In September 2014, the FT’s Dan McCrum&nbsp;received&nbsp;a tip about a&nbsp;fast-growing&nbsp;German fintech&nbsp;group, Wirecard. Over the next couple of years Dan and his colleagues&nbsp;uncovered&nbsp;the secret behind the payment company’s meteoric growth: many of the customers listed in company documents did not exist. In this episode Dan tells the story of the whistleblowers, shoe-leather reporting, hacking, suspected surveillance and legal threats that&nbsp;led&nbsp;to Wirecard’s downfall.&nbsp;&nbsp; --- Review clips: CNBC, Deutsche Welle&nbsp; Further reading: The double life of Wirecard’s Jan Marsalek https://www.ft.com/content/511ecf86-ab40-486c-8f76-b8ebda4cc669 Inside Wirecard https://www.ft.com/wirecard Dan’s 2015 story for Alphaville https://ftalphaville.ft.com/2015/04/27/2127427/the-house-of-wirecard/ &#10;&nbsp; <hr>See <a style='color: grey; ' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for privacy and opt-out information.

Behind the Money

Wirecard: how to find a €2bn hole

In the US, commercial mortgage backed securities are a $1.2tn market, and an integral part of how banks lend to commercial property owners. But as the pandemic and subsequent lockdowns changed almost every sector of the economy, commercial real estate has changed too. Hotels and retailers have been hit hard by the shutdown, and mortgage and rent payments they have deferred are coming due. The FT’s Joe Rennison explains what this means for the CMBS market. We also hear from two people who are helping lenders and landlords deal with the upheaval. &#10;&nbsp; <hr>See <a style='color: grey; ' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for privacy and opt-out information.

Rent, real estate and the commercial mortgage market in the age of coronavirus

When a Minneapolis police officer killed George Floyd, it was as if a fire was ignited. His death, along with the killings of Breonna Taylor and Ahmaud Arbery have sparked the most widespread protests in the US since 1968. Hundreds of thousands of people have marched under banners such as “Black Lives Matter”, “No Justice, No Peace” and “Say Their Names”. Now, the voices of activists are converging around a call to “defund the police”. In this episode, we hear from Rachel Harmon, a professor of law at the University of Virginia, and Vesla M Weaver, a professor of political science and sociology at Johns Hopkins University, about the role the federal government, and federal funding, have played in transforming policing in the US. --- To get free access to the FT’s Coronavirus Business Update newsletter for 30 days, visit ft.com/behindthemoneycovid or https://www.ft.com/newsletter-signup/coronavirus?segmentId=12f1abd6-6f16-e2df-e4ff-7aaa9346f98e. &#10;&nbsp; <hr>See <a style='color: grey; ' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for privacy and opt-out information.

A history of police funding

An update on this week's episode &#10;&nbsp; <hr>See <a style='color: grey; ' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for privacy and opt-out information.

A programming note

Last December executives at the Carlyle Group worked into the night to sign what they imagined would be one of the private equity firm’s most enduring deals. In 2020, however, there may be no such thing as a stable business. Carlyle is now trying to walk away from a deal with American Express Global Business Travel&nbsp;before any money has changed hands. Our US private capital correspondent, Mark Vandevelde, reports on the ensuing legal row, and what it could mean for dealmaking during the pandemic.&nbsp;&nbsp; To get free access to the FT’s Coronavirus Business Update newsletter for 30 days, visit ft.com/behindthemoneycovid or https://www.ft.com/newsletter-signup/coronavirus?segmentId=12f1abd6-6f16-e2df-e4ff-7aaa9346f98e. A few stories for further reading: - Inside Carlyle’s ‘long-term’ Amex bet that coronavirus cut short (paywall): https://www.ft.com/content/e710b3dc-3eba-4227-9258-6a678d66f6e1 - Apollo: how a private equity giant is navigating the crisis (paywall): https://www.ft.com/content/6fce9808-84ab-11ea-b555-37a289098206 - Coronavirus: private equity’s bailout moment (paywall): https://www.ft.com/content/f7cc82d7-70b9-40c3-b4a0-815ebc5d99d5 &nbsp; &#10;&nbsp; <hr>See <a style='color: grey; ' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for privacy and opt-out information.

