This week, we’re revisiting an episode from last November, about a Wall Street saga that lost shareholders more than $10bn. In 2007, when Dan Och took his hedge fund public, he was making a bet that his company would stand the test of time. More than 15 years, a bribery scandal, and a feud with his protégé later, the FT’s Ortenca Aliaj and Sujeet Indap explain how things did not work out as planned.

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For further reading:

Sculptor Capital: grey areas cause grey hairs in messy bidding war

Fight over Sculptor hedge fund sale entwined in Daniel Och’s tax affairs

Sale of Sculptor Capital on cusp of approval after hedge fund brawl

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On X, follow Ortenca Aliaj (@OrtencaAl), Sujeet Indap (@sindap) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.

Read a transcript of this episode on FT.com

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Episode description:

Audit firms are supposed to put a company’s books under the microscope. But these days, regulators are finding an increasing number of flaws in the audits that they inspect. The FT’s US accounting editor Stephen Foley explains what’s going wrong, and how regulators around the world plan to fix these shortcomings.

Clips from CNN, NBC News

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For further reading:

Why don’t auditors find fraud?

Auditors failed to raise alarm before 75% of UK corporate collapses

Big Four firms rethink governance after year of mis-steps and scandals

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On X, follow Stephen Foley (@stephenfoley) and Michela Tindera (@mtindera07), or follow Michela 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.

Introducing Power for Sale, a new season of Untold from the Financial Times. In Untold: Power for Sale, host Valentina Pop and a team of FT correspondents from all over Europe investigate what happened in the Qatargate scandal, where EU lawmakers were accused of accepting payments from Qatar to whitewash its image.

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Hosted on Acast. See acast.com/privacy for more information.