Behind the Money

Mercedes Ruehl, the Financial Times' correspondent for Switzerland and Austria, provides insights into the World Economic Forum's challenges ahead of its annual meeting in Davos. She discusses how the event has become less relevant amid global shifts and criticisms of its elitism. Ruehl covers the implications of high attendance, including prominent figures like Donald Trump, and the pressures for concrete outcomes. The future of Davos hinges on whether it can adapt to maintain its significance in a rapidly changing world.

Martin Wolf, Chief Economics Commentator at the Financial Times, brings his deep insights into the economic landscape of 2026. He dissects the potential bubble of AI stocks and the uncertainty surrounding market corrections. Wolf discusses the radical shifts in global trade policy and predicts increasing protectionism, particularly in Europe. He raises alarms about the risks posed by deregulation in finance and cryptocurrency, while suggesting that political dynamics may overshadow economic factors. Surprises could arise from technological advancements or unforeseen developments in China.

In a dive into the world of digital fraud, Carolina Garces, Global Head of Financial Crime Risk at Citi, highlights the challenges of cross-border scams and the need for enhanced digital literacy. Helen Child, CEO of Open Banking Excellence, discusses establishing trust frameworks for the fintech ecosystem. Elliot Smither shares eye-opening real-world scam stories, while Ethan Salathiel from KPMG advocates for a collaborative approach to fraud detection using AI. Together, they explore who's responsible for consumer protection in this dangerous online landscape.

Richard Thaler, a Nobel Prize-winning economist and a pioneer in behavioral economics, discusses the quirky ways humans make decisions. He emphasizes how traditional economic models fail to account for irrational behavior, like sunk-cost fallacies, using humorous anecdotes about concert tickets. Thaler introduces the ultimatum game, highlighting that fairness often trumps greed. He explains how simple nudges, like automatic enrollment in pension plans, can lead to better financial outcomes, transforming our understanding of economic behavior.

Emma Dunkley, an asset management reporter at the Financial Times, dives into the fascinating world of Fidelity Investments. Despite its low profile, Fidelity's revenues surpass BlackRock's by over 50%. Dunkley discusses how its innovative approach to retail brokerage and strong 401(k) partnerships have set it apart. She highlights Abigail Johnson's leadership and the firm's ability to adapt to attract younger investors. The conversation also covers potential challenges with private capital in retirement plans and the evolving landscape of crypto investments.

Nick Ephgrave, a former senior Metropolitan Police officer and current director of the UK Serious Fraud Office, advocates for a national whistleblowing reward system to enhance fraud enforcement. He emphasizes learning from the U.S. model, warning that the UK is losing valuable tips. Suzi Ring, a Financial Times legal correspondent, discusses cultural resistance to paying whistleblowers but notes a shift in attitudes, especially following high-profile cases like Post Office and Grenfell. Both guests highlight the need for clarity in reward structures and a unified approach to whistleblowing.

In this insightful discussion, Stephen Witt, an author and journalist who wrote The Thinking Machine about NVIDIA, dives into the extraordinary rise of the company under Jensen Huang's leadership. He reveals Huang's relentless drive, characterized by a culture of urgency and constant demands for more. Witt explains how NVIDIA transformed gaming chips into a scientific powerhouse and created the AI hardware market from scratch. He also addresses the current competitive landscape and ethical concerns around AI, offering a compelling look at the mind of a visionary leader.

In this insightful discussion, Daniel Sheard, a former asset manager, reveals the high stakes of blowing the whistle on risky investments linked to Greensill, detailing the fallout from regulatory negligence. George Patelis, ex-CEO of Tayuda, shares his harrowing experience of personal and professional ruin after exposing financial irregularities. Martin Arnold, financial regulation expert, contextualizes their struggles within the UK’s inadequate whistleblower system, highlighting the contrast with the more supportive US framework and calling for significant reforms.

In the UK, corporate whistleblowers face a harsh reality—reporting wrongdoing can cost them their jobs and peace of mind. A guest sheds light on the unresolved risks investors face amidst corporate misconduct. The conversation highlights the wider implications of such actions, affecting not only the whistleblower but also their families. This poignant discussion raises important questions about the need for systemic change to support those who step forward.

Discover how Southwest Airlines created a unique business model that shook up the airline industry. Hear about the daring legal battles Herb Kelleher faced to get started and the innovative $10 fares that drew in customers. Explore the playful brand personality that made Southwest memorable, along with a risky operational collapse after a winter storm. As the airline adapts to modern pressures, including assigned seating and evolving strategies, the story highlights the balance between profitability and growth.