The private equity bet that coronavirus cut short

This was supposed to be a record year for the US meat industry. But when coronavirus hit the meat-packing plants, it exposed a vulnerable link in the supply chain. We take a look at how our meat gets from the farm to the supermarket, and ask what the fall in production could mean for the US-China trade truce. With the FT’s Gregory Meyer.&nbsp; To get free access to the FT’s Coronavirus Business Update newsletter for 30 days, visit ft.com/behindthemoneycovid. Further reading: Coronavirus: return to work divides US meat industry (paywall)&nbsp; https://www.ft.com/content/f6e2b4ad-4a62-4c6f-8348-38704e3e81f6 Tyson Foods warns of sales declines and rising costs (paywall) https://www.ft.com/content/f0b4f894-cd46-44f2-b7b0-10707de449db John Tyson laments breakdown of meat system his family pioneered (paywall) https://www.ft.com/content/82c2f5fa-1070-4388-853b-a2ed430fbf04 Pandemic accelerates shift to meat substitutes (paywall) https://www.ft.com/content/0127984a-6def-4040-9bca-002b6ffd4e0a --- On 12-14 May, the Financial Times, in partnership with TNW, will gather the most senior global decision makers and leading minds in policy, business, tech and finance for three days of online conversations with top FT journalists, analysing the impact of the pandemic across global economies, industries and markets, and outlining what is required to shape the optimal conditions for recovery at this most challenging of times. Register at globalboardroom.ft.com. &#10;&nbsp; <hr>See <a style='color: grey; ' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for privacy and opt-out information.

When coronavirus hit America's meat industry

The Trump administration’s small business bailout programme has been plagued by problems from the start, with complaints that large companies crowded out the kinds of small enterprises and independent contractors it was designed to help. With a fresh round of funding on offer from Washington, we hear from several business owners trying to get their share, as well as the FT’s Laura Noonan who has been reporting on the programme since it launched.&nbsp; To get free access to the FT’s Coronavirus Business Update newsletter for 30 days, visit ft.com/behindthemoneycovid. A few stories for further reading: US small business rescue fund strained by rush of claims https://www.ft.com/content/0467d0e1-6814-4cc4-ad4b-e25c80169466 Can Congress save US small businesses? FT reporters answer your questions https://www.ft.com/content/55b0f191-5ea2-4762-bf8c-13d6a11e61ed ‘Where is my loan?’ Small businesses miss out on US rescue funds https://www.ft.com/content/e6a06f94-5d2f-43a0-8aac-c7adddca0b0e ---- You might also be interested in a three-day digital conference hosted by the Financial Times. On 12-14 May, the FT, in partnership with TNW, will gather the most senior global decision makers and leading minds in policy, business, tech and finance for three days of online conversations with top FT journalists, analysing the impact of the pandemic across global economies, industries and markets, and outlining what is required to shape the optimal conditions for recovery at this most challenging of times. Register at globalboardroom.ft.com. &#10;&nbsp; <hr>See <a style='color: grey; ' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for privacy and opt-out information.

Missing out on the US small business rescue

Mauren Pereira's drapery business was on track for its most financially successful year to date. That was until the coronavirus outbreak reached Virginia. Behind the Money reports on how one small business owner is navigating the current economic crisis. With Brendan Greeley, US economics editor for the Financial Times.&nbsp; We want to hear from you. Please go to ft.com/behindthemoneysurvey and fill out our survey for a chance to win a pair of Bose QuietComfort Noise Cancelling headphones. &#10;&nbsp; <hr>See <a style='color: grey; ' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for privacy and opt-out information.

Running a small business during a global pandemic

When credit markets seized up earlier in March, more than 130 companies rushed to their lenders to draw down at least $124bn of emergency credit lines to shore up cash, with Ford and General Motors drawing the largest amounts. We look at how the auto industry is preparing for the economic uncertainty that lies ahead. With the FT's Peter Campbell and Gillian Tett. We want to hear from you. Please go to&nbsp;ft.com/behindthemoneysurvey&nbsp;and fill out our survey for a chance to win a pair of Bose QuietComfort Noise Cancelling headphones.&nbsp; &#10;&nbsp; <hr>See <a style='color: grey; ' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for privacy and opt-out information.

Ford, GM and the corporate dash for cash

Behind the Money wants to hear from you, our listeners, about how the coronavirus pandemic is impacting your business and your work life. Email us at behindthemoney [at] ft.com &#10;&nbsp; <hr>See <a style='color: grey; ' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for privacy and opt-out information.

