Byrne said the SEC needs to be “unplugged and moved into the Department of Justice,” since “those are the only guys who can issue orange jumpsuits, and the only thing that scares Wall Street are orange jumpsuits.”
Overstock CEO Patrick Byrne railed against Wall Street and the Federal Reserve on Wednesday, saying that because of them, America is approaching the place where “republics go to die.”
“The history of this country can be told as a history of two competing power centers: Wall Street and Washington,” Byrne said in an interview with Glenn Beck. “What’s happened in recent decades is, Wall Street has gotten Washington under its thumb. That’s where republics go to die. We’re becoming an oligarchy.”
Byrne made headlines earlier this year after announcing that Overstock would be the first major online retailer to start accepting Bitcoin, which he believes will help shelter the economy from another recession.
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