by Luke Rosiak, Daily Wire:
In the Bahamas in early 2021, Sam Bankman-Fried was allegedly conducting a brazen, multi-billion dollar scheme. He virtue-signaled for liberal causes, was put on the cover of magazines, and—until things got really bad—seemed to stay off the authorities’ radar.
Around 800 miles east at the same time, a conservative activist named Peter Schiff was running his own bank in Puerto Rico. Schiff is a financier and prominent economist who regularly speaks publicly about how he thinks the government should be run: with fewer taxes and less regulation. The U.S. government teamed up with four other countries to undertake the “world’s largest tax evasion probe” against Schiff. Despite “a very significant investment by all the countries involved,” they found nothing.
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Then they destroyed him anyway. Authorities leaked the existence of the investigation to the media, then cited the resulting negative publicity to take the bank from him, costing him more than $10 million.
The IRS’ top criminal enforcement official flew to Puerto Rico to hold a press conference where he gave the impression that the IRS was shutting down Schiff’s bank for facilitating tax evasion and money laundering—even though, if you were paying close enough attention, that was not the case.
Schiff’s Euro Pacific Bank (EPB) was actually being closed by a Puerto Rican oversight board that claimed that it was “critically insolvent.” In other words, the board claimed the bank might not be able to return its customers’ money if there was a run on accounts—which is what happened in the case of Bankman-Fried. But Schiff’s bank catered to ultra-conservative clients who prioritized keeping their money over earning interest. The bank didn’t lend out its deposits, and profits came mostly from charging fees for transactions. EPB kept its depositors’ money on hand, making it perhaps the most run-proof bank in the world.
