Behind the Money

Antoine Gara, FT deals editor who tracks private equity and credit, and Eric Platt, FT investment editor focused on asset management and credit markets, walk through private credit’s rapid rise to $2tn and the recent investor run. They discuss stressed funds, notable blowups and a spooked merger, wealth-channel redemptions, and what might come next for the sector.

Eleanor Olcott, FT China technology correspondent who visited Henan’s diamond factories, and Leslie Hook, FT natural resources editor and industry analyst, explore lab-grown diamonds' rise. They describe Chinese production methods, the huge price gap with natural stones, De Beers' sale and valuation pressures. They debate whether synthetics will democratize diamonds or shrink the natural market.

A deep dive into a controversial Catholic organisation's cultural and political reach. Short scenes explore its elite ambitions and presence at Ivy League campuses and Washington power centers. The show contrasts official non‑political claims with evidence of behind‑the‑scenes influence.

Nikou Asgari, FT digital markets correspondent covering crypto and payments, unpacks the clash between Wall Street and crypto over stablecoin rules. She walks through the new federal law, banks’ push to curb interest on stablecoins, lobbying battles, reserve risks, and possible compromises. Short, clear takes on who’s gaining influence and what’s at stake for the financial system.

They announce a nomination in the NYC Podcast Awards and urge listeners to vote by March 12. Instructions on where to cast a ballot and links to vote are shared. They also mention other nominated Financial Times podcasts to consider supporting.

Konrad Kay, a former trader turned TV writer, and Mickey Down, a writer with finance experience, chat about creating Industry. They describe turning junior-banker life into drama. They explain borrowing real scandals like Wirecard, weaving macro trends such as meme stocks and ESG, and adding a journalistic investigative thread. They also discuss accuracy, class gatekeeping, and cameo Easter eggs.

Peter Andringa, a Financial Times visual investigations reporter who mapped contractors using government data and open-source sleuthing. He walks through the $22bn network of over 1,000 companies, the range from private prisons to charter airlines and tech firms, ties to political allies, safety and oversight concerns on deportation flights, and how public backlash and corporate decisions are reshaping the industry.

Alexandra Heal, FT private capital reporter known for on-the-ground private equity coverage, and Antoine Gara, FT U.S. private equity and deals editor, unpack Partners Group’s rise with its Evergreen retail-focused fund. They trace its push into U.S. 401(k)s, the impact of a recent presidential order, its recent struggles, and how Blackstone, KKR and Apollo are racing into the retail private equity market.

Costas Mourselas, FT hedge fund correspondent (activist fund specialist), and Amelia Pollard, FT U.S. investment correspondent (investment and legal reporter), unpack Elliott Management’s $8bn pursuit of Citgo. They trace Elliott’s control-driven tactics, the U.S. court-ordered sale, geopolitical and regulatory pitfalls, and the legal fights and political ties that make closing the deal uncertain.

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 roleKevin Warsh, the Fed chair nominee shaped by the 2008 financial crisisHow 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. See acast.com/privacy for more information.