Peter Schiff, the Chief Economist and Global Strategist of Euro Pacific Capital, accused CNBC of biased reporting, which helped to promote the FTX scam by Sam Bankman-Fried. He believes that the media is responsible for the losses suffered by investors. Schiff criticized CNBC for treating SBF as a "god" and not scrutinizing FTX's operations. He believes that CNBC should be responsible for the losses suffered by FTX customers due to its biased promotion. In addition, Schiff claimed that regulatory agencies and politicians were also involved in this scam. Without the help of politicians who allegedly accepted his bribes, SBF would never have been able to escape his scam. Schiff said that the "incompetence of regulatory agencies proves that the free market can do better".