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The ‘one’ way for Wall Street banks

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The ‘one’ way for Wall Street banks

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A silo is a dangerous place to be on Wall Street these days. New Morgan Stanley boss Ted Pick is the industry’s latest leader to tout a silo-busting mindset to get his roughly 80,000 employees to work better together. 

Pick is hoping investment bankers will refer millionaire clients to a financial adviser, while employees working on a company’s stock plan can put in a letter good word for Morgan Stanley to win an M&A deal.

Pick used the slogan of “The Integrated Firm” repeatedly in his first letter to shareholders this year and Morgan Stanley insiders talk about this as its next leg of growth. 

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The idea is hardly a novel one, with Pick telling an industry conference this month that he was “well aware that such phraseology exists at every firm like ours”. 

“At some level, it’s motherhood and apple pie, right? Let’s all work together,” Pick joked. And he needn’t have even looked beyond Morgan Stanley for inspiration — John Mack, one of his predecessors, was focusing on building the “one-firm firm” all the way back in the 1990s. 

In his 2022 memoir, Mack described how Morgan Stanley was so siloed that divisions had their own summer softball teams and holiday parties. “People could be as competitive inside Morgan Stanley as they were against our Wall Street rivals,” Mack wrote.

Larry Fink introduced a “one BlackRock” principle back in 2012 for the asset manager, while perennial competitor Goldman Sachs has had a “OneGS” initiative in place for almost six years under chief executive David Solomon.

There was even a wink to it in the most recent season of Industry, the raunchy HBO/BBC show about a fictional investment bank called Pierpoint, when one character references a “One Pierpoint” mantra.  

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Goldman president John Waldron said last month that OneGS “really has a lot to do with figuring out a way to break down the silos of the firm, create incentives in the firm for everybody in the firm to serve our clients holistically”. 

For a new CEO like Pick, who is inheriting a business that made $9bn in profits last year and a strategy that investors like, “The Integrated Firm” makes sense — why not try to fine-tune the bank’s moneymaking machine? 

It also speaks to two challenges for Morgan Stanley. First, it is harder to grow mature businesses like investment banking and trading where market share has become increasingly concentrated and secular tailwinds are harder to come by. 

Goldman has said repeatedly that its OneGS initiative has helped it gain market share, overtaking Morgan Stanley in equities trading and strengthening its spot as Wall Street’s leading M&A adviser. (A retrenchment by some European rivals has also helped.)

Second, firms like Morgan Stanley have expanded so much beyond bread-and-butter investment banking and trading and into money management that they risk leaving money on the table by not ensuring that they are properly synced up. But while it makes sense on paper, actually getting these different divisions to work together can be much more fraught in practice. 

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Bonuses for working with another division are typically highly discretionary. This can be a turn-off for some employees, though Goldman has explored paying more formulaic bonuses for business referred to its private bank. 

Cultural differences also run deep on Wall Street, where firms are often stitched together from acquisitions over many years. (Goldman is an outlier in that it has largely grown without M&A). 

The company that Pick runs today is a mix of Morgan Stanley’s investment banking and trading business, brokerage firms Smith Barney and Dean Witter, electronic trading platform ETrade and asset manager Eaton Vance. 

For a banker to refer a client to a colleague, they need to trust that the other part of the company is up to the same standard and won’t make them look bad. 

“If you’re an investment banker, you don’t want a private banker to do anything that could jeopardise the relationship [with the client], like putting them in a bad investment,” said one banker at a large US firm. 

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Pick has said the leaders at Morgan Stanley’s different businesses are already on friendly terms, pointing to an unusually calm succession process that saw him become CEO and his two other contenders stick around as co-presidents. “We’ve been unified for a long time,” Pick said this month. “You can’t just wake up one day and say, let’s get along.”

It is not difficult to wonder though how deep such bonhomie runs at Morgan Stanley or any Wall Street bank. Investment banking is not exactly well known for being a kind and gentle world. But no doubt, when the next bank appoints a new CEO, expect the “one” playbook to be dusted off.

joshua.franklin@ft.com

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How the federal government is painting immigrants as criminals on social media

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How the federal government is painting immigrants as criminals on social media

Getty Images, Dept. of Homeland Security and The White House via X/Collage by Emily Bogle/NPR

Two days after At Chandee, who goes by Ricky, was arrested by U.S. Immigration and Customs Enforcement, the White House’s X account posted about him, calling the 52-year-old the “WORST OF WORST” and a “CRIMINAL ILLEGAL ALIEN.”

Except that the photo the White House posted was of a different person. The post also incorrectly claimed Chandee had multiple felony convictions — he has one, for second-degree assault in 1993 when he was 18 years old. He shot two people in the legs and served three years in prison.

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At "Ricky" Chandee with his wife, Tina Huynh-Chandee.

At “Ricky” Chandee with his wife, Tina Huynh-Chandee.

Via the Chandee family


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Via the Chandee family

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Chandee, who came to the U.S. as a child refugee, was ordered to be deported back to his home country, Laos. But Laos had not been accepting all of the people the U.S. wanted it to, so the federal government determined that it was likely infeasible to deport him, his lawyer Linus Chan told NPR. Chandee therefore was granted permission to stay in the U.S. and work so long as he checked in with immigration authorities periodically. He has not missed a check-in in over 30 years and has not had another criminal incident.

People who know Chandee do not see him as “worst of the worst.”

After Chandee completed his prison sentence, he finished school and became an engineering technician. He worked for the City of Minneapolis for 26 years, became a father, and his son grew up to join the military.

In his free time, Chandee enjoys hiking and foraging for mushrooms, Minnesota Public Radio reported.

