Behind the Money

Disputes over power and pay aren’t unusual at Wall Street’s top firms. What isn’t ordinary is when the conflict turns into a decade-long legal battle. That was the case for boutique investment firm Perella Weinberg Partners and their former star banker, Michael Kramer. After 10 years, their dispute recently went to trial in Manhattan. The FT’s Wall Street editor Sujeet Indap had a seat inside the courtroom, and tells us what he learned about the inner workings of the firm. Clips from Bloomberg, Fox Business- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Perella Weinberg trial lifts veil on bitter feud among top bankers Court brawl reveals fractious world of investment banking Wall Street’s battle of the bankers - - - - - - - - - - - - - - - - - - - - - - - - - - Follow Sujeet Indap on X (@sindap) or on Bluesky (@sindap.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

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

Vanguard became a powerhouse money manager thanks to a commitment to the philosophy of founder Jack Bogle. Now, with a new chief executive, can the firm push into other areas of financial services and reshape those too? The FT’s US managing editor Brooke Masters explains how the company’s guiding mantra could help or hinder these plans. Clips from CNBC - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:How Vanguard plans to play disruptor againVanguard puts pressure on rivals with large round of fee cutsVanguard plans fresh push into active fixed-income market- - - - - - - - - - - - - - - - - - - - - - - - - - Follow Brooke Masters on X (@brookeamasters), or on Bluesky (@brookeamasters.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

This January, DeepSeek made an announcement that changed the artificial intelligence landscape. The Chinese start-up said that it had trained the latest in a series of competitive AI models, which appeared to be built much more cheaply than those of Silicon Valley competitors. The FT’s China technology correspondent, Eleanor Olcott, first wrote a story about the company last summer. She’s on today to discuss how DeepSeek’s founder Liang Wenfeng was able to finance and grow his company at a time when start-up funding is scarce in China, and often comes with too many strings attached. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Liang Wenfeng, the DeepSeek founder panicking the tech worldThe global AI race: is China catching up to the US? Xi Jinping seizes DeepSeek moment to restore China tech chiefs to spotlight- - - - - - - - - - - - - - - - - - - - - - - - - - Follow 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

The New York Stock Exchange wants to get in on a growing trend amongst investors: overnight stock trading. The largest exchange in the world recently submitted a proposal to allow shares to trade for 22 hours a day. US markets editor Jennifer Hughes looks into the thorny questions this proposal raises about how equity markets function. Clips from New York Stock Exchange - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Is Wall Street ready to stay up all night?US regulators approve first round-the-clock stock exchangeWhat does Robinhood want to be when it grows up?- - - - - - - - - - - - - - - - - - - - - - - - - - Follow Jennifer Hughes on X (@jennhughes13). 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

US President Donald Trump wants energy producers to drill for more oil. He claims it will lower prices for consumers and tackle inflation. But oil companies have a different set of priorities — and those could send them on a collision course with Trump. Clips from C-Span, Fox, ABC - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:When peak Chinese oil demand meets ‘drill, baby, drill’ A shale boom is not Donald Trump’s gift to give Wall Street will stymie Donald Trump’s US oil surge plan, say shale bosses- - - - - - - - - - - - - - - - - - - - - - - - - - Follow Amanda Chu (@amandalanchu) and Jamie Smyth (@jamiesmythft.bsky.social). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.bsky.social), or follow her on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com

Mexico’s new president Claudia Sheinbaum is pursuing an ambitious agenda for her country. It promises a better standard of living for Mexicans. But investors in the country’s economy have their concerns – and now there’s a new threat on the horizon: US President Donald Trump. The FT’s Mexico and Central America correspondent Christine Murray explains how Sheinbaum will navigate the nation’s economic path forward.  Clip from Global News - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Mexico’s new president digs in with radical ideas as Trump threat loomsMexico pledges to shrink trade deficit with China in nod to Donald TrumpMexico’s first female president to take power under mentor’s shadow- - - - - - - - - - - - - - - - - - - - - - - - - - Follow Christine Murray on X (@chrissiemurray). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.bsky.social), or follow her on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com

Every so often a cool new financial innovation springs up and gains popularity on Wall Street, promising juicy returns for investors. That’s why “synthetic risk transfers” or SRTs are in fashion. But ever since the financial crisis, trendy acronyms have also made some people nervous. And it’s recently caught the attention of organisations such as the IMF. The FT’s Alphaville editor Robin Wigglesworth explains why he’s been following this and whether regulators should be raising the alarm. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Inside Wall Street’s booming $1tn ‘synthetic risk transfer’ phenomenonPrivate credit is even larger than you thinkMake Europe (securitisation) great again - - - - - - - - - - - - - - - - - - - - - - - - - - Follow Robin Wigglesworth on Bluesky (@robinwigglesworth.bsky.social) or on X (@RobinWigg). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.bsky.social), or follow her on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com

Wall Street dealmakers are itching for an M&A revival during president-elect Donald Trump’s second term. But as he prepares to move back to the White House, the picture appears more complicated. The FT’s head of Lex, John Foley, explains what dealmaking over the next four years might look like and the surprising similarities it could share with Joe Biden’s administration. Clips from Bloomberg, CNBC, DW News, FOX Business- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:US Steel’s tortuous un-merger is a deal for the agesPlaying the M&A Trump cardDeals are back, baby (for real this time?)Will Trump’s new antitrust enforcers help make M&A great again?- - - - - - - - - - - - - - - - - - - - - - - - - - Follow John Foley on Bluesky (@johnsfoley.bsky.social). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.bsky.social), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com