corrupt as Sam Bankman-Fried

2 mins
Updated by Kyle Baird
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In Brief

  • Jon Stewart equates Wall Street's corruption to that of former FTX CEO Sam Bankman-Fried, during a recent podcast.
  • Stewart and Mark Cuban discuss the "legalized corruption" in the US, including Congressional stock trades and conflicts of interest.
  • Wall Street's covert takeover of crypto, assisted by Gary Gensler and the SEC, has been criticized by industry researchers.
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American comedian, political commentator, actor, director, and television host Jon Stewart has lashed out at Wall Street in his latest podcast. Stewart claims that Wall Street is just as bad as former FTX CEO Sam Bankman-Fried.   

In a recent podcast on “The Problem With Jon Stewart,” the commentator spoke to Dallas Maverick’s owner Mark Cuban about Sam Bankman-Fried (SBF) and his rise and fall. 

Political Corruption on Wall Street

Sam Bankman-Fried “became a player,” not because of FTX or Alameda. It was because “he had millions of dollars to give to the political system.”

Moreover, he said the intention was to corrupt parts of the system that he knew needed to be corrupted. This would enable him to carry on his “scheme” unfettered.

Cuban said the problem was a lack of transparency, and Stewart agreed, stating: 

“When I look at the intricate workings of Wall Street, it doesn’t look that much different from the shit that Sam Bankman-Fried pulled.”

He questioned the “legalized corruption” in the U.S. Cuban asked how SBF and FTX were any different from “Congressional stock trades and conflict of interest on Wall Street.”

Cuban agreed, saying that there is no difference because “money buys power.” In the case of Elon Musk, he bought the platform [Twitter/X]; in the case of SBF, he bought politicians, he added.

Cuban went on to say, “It takes a couple of frauds to pop a bubble,” before adding: 

“Now crypto will get its act together but we don’t have the equivalent in government and politics. Everybody is still corrupted.”

On Aug. 11, it was reported that SBF had lost his battle and was heading to jail for alleged witness intimidation. A federal judge in Manhattan decided to cut Bankman-Fried’s house arrest. 

Covert Crypto Takeover?

Wall Street has also been fingered for the covert takeover of crypto. This is being achieved with help from Gary Gensler and the Securities and Exchange Commission. 

The SEC has been on the warpath against American crypto companies this year, slamming them with lawsuits. Meanwhile, the largest financial institutions and asset managers have been rushing to apply for crypto ETFs. 

In June, industry researcher Preston Pysh said it was no coincidence that BlackRock, Fidelity, Citadel Securities, Schwab, and the like filed for Bitcoin ETFs.

“How can’t you think this entire past year was a giant inside job coordinated between the Wall Street parasites and government regulators so they could catch up,” he said at the time. 

Top crypto platforms in the US | February 2024

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Martin Young
Martin Young is a seasoned cryptocurrency journalist and editor with over 7 years of experience covering the latest news and trends in the digital asset space. He is passionate about making complex blockchain, fintech, and macroeconomics concepts understandable for mainstream audiences.   Martin has been featured in top finance, technology, and crypto publications including BeInCrypto, CoinTelegraph, NewsBTC, FX Empire, and Asia Times. His articles provide an in-depth analysis of...
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