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Economy

FTX and the Serengeti of bankruptcy

April 20, 2024 12:00 PM

By:

Alexi Horowitz-Ghazi,
Amanda Aronczyk,
Jess Jiang,
James Sneed, and
Sam Yellowhorse Kesler

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For the last year and a half, the story of FTX has focused largely on the crimes and punishment of Sam Bankman-Fried. But in the background, the actual customers he left behind have been caught in a financial feeding frenzy over the remains of the company.

On today's show, we do a deep dive into the anatomy of the FTX bankruptcy. We meet the vulture investors who make markets out of risky debt, and hear how customers fare in the secretive world of bankruptcy claims trading.

This episode was hosted by Alexi Horowitz-Ghazi and Amanda Aronczyk. It was produced by James Sneed and Sam Yellowhorse Kesler. It was edited by Jess Jiang, and fact-checked by Sierra Juarez. It was engineered by Cena Loffredo. Alex Goldmark is Planet Money's executive producer.

Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.

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Music: Audio Network - "Diplodocus"; Universal Production Music - "Peachy Keen," and "Old Italy"

Tags: Planet Money Series: Planet Money

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How the FBI's fake cell phone company put criminals into real jail cells

There is a constant arms race between law enforcement and criminals, especially when it comes to technology. For years, law enforcement has been frustrated with encrypted messaging apps, like Signal and Telegram. And law enforcement has been even more frustrated by encrypted phones, specifically designed to thwart authorities from snooping.

But in 2018, in a story that seems like it's straight out of a spy novel, the FBI was approached with an offer: Would they like to get into the encrypted cell phone business? What if they could convince criminals to use their phones to plan and document their crimes — all while the FBI was secretly watching? It could be an unprecedented peek into the criminal underground.

To pull off this massive sting operation, the FBI needed to design a cell phone that criminals wanted to use and adopt. Their mission: to make a tech platform for the criminal underworld. And in many ways, the FBI's journey was filled with all the hallmarks of many Silicon Valley start-ups.

On this show, we talk with journalist Joseph Cox, who wrote a new book about the FBI's cell phone business, called Dark Wire. And we hear from the federal prosecutor who became an unlikely tech company founder.

Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.

May 31, 2024

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By:

Nick Fountain,
Jess Jiang,
and 1 more

Junkman Jon Rolston has spent the last two decades clearing out houses and offices of their junk. In that time, he's become a kind of trash savant.

Economy

The junkyard economist

On today's episode, we ride through the streets of San Francisco with a long-time junkman, Jon Rolston.

Jon has spent the last two decades clearing out houses and offices of their junk. He's found all sorts of items: a life-time supply of toilet paper, gold rings, $20,000 in cash. Over the years, he's developed a keen eye for what has value and what might sell. He's become a kind of trash savant.

As we ride with Jon, he shows us the whole ecosystem of how our reusable trash gets dealt with — from metals (ferrous and non-ferrous) to tires to cardboard. And we see how our junk can sometimes get a second chance at life.

If you can understand the junk market like Jon, you can understand dozens of trends in our economy.

This episode was hosted by Erika Beras and James Sneed, and produced by James Sneed with help from Emma Peaslee. It was edited by Jess Jiang. Engineering by Josh Newell. It was fact-checked by Sierra Juarez. Alex Goldmark is Planet Money's executive producer.

Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.

May 24, 2024

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By:

Erika Beras,
James Sneed,
and 1 more

Technology

The hack that almost broke the internet

Last month, the world narrowly avoided a cyberattack of stunning ambition. The targets were some of the most important computers on the planet. Computers that power the internet. Computers used by banks and airlines and even the military.

What these computers had in common was that they all relied on open source software.

A strange fact about modern life is that most of the computers responsible for it are running open source software. That is, software mostly written by unpaid, sometimes even anonymous volunteers. Some crucial open source programs are managed by just a single overworked programmer. And as the world learned last month, these programs can become attractive targets for hackers.

In this case, the hackers had infiltrated a popular open source program called XZ. Slowly, over the course of two years, they transformed XZ into a secret backdoor. And if they hadn't been caught, they could have taken control of large swaths of the internet.

On today's show, we get the story behind the XZ hack and what made it possible. How the hackers took advantage of the strange way we make modern software. And what that tells us about the economics of one of the most important industries in the world.

Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.

May 17, 2024

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By:

Jeff Guo,
Nick Fountain,
and 2 more

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