Plot hole: R.J. Fletcher is shown as a ruthless businessman who knows everything there is to know about Channel 62 - who owns it, how much it's worth, who is running it, the financial troubles it is having and so on and so on. He is also fully aware of the telethon and the fact that George is selling the station as a going concern for a total of $75,000.00. It is simply asking too much of audience credulity or 'suspension of belief' to think that such a hard-headed businessman would not work out that he could, using stooges, buy a controlling interest in the station for $37,501.00, saving himself a small fortune and closing the station down over the objections of his minority shareholders. Something this blatant could not possibly be a character mistake - he is already planning on buying the station for the full price (from Big Louis) so don't tell me he wouldn't just switch plans and buy it from George instead!
Chosen answer: It's making fun of "Badges? We don't need no stinkin' badges!" which is an often referenced 'quote' from "The Treasure of the Sierra Madre" (Actually, the real line is "Badges? We ain't got no badges. We don't need no badges. I don't have to show you any stinking badges.", but that's the way people say it.)
Myridon