We want to hear from you

A costly investigation into the conduct of senior UK bankers during the financial crisis has raised questions about what it means to prosecute allegations of corporate crime, and whether Britain’s fraud laws need overhauling. With the FT’s Caroline Binham and Jane Croft.&nbsp; We want to hear from you. Please go to ft.com/behindthemoneysurvey and fill out our survey for a chance to win a pair of Bose QuietComfort Noise Cancelling headphones.&nbsp; Read more from Jane and Caroline here: Barclays: the legal fight over a company’s ‘controlling mind’ https://www.ft.com/content/f666b592-5a4b-11ea-abe5-8e03987b7b20 (paywall) Review clip: Sky News &#10;&nbsp; <hr>See <a style='color: grey; ' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for privacy and opt-out information.

Barclays and the legal fight over a company’s ‘controlling mind’

More than 10 years on from the early days of the US shale boom, bankruptcy risks are rising across the sector. The FT's US energy editor, Derek Brower, reports on what weak oil prices and tightening access to credit are doing to the outlook for some producers.&nbsp; Further reading: Bankruptcy risks rise for US shale (paywall) https://www.ft.com/content/76c15898-52a2-11ea-90ad-25e377c0ee1f US energy sector, shunned by investors, has ‘Pearl Harbor’ moment (paywall) https://www.ft.com/content/254bf634-5677-11ea-abe5-8e03987b7b20 Chesapeake Energy raises doubt over its ability to survive (paywall) https://www.ft.com/content/46ffa4fc-ffe6-11e9-be59-e49b2a136b8d The US shale revolution (paywall) https://www.ft.com/content/2ded7416-e930-11e4-a71a-00144feab7de The clip of Aubrey McClendon is credited to the Switch Energy Alliance. &#10;&nbsp; <hr>See <a style='color: grey; ' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for privacy and opt-out information.

Shale's looming credit crunch

Nearly one year after the grounding of Boeing's&nbsp;737&nbsp;Max jet, more than 700 of these planes remain on the ground, with costs to the US manufacturing giant estimated to reach nearly $20bn. The FT's Claire Bushey reports on how the crisis unfolded, and what it will take for the aerospace company to return business as usual. Further reading: Boeing tightens its belt as Max crisis drains cash (paywall) https://www.ft.com/content/949eea64-3e44-11ea-a01a-bae547046735 Boeing faces Max hurdle as pilot confidence crumbles (paywall) https://www.ft.com/content/2c0419cc-3983-11ea-a6d3-9a26f8c3cba4 Aviation: Boeing parks its 737 aspirations (paywall) https://www.ft.com/content/ad45dd3e-2314-11ea-92da-f0c92e957a96 Grounding a global fleet: Boeing faces its greatest challenge (paywall) https://www.ft.com/content/53b2142a-4711-11e9-b168-96a37d002cd3 &#10;&nbsp; <hr>See <a style='color: grey; ' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for privacy and opt-out information.

How Boeing plans to return the Max to the skies

A brand new season of Behind the Money with the Financial Times is coming in early 2020. Subscribe now so you don't miss an episode. &#10;&nbsp; <hr>See <a style='color: grey; ' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for privacy and opt-out information.

Season 3 coming in 2020

Earlier this year, Facebook announced its digital currency project, Libra, to great fanfare. Just a few months later, the project has stalled amid pressure from regulators and lawmakers around the world. With the FT's Hannah Murphy and Kiran Stacey. Further reading: Where it all went wrong for Facebook’s Libra:&nbsp;https://www.ft.com/content/6e29a1f0-ef1e-11e9-ad1e-4367d8281195 Zuckerberg warns blocking Libra will be boon to China tech:&nbsp;https://www.ft.com/content/28c600de-f5a1-11e9-9ef3-eca8fc8f2d65 Federal Reserve sets out regulatory challenges facing Facebook’s Libra:&nbsp;https://www.ft.com/content/ef650f9a-f052-11e9-ad1e-4367d8281195 &#10;&nbsp; <hr>See <a style='color: grey; ' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for privacy and opt-out information.

The state of the Libra project

From hostile takeovers to C-suite intrigue, Behind the Money takes you inside the big business and financial stories of the moment with reporting from Financial Times journalists around the world. Hosted by Aimee Keane and produced by Oluwakemi Aladesuyi.

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Behind the Money

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