Topic: Allen Stanford

Jon Stewart of The Daily Show aired a segment criticizing CNBC for its failure to identify financial scams and market bubbles before they burst. The segment highlighted a softball interview with Allen Stanford, who was later accused of an $8 billion investment fraud. The hosts discuss the media's role in enabling financial misconduct through lack of critical reporting.

UK Prime Minister Gordon Brown is promoting a "global system" of financial transparency at the G20. The hosts discuss the SEC's failure to catch Sir Allen Stanford, noting that a Venezuelan blogger originally broke the story, and briefly touch on conspiracy theories surrounding Bernie Madoff.

The fraud investigation into Allen Stanford is compared to the Bernard Madoff case. Allegations surface that the FBI was investigating Stanford for laundering money for Mexican drug cartels, leading to friction with the SEC. The timing of the news break is questioned, suggesting it may be a distraction from other financial news.

Details of Allen Stanford's attempt to flee the United States are discussed, including a reported incident where his American Express Centurion (Black) card was declined while trying to lease a private jet. The conversation explores the requirements for such high-limit credit cards and Stanford's ties to Antigua and professional cricket.