Behind the Money

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.

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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

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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. We appreciate your support!

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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.

Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.

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. See acast.com/privacy for more information.

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.

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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

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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.

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.

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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

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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.

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

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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

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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. See acast.com/privacy for more information.