Behind the Money

Alvaro Bedoya, a former commissioner of the Federal Trade Commission, shares his gripping story of being fired by the Trump administration, which he argues was illegal. He delves into the implications of political influence on regulatory practices and consumer protection, emphasizing the FTC's autonomy. Bedoya discusses how political pressures may undermine antitrust enforcement, especially among appointees. He also connects corporate behavior and political donations, raising concerns about the balance of power in regulatory oversight.

Goldman Sachs may have picked its next chief executive years before any planned handover. It has raised eyebrows on Wall Street and would break from the usual process, where multiple candidates typically compete for the top job down to the last second. But it also completes an incredible comeback by current Goldman Sachs CEO David Solomon. The FT’s US banking editor Joshua Franklin explains how Solomon reasserted his control over Goldman Sachs after a near rebellion and whether his potential successor is up to the task of running one of the world’s biggest banks.Clips from CNBC, Goldman Sachs- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Has Goldman Sachs already chosen its next CEO?Goldman Sachs has lost its wayGoldman Sachs hands chief David Solomon $80mn retention award- - - - - - - - - - - - - - - - - - - - - - - - - - Follow Joshua Franklin on X (@FTJFranklin). 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.

Kate Duguid, the U.S. markets editor at the Financial Times, dives into the recent turbulence in the U.S. Treasuries market. She examines the surprising sell-off triggered by political turmoil, particularly tariff announcements. Duguid highlights the market's structural flaws and the unusual behavior of key players like hedge funds and foreign investors. With scrutiny on hedge fund regulations increasing, she discusses the potential for future chaos amid governmental changes and why understanding these dynamics is crucial for investors.

In this enlightening discussion, Joe Leahy, Beijing bureau chief for the Financial Times, delves into China's ambitious export strategy that has made it a manufacturing titan. He highlights how U.S. tariffs pose a serious threat to this export-driven economy, forcing China to rethink its approach. Leahy explores the contradictions of aiming for self-reliance while being reliant on global markets and the potential repercussions for Chinese exporters. His insights reveal a nation navigating treacherous economic waters and its quest for new trade partnerships amid rising global tensions.

Michael Acton, the Financial Times' San Francisco correspondent, discusses the impact of Trump's tariffs on Apple, which lost over $300bn in market value. He highlights Apple’s vulnerability due to its reliance on international supply chains, especially in China. The conversation delves into Tim Cook’s efforts to navigate these challenges and diversify manufacturing. Acton also addresses the potential regulatory hurdles Apple faces in the transatlantic market and the broader implications for the tech sector amidst rising tariffs and competitive pressures.

Humza Jilani, a Financial Times journalist covering Pakistan's shift to Islamic banking, shares fascinating insights on the country's financial transformation. He discusses how Pakistan is embracing a non-interest banking system, driven by cultural values. Jilani highlights the successful Mizan Bank and the unique profit-sharing principles of Islamic finance. Amid economic challenges, he examines the rise of Islamic banking as a potential solution while exploring recent policy changes and the sector's growth potential. It's a compelling look at a financial revolution!

In this discussion, Amelia Pollard, a Due Diligence reporter for the Financial Times, breaks down Sycamore Partners' bold acquisition of Walgreens Boots Alliance. She outlines the challenges that led Walgreens to this pivotal moment, including fierce e-commerce competition and operational struggles. Amelia highlights how Sycamore's typical strategies, including cost-cutting, might be applied here, and the risks involved in navigating the tricky landscape of healthcare retail. Can Sycamore pull off a successful turnaround for this troubled giant?

Aanu Adeoye, the FT’s West and Central Africa correspondent, discusses the surprising link between surging gold prices and a chocolate shortage in Ghana. He shares firsthand accounts of cocoa farmers struggling against illegal gold mining, which is wreaking havoc on local agriculture. The conversation dives into the environmental destruction caused by this gold rush and the urgent need for reforms in cocoa pricing. Aanu paints a vivid picture of the economic challenges faced by communities caught in the crossfire of these two commodities.

Sujeet Indap, Wall Street editor for the Financial Times, shares insights from the gripping legal showdown between Perella Weinberg Partners and former star banker Michael Kramer. The discussion covers the decade-long feud highlighting power struggles and ambition in investment banking. Sujeet reveals the complexities of maintaining relationships and talent, as well as the intense personal drama that unfolded during the trial. He also touches on the precarious balance between integrity and ambition within the high-pressure Wall Street environment.

Little is known about Russia’s “shadow fleet”. These ships have been used to move Russian oil around the globe and avoid restrictions put in place by western governments after Vladimir Putin launched a full-scale invasion of Ukraine in 2022.The existence of the shadow fleet is worth billions of dollars a year to the Kremlin. But who owns these ships? How were they acquired? Who oversees their operations? Many of these questions went unanswered, until a recent FT investigation. Senior energy correspondent Tom Wilson explains what he found and what could happen next for the fleet as an end to the war is discussed among world leaders. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:How Russia’s ‘shadow fleet’ gets its ships Shares in shipbroker Braemar fall after FT report on Russian ‘shadow fleet’UK cracks down on Russia’s ‘shadow fleet’EU agrees new Russia sanctions in the face of US push to end Ukraine warTo see some of the vessels mentioned in this episode, check out the Bosphorus Observer, the blog of ship spotter Yoruk Isik.- - - - - - - - - - - - - - - - - - - - - - - - - - Follow Tom Wilson on X (@thomas_m_wilson). 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.