Bulwark Takes – Episode Summary

Episode Title: Steve Bannon Sued Over FJB Coin Scheme
Date: February 18, 2026
Host: Sam Stein | Guest: Will Sommer (author of False Flag newsletter)

Episode Overview

This episode dives into the latest controversy surrounding Steve Bannon: a lawsuit over the "FJB Coin," a meme cryptocurrency once promoted by Bannon and linked to various conservative internet influencers. Sam Stein and Will Sommer unpack the origins of the coin, allegations of financial mismanagement, Bannon’s ongoing relationship with figures like Jeffrey Epstein, and how meme coins have become grift-laden minefields in MAGA circles. The episode also explores Bannon’s declining influence in Trump-world and intra-conservative feuds.

Key Discussion Points & Insights

1. Background on FJB Coin Lawsuit

Timestamps: 01:12–04:49

• The Lawsuit:
  Will Sommer discusses a recent lawsuit filed against Steve Bannon and Boris Epshteyn regarding their promotion and stewardship of the FJB Coin (originally “Fuck Joe Biden” coin, later rebranded as “Freedom, Jobs, and Business” or "Patriot Pay").

• Origins:
  The coin was launched to capitalize on anti-Biden sentiment but quickly came under scrutiny after investors alleged that it was mismanaged and charitable donations promised in tokenomics were dubious or undocumented.

• Charitable Claims:
  Promised allocations included a transaction fee where 5% was to go to charities such as the Wounded Warrior Project and 3% to management and publicity—but evidence of actual donations was lacking or vague.

  “When the investors or the coin holders said, all right, can we see where all this kind of extortionate 5% is going—who are you donating to?—they really kind of couldn’t. They said, okay, well, I don’t know, here’s like a $500 check… It was very vague stuff.”
  – Will Sommer, 04:15

2. Bannon’s History with Dubious Ventures

Timestamps: 04:49–07:50

• Pattern of Behavior:
  The FJB Coin lawsuit follows a pattern of Bannon-linked schemes, notably the “We Build the Wall” initiative, where funds collected ostensibly for building a border wall were diverted to personal expenses.

  “...you got to be bad if the Trump Justice Department indicts you...And so they got indicted in the first term. Bannon was pardoned...But yeah, the money...was spent on personal expenses.”
  – Will Sommer, 05:18

• Right-Wing Scams:
  Sommer suggests that the MAGA orbit is rife with scam-adjacent efforts, and meme coins (including Fart Coin, humorously referenced) are the current vehicle, facilitated by poor regulation and hyper-partisan online culture.

• Failure of Oversight:
  A lack of crypto regulation means recourse is difficult: civil lawsuits may be possible, but the odds for defrauded investors are slim.

  “At best you could have a civil lawsuit... but... fundamentally, it’s obviously a terrible investment.”
  – Will Sommer, 06:50

3. Meme Coin Mania & the MAGA Internet

Timestamps: 06:07–08:50

• Wild West Markets:
  The meme coin market is likened to the Wild West—few real rules, with promotional hype vastly exceeding the likelihood of profit or transparency.

• Discord Revelations:
  Lawsuit docs reference Discord discussions where admins lamented “money being pillaged” and $2.7 million missing, allegedly unaccounted for by Bannon and Epshteyn.

• Rebranding the Coin:
  As the project crumbled, the coin’s name was changed to less profane variants (“Patriot Pay”), but ultimately, investor wallets were frozen, and substantial funds remain inaccessible.

  “It came to a tragic end in February of last year when they froze everyone’s wallets and reportedly the money is still stuck inside.”
  – Will Sommer, 08:00

4. Bannon’s Waning Influence & Epstein Connection

Timestamps: 08:50–10:56

• Bannon’s Relevance:
  Once central to Trump’s ascent, Bannon’s influence now hinges on his “War Room” podcast audience and his ability to agitate on selected right-wing legislative priorities. His direct power within Trump-world is harder to quantify.

  “He has a pretty engaged audience, the War Room Posse...But his actual level of influence is unclear.”
  – Will Sommer, 09:26

• Epstein Ties:
  Recent reports highlight sustained contact between Bannon and Jeffrey Epstein—even after Epstein’s public downfall. This makes Bannon radioactive in some conservative circles, fueling pressure to marginalize him.

  “Basically, if you believe that there was like a...global cabal, you know, the Bannon’s emails would kind of fit into that framework, and...conservatives...have pointed to it and said, well, just get rid of this guy.”
  – Sam Stein, 10:07

• Conservative Foes:
  Longstanding feuds (e.g., with Roger Stone) now see rivals using Bannon’s Epstein emails as ammunition to drive him further to the fringes.

5. Meme Coins and the Future of Right-Wing Grifting

Timestamps: 11:35–12:13

• Meme Coins as Trend:
  Numerous conservative figures (including Trump world insiders) have attempted meme coins—with little success, especially as the wider crypto market has cooled.

• Cycle of Hype and Loss:
  Meme coins spike during speculative hype, but when momentum fades, they become “dismal investments.”

  “These meme coins really take off when there’s this heady atmosphere of like, I got to get in...And when people feel that that’s not happening, I think it’s kind of the doldrums.”
  – Will Sommer, 11:47

• Sommer's Cautionary Note:
  He warns listeners against meme coin speculation, suggesting subscriptions to reputable news (like The Bulwark and False Flag) provide better value.

Notable Quotes & Memorable Moments

• On Bannon's Pattern of Grifting:
  “There were signs before that that you shouldn’t invest in with anything Bannon has done.”
  – Sam Stein, 04:49

• On the Lawless State of Meme Coins:
  “To me, there’s almost no regulation other than people looking at and saying, this is full of shit. And that’s not regulation.”
  – Sam Stein, 06:07

• On Bannon’s Dishonest Crypto Schemes:
  “Bannon and Boris are flushing our money down the toilet.”
  – Will Sommer, referencing FJB Coin discord logs, 06:50

• On Conservative Intra-Party Rivalry:
  “Roger Stone is like, well, well, well, look who got caught in the Epstein files...by comparison, he's Mr. Clean."
  – Will Sommer, 10:56

Timeline of Important Segments

| Timestamp | Segment | |-----------|------------------------------------------------------| | 01:12 | Introduction to FJB Coin lawsuit and meme coin hype | | 03:00 | Tokenomics breakdown and charity donation promises | | 04:49 | Bannon’s history of right-wing fundraising scandals | | 06:07 | Meme coin regulation (lack thereof) and Discord leaks| | 08:00 | Project’s abrupt end and investors frozen out | | 08:50 | Bannon’s ongoing influence and the “War Room” | | 10:07 | Bannon–Epstein ties alienating MAGA loyalists | | 11:47 | Why conservative meme coins keep failing | | 12:13 | Sommer’s closing warning about meme coins |

Tone & Language

The conversation is brisk, irreverent, and laced with skepticism for right-wing media grift—from the use of snarky phrases such as “stupid coin” to laughing at meme coin names like “Fart Coin.” The guests maintain a journalistic yet humorous vibe, with candid asides and pointed warnings about the perils of alt-crypto hucksters.

Bottom Line:
This episode is a rapid-fire, sharply skeptical look at Steve Bannon’s latest brush with scandal, the dubious world of MAGA meme coins, and the infighting shaping today’s conservative media ecosystem.