The Story of Money

Raids by the US Immigration and Customs Enforcement have made national headlines. But behind ICE’s operations, a sprawling web of private companies – from global powerhouses to niche family-run businesses – have secured hundreds of millions of dollars in government contracts. Peter Andringa from the FT’s visual investigations team spent months crawling through federal documents and data sets to put together a picture of the companies that make up this web. Clips from ABC7 News Bay Area, CBS 6 Albany, C-SPAN, Donald J Trump, Fox 26 Houston, Fox Nashville, Fox News, NBC Connecticut, The New York TimesThe FT does not use generative AI to voice its podcasts.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading: Companies reap $22bn from Trump’s immigration crackdownTrump’s immigration data dragnetThe booming business of Trump’s deportation flightsFor further listening:Palantir’s relentless riseUS uses private data to track immigrants- - - - - - - - - - - - - - - - - - - - - - - - - - Follow Peter Andringa on X (@peterjandringa), or on Bluesky (@peter.andringa.me) Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

When the hedge fund Elliott Management pursued the acquisition of the oil refinery business Citgo a few years ago, the deal was already a complicated one. A US court had ordered its current owner, Venezuela, to sell the business, and the country was not happy about it. But, things only got thornier after the US President Donald Trump removed the Caribbean nation’s leader Nicolás Maduro. The FT’s US investment correspondent Amelia Pollard and hedge fund correspondent Costas Mourselas explain how Elliott often thrives pursuing complex deals, and how they might navigate closing this one.    Clips from Citgo, CNN, Norges Bank Investment Management, The White House, VTV   The FT does not use generative AI to voice its podcasts.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Donald Trump’s removal of Maduro clouds fate of Elliott’s Citgo dealHow Venezuela lost CitgoHedge funds hunt for Venezuela’s unpaid financial claims- - - - - - - - - - - - - - - - - - - - - - - - - - Follow Costas Mourselas on X (@CostasMourselas) and Bluesky (@costasmourselas.bsky.social). Amelia Pollard is on X (@ameliajpollard) and Bluesky (@pollard.bsky.social). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

For more than 170 years, Wells Fargo built a reputation as an all-American Main Street lender. Now, it is charting a new path and pushing into investment banking, something that many other banks have tried and failed to do. The FT’s US banking editor Joshua Franklin and US banking correspondent Akila Quinio discuss what Wells Fargo does — and doesn’t have — going for it as it pursues this strategy.Clips from, CNN, CBS News, CNBC, CNN, HBO, KPIX, KRON4, NBC News, Wells FargoThe FT does not use generative AI to voice its podcasts.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Wells Fargo wants to be taken seriously as an investment bank. Will it succeed? Wells Fargo has finally shed its dunce capNetflix leans on $59bn bank loan to fund Warner Bros takeover - - - - - - - - - - - - - - - - - - - - - - - - - - Follow Joshua Franklin on X (@ftjfranklin). Akila Quinio is on X (@akilazoe). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Every January a collection of the world’s top business and political leaders head to the Swiss town of Davos for the annual meeting of the World Economic Forum. The event is a week of panels and networking meant to promote dialogue among elites. But a scandal last year threatened to overshadow the 2026 meeting, which begins in a few days. Critics have also questioned the event’s relevance in a changing world. The FT’s Switzerland and Austria correspondent, Mercedes Ruehl, explains the problems the WEF has faced and shares her reporting on how this year’s event is shaping up.   Clips from the World Economic Forum, Instagram: @christinelagardeThe FT does not use generative AI to voice its podcasts.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Microsoft and McKinsey pay up to $1mn each to back Donald Trump’s Davos hub Davos assured Trump ‘woke’ topics were off the agendaThe Davos set in decline: can the World Economic Forum save itself?‘A family enterprise’: WEF founder Klaus Schwab on alleged wrongdoing at Davos - - - - - - - - - - - - - - - - - - - - - - - - - - Follow Mercedes Ruehl on X (@mjruehl), or on Bluesky (@mjruehl.bsky.social) Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The surge in scams, phishing attacks and digital fraud is raising serious liability questions. So who should be doing more? In this live recording from this year’s FT Global Banking Summit, Michela poses that question to executives from Citi, KPMG and Open Banking Excellence.  The conversation was recorded on December 2, 2025.The FT does not use generative AI to voice its podcasts.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:We have to be able to hold tech platforms accountable for fraud The rise of deepfake scams — and how not to fall for oneAt Singapore’s anti-fraud convention, even the experts get scammed- - - - - - - - - - - - - - - - - - - - - - - - - - Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Despite its relatively low profile, Fidelity Investments is a sprawling beast when it comes to financial services. Last year, the firm’s revenues surpassed the world’s largest asset manager, BlackRock, by more than 50 per cent. The FT’s Emma Dunkley explains how Fidelity has come to dominate the sector, the secrets behind its success, and what hurdles it may have to jump through in the coming years as new challenges for asset managers arise. The FT does not use generative AI to voice its podcasts.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Can Fidelity keep its grip on America’s investments?The quiet queen of American financeHow Fidelity’s Ned Johnson defied the curse of the boss’s sonTrump opens US retirement plans to crypto and private equity investments- - - - - - - - - - - - - - - - - - - - - - - - - - Follow Emma Dunkley on X (@EmDunks). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

In this special episode of Behind the Money, the FT’s senior business writer Andrew Hill interviews author Stephen Witt about his book The Thinking Machine: Jensen Huang, Nvidia, and the World’s Most Coveted Microchip. Witt and his book won the FT and Schroders Business Book of the Year for 2025.      The FT does not use generative AI to voice its podcasts.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:In future ‘books could respond’ says winning author Stephen Witt FT and Schroders Business Book of the Year 2025 — the shortlist FT and Schroders Business Book of the Year 2025 — the longlist Read a transcript of this episode on FT.com- - - - - - - - - - - - - - - - - - - - - - - - - - Follow Andrew Hill on X (@andrewtghill) or on Bluesky (@andrewtghill.ft.com) and Stephen Witt (@stephenwitt) on X. Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.  Hosted on Acast. See acast.com/privacy for more information.