Behind the Money

This week, we are revisiting a favorite episode. The natural diamond industry is facing an existential threat: lab-grown diamonds. They are chemically and physically identical to natural stones but they are a fraction of the price. Eleanor Olcott, the FT’s China technology correspondent, travelled to the epicentre of lab-grown diamond production in the central Chinese province of Henan to see how they are made. While the FT’s natural resources editor, Leslie Hook, explores what the sale of De Beers, the natural diamond producer, could mean for the future of the sector. This episode originally aired on September 10 2025. Clip from Arnold Worldwide The FT does not use generative AI to voice its podcasts. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading (updated): How the diamond industry lost its sparkle The sparkle is fading in Africa’s diamond heartland De Beers likely to be sold to consortium, Anglo chief says - - - - - - - - - - - - - - - - - - - - - - - - - - Follow Leslie Hook on X ( @lesliehook ) and Eleanor Olcott on X ( @EleanorOlcott ). 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.

Introducing Opus Dei, a new season of Untold from the Financial Times. Host Antonia Cundy uncovers the cultural and political influence of a controversial Catholic organisation in America. Opus Dei exists to help people get closer to God, but some members say they found other agendas – and unexpected harm – entangled in that spiritual mission. Hosted on Acast.

US President Donald Trump handed crypto companies a huge win last year when he signed a piece of legislation to regulate an important part of the digital currency world: stablecoins. But ever since then, Wall Street banks have been fighting to change parts of the law. The FT’s digital markets correspondent Nikou Asgari explains what’s provoked US banks and who might have the upper hand in this conflict. Clips from Bank of America, CBS News, CNBC, CNN, Forbes, Fox 5 Atlanta, JPMorgan Chase, The White House The FT does not use generative AI to voice its podcasts. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading: The stablecoin war: Wall Street vs crypto over the future of money Bitcoin and crypto stocks surge amid relief rally for risky assets Global crypto assets hit $4tn as industry wins backing of US lawmakers - - - - - - - - - - - - - - - - - - - - - - - - - - Vote for us! Behind the Money has been nominated for an NYC Podcast Award in the Best Interview Podcast category. It’s an Audience Choice award, which means we need your help to win. We appreciate your support! - - - - - - - - - - - - - - - - - - - - - - - - - - Follow Nikou Asgari on X ( @nikasgari ), or on Bluesky ( @nikasgari.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.

Behind the Money has been nominated for an NYC Podcast Award in the Best Interview Podcast category. It’s an Audience Choice award, which means we need your help to win. Vote for us here. And while you’re at it, vote for some other FT podcasts that have also been nominated. Our Tech Tonic podcast was nominated for Best Science & Tech Podcast. And our Swamp Notes podcast was nominated for Best News, Politics & Public Service Podcast. We appreciate your support! Hosted on Acast.

This week Michela and the FT’s US banking editor, Joshua Franklin, interview the co-creators of the hit television show, Industry. In its fourth season, the show follows the lives of ambitious young people making their way in London's financial centre. The season finale aired earlier this week, and in this episode, Michela and Joshua discuss with the creators, Mickey Down and Konrad Kay, the overlap between their show's storylines and real world finance. The FT does not use generative AI to voice its podcasts. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading: The ONS vs Industry How I won a starring role — OK, bit part — in HBO’s ‘Industry’ Inside Wirecard For further listening: How Wirecard’s Jan Marsalek went from fraudster to spy HBO’s 'Industry', and Esther Perel - - - - - - - - - - - - - - - - - - - - - - - - - - Michela Tindera is on X ( @mtindera07 ) and Bluesky ( @mtindera.ft.com ), or follow her on LinkedIn for updates about the show and more.

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 Times The FT does not use generative AI to voice its podcasts. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading: Companies reap $22bn from Trump’s immigration crackdown Trump’s immigration data dragnet The booming business of Trump’s deportation flights For further listening: Palantir’s relentless rise US 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.

Partners Group pursued an innovative approach to private equity: The firm built a business serving a market of individual investors. Now, a recent executive order from US President Donald Trump is set to unlock that marketplace on an even grander scale. The only thing is, Partners might not be the one to reap the rewards. The FT’s US private equity and deals editor Antoine Gara and private capital reporter Alexandra Heal explain how the pioneer is struggling to keep up with its rivals. Clips from CBS, CBS19 The FT does not use generative AI to voice its podcasts - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading: How private equity’s pioneer in tapping retail money lost its edge Donald Trump exposes US retirees to new world of risk with 401k order Buyout executive warns private equity push into US savings risks bailouts - - - - - - - - - - - - - - - - - - - - - - - - - - Follow Antoine Gara on X ( @AntoineGara ) and Bluesky ( @antoinegara.bsky.social ). Alexandra Heal is on X ( @alexandraheal ) and Bluesky ( @alexandraheal.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.

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 deal How Venezuela lost Citgo Hedge 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.

US President Donald Trump on Friday made his pick to lead the Federal Reserve: Kevin Warsh. The former central bank governor with ties to Wall Street is seen as a mainstream pick. Still, some economists say if Warsh is confirmed, he will trigger a sweeping rethink of the Fed’s role at the centre of the world’s biggest economy. The FT’s US economics editor Claire Jones explains who Warsh is, what he wants to do at the Fed, and how it might go. Clips from Fox Business, Group of Thirty The FT does not use generative AI to voice its podcasts. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading: Kevin Warsh’s nomination as Fed chair to spark rethink of bank’s role Kevin Warsh, the Fed chair nominee shaped by the 2008 financial crisis How Kevin Warsh won the race to become Donald Trump’s new Federal Reserve chair - - - - - - - - - - - - - - - - - - - - - - - - - - Follow Claire Jones on X ( @senoj_erialc ). 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.

