CNBC

CNBC Blinded By Lavish Lifestyle Of Another Alleged Ponzi Schemer

Zachary Roth | December 1, 2009, 2:47PM

Jon Stewart has already cornered the market on lampooning CNBC for the chronic lack of skepticism that characterized its coverage of the financial world during the boom years.

But the network's failure wasn't just a case of cheer-leading for Wall Street banks that made bad bets on the housing market. Both before and after last fall's financial crisis, CNBC has lavished fawning coverage on several high-flying financiers who later, say prosecutors, turned out to be little more than frauds. And this past week offered the latest example.

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Topics: Allen Stanford, Angelo Mozilo, CNBC, Countrywide, Financial Crisis, Jon Stewart, Media, Tim Durham, Wall Street