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 Fargo The 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 cap Netflix 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.

Saks Global, the parent company of the historic luxury department store Saks Fifth Avenue, recently filed for Chapter 11 bankruptcy protection. The move occurred a little more than a year after the company purchased Neiman Marcus and Bergdorf Goodman in a debt-fuelled takeover. The FT’s Wall Street editor Sujeet Indap and the US investment editor Eric Platt walk through how that acquisition played a role in the bankruptcy and whether more highly leveraged companies will seek bankruptcy protection in 2026. Clips from ABC, Bloomberg, CNBC, Warner Brothers The FT does not use generative AI to voice its podcasts. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading: Death of a dream: Saks’ crisis exposes luxury department store woes Leveraged luxury: fall of Saks Global to scorch US business stars Saks divisive debt reshuffle shows a retail sector under strain - - - - - - - - - - - - - - - - - - - - - - - - - - Follow Sujeet Indap on X ( @sindap ), or on Bluesky ( @sindap.bsky.social ). Eric Platt is on X ( @EricGPlatt ), or on Bluesky ( @ericgplatt.ft.com ). 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.

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: @christinelagarde The 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 agenda The 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.

From the artificial intelligence bubble to trade policy, Michela asks Martin Wolf, the FT's chief economics commentator, how the biggest stories of last year will affect the economy in 2026. The FT does not use generative AI to voice its podcasts. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading: Forecasting the world in 2026 Why the world should worry about stablecoins Trump’s tariffs will damage the world - - - - - - - - - - - - - - - - - - - - - - - - - - Follow Martin Wolf on X ( @martinwolf_ ). Michela Tindera is on X ( @mtindera07 ) and Bluesky ( @mtindera.ft.com ), or follow her on LinkedIn for updates about the show and more.

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 one At 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.

Economists like to model people as rational creatures who make self-interested decisions. But humans don’t act that way. Why do investors, politicians and ordinary people act against their best interests – and how can they be nudged into making better decisions? To find out, FT economics commentator Chris Giles speaks to Richard Thaler, the founding father of behavioural economics. Thaler is a professor at the University of Chicago who won the 2017 Nobel Prize in Economics for his work on how humans make (often irrational) decisions. This is a repeat of an episode published on The Economics Show, a sister podcast of Behind the Money, on November 7, 2025. Produced by Mischa Frankl-Duval. Manuela Saragosa is the executive producer. Original music by Breen Turner. Sound design by Breen Turner and Samantha Giovinco. Our broadcast engineer is Andrew Georgiades. Hosted on Acast.

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 finance How Fidelity’s Ned Johnson defied the curse of the boss’s son Trump 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.

In the UK, whistleblowers are encouraged to report wrongdoing, but often at cost to their livelihoods and careers. One solution would be to pay corporate whistleblowers for coming forward. However, many in government have held the idea for years that doing so is not very “British.” But now, longtime opposition to the idea seems to be shifting. Suzi Ring, the FT’s legal correspondent in London, explains how and why. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading: Should corporate whistleblowers get paid? Whistleblowers could earn millions as HMRC targets tax fraud UK SFO director pushes to pay whistleblowers and use covert tactics Corporate whistleblowing in the UK needs a shake-up Read a transcript of this episode on FT.com - - - - - - - - - - - - - - - - - - - - - - - - - - Behind the Money host 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.

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.

For years, corporate whistleblowers in the UK have found themselves in an unenviable predicament. They’re encouraged to report wrongdoing, but at the same time they often feel like they’ve risked everything: their careers and livelihoods in exchange for little. In this special two-part series, we explore why critics think this system is failing whistleblowers and what the UK can do to change things. In part one: We hear from two whistleblowers who share why they blew the whistle and what went wrong after. Plus, the FT’s financial regulation editor Martin Arnold and Mary Inman, the attorney who represented well-known whistleblowers such as Frances Haugen of Meta and Tyler Shultz of Theranos, discuss the systemic issues whistleblowers have faced in the UK. Part two airs next Monday, December 15. The FT does not use generative AI to voice its podcasts. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading: Should corporate whistleblowers get paid? Whistleblowers could earn millions as HMRC targets tax fraud Corporate whistleblowing in the UK needs a shake-up Asset management: inside the scandal that rocked GAM - - - - - - - - - - - - - - - - - - - - - - - - - - Behind the Money host Michela Tindera is on X ( @mtindera07 ) and Bluesky ( @mtindera.ft.com ), or follow her on LinkedIn for updates about the show and more.

For years, corporate whistleblowers in the UK have found themselves in an unenviable predicament. They’re encouraged to report wrongdoing, but at the same time they often feel like they’ve risked their livelihoods in exchange for very little in the end. The fallout from whistleblowing can cost them their careers or worse. Starting next Monday, Behind the Money is launching a two-part special series on what, if anything, the UK can do to change this. Listen every Monday on Behind the Money. Hosted on Acast.