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“We are proud to work alongside At ‘Ricky’ Chandee,” said Tim Sexton, Director of Public Works for the City of Minneapolis in a statement. “I don’t understand why he would be a target for removal now, why he was brutally detained and swiftly flown to Texas, or how his removal benefits our city or country.” Chandee is petitioning for his release in federal court.

Chandee’s case is not unique 

Social media accounts from the White House, the Department of Homeland Security and other immigration agencies have spent much of the past year posting about people detained in the administration’s immigration crackdown, typically portraying them as hardened, violent criminals. That’s even as over 70% of the people detained don’t have criminal records according to ICE data.

NPR’s research of cases in Minnesota shows that while many of the people who have been highlighted on social media do have recent, serious criminal records, about a quarter are like Chandee, with decades-old convictions, minor offenses or only pending criminal proceedings. Scholars of immigration, media and criminal law say such a media campaign is unprecedented and paints a distorted picture of immigrants and crime.

A year into President Trump’s second term, the X accounts of DHS and ICE have posted about more than 2,000 people who were targets of mass deportation efforts. Starting late last March, DHS and ICE began posting on X on a near daily basis, often highlighting apprehensions of multiple people a day, an NPR review of government social media posts show.

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Among the 2,000 people highlighted by the agencies, NPR identified 130 who were arrested by federal agents in Minnesota and tried to verify the government’s statements about their criminal histories.

In most of the social media posts, the government did not provide the state where the conviction occurred or the person’s age. Public court records do not tend to include photos so definitive identification can be a challenge.

NPR derived its findings from cases where it was able to locate a name and matching criminal history in the Minnesota court and detention system, in nationwide criminal history databases, sex offender databases, and in some cases, federal courts and other state courts.

In 19 of the 130 cases, roughly 1-in-7, public records show the most recent convictions were at least 20 years ago.

Seventeen of the 19 cases with old convictions did include violent crimes like homicide and first-degree sexual assault. ICE provided some of those names to Fox News as key examples of the agency’s accomplishments. “It’s the most disturbing list I’ve ever seen,” said Fox News reporter Bill Melugin on X, highlighting the criminal convictions of each person on the list.

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For seven people, their only criminal history involved driving under the influence or disorderly conduct.

ICE agents approach a house before detaining two people in Minneapolis on Jan. 13.

ICE agents approach a house before detaining two people in Minneapolis on Jan. 13.

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Stephen Maturen/Getty Images

Six of the 130 Minnesota cases highlighted by the administration involved people with no criminal convictions. The government’s social media posts for those six instead rely upon the charges and arrests as evidence of their criminality, even though arrests don’t always lead to charges and charges can be dismissed.

In yet another case, the government highlighted a criminal charge even while noting it had been dismissed. (The person did have other existing convictions.)

For 37 of the 130 people, NPR was unable to confirm matching criminal history after consulting the databases and news coverage. Some of the names turned up no criminal history at all. The government said these people committed crimes ranging from homicide and assault to drug trafficking, and cited one by name to Fox News. NPR tried to reach out to all 37 people and their families for comment but did not receive a response from any.

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In a statement to NPR, DHS’s chief spokesperson Lauren Bis did not dispute NPR’s findings or provide documentation where NPR wasn’t able to confirm matching criminal history.

“The fact that NPR is defending murderers and pedophiles is gross,” Bis wrote. “We hear far too much about criminals and not enough about their victims.” before listing four of the people with old convictions of homicide and sexual assault, underlining the date of deportation order for three of them.

Images designed to trigger emotion

The stream of social media posts with photos of mostly nonwhite people are meant to draw an emotional response, says Leo Chavez, an emeritus professor of anthropology at the University of California, Irvine. They “have been used repeatedly over and over to get people to buy into, really drastic, drastic and draconian actions and policies,” he said.

Chavez, whose most recent book is The Latino Threat: How Alarmist Rhetoric Misrepresents Immigrants, Citizens, and the Nation, recalls how political campaigns in past decades presented images of Latinos — often men — without context. “Just by showing their image, showing brown people, particularly brown men, it’s supposed to be scary.”

The fact that the government’s social media posts come with statements about criminal history as well as photos reinforces that emotional response, Chavez said. DHS has previously acknowledged inaccuracies on their website. But even if the department issues corrections, Chavez said, “the goal was actually achieved, which was to reinforce the criminality and the visualization.”

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CNN’s analysis of DHS’s “Arrested: Worst of the Worst” website showed that for hundreds out of about 25,000 people posted on the website, the crimes listed were not violent felonies. Instead, DHS listed people with records that included traffic offenses, marijuana possession or illegal reentry. DHS said the website had a “glitch” that it will fix but also that the people in question “have [committed] additional crimes.”

“I’ve never seen anything like this when it comes to immigration enforcement in the modern era,” said Juliet Stumpf, a professor at Lewis & Clark Law School who studies the intersection of immigration and criminal law. She said the drumbeat of social media posts focused on specific individuals was like “FBI’s most wanted posters” or “like reality TV shows.”

Then-DHS Assistant Secretary for Public Affairs Tricia McLaughlin, flanked by deputy director of U.S. Immigration and Customs Enforcement Madison Sheahan, left, and Acting director of U.S. Immigration and Customs Enforcement Todd Lyons, speaks during a news conference at ICE Headquarters, in Washington, D.C., on May 21, 2025.

Then-DHS Assistant Secretary for Public Affairs Tricia McLaughlin, flanked by deputy director of U.S. Immigration and Customs Enforcement Madison Sheahan (left), and Acting director of U.S. Immigration and Customs Enforcement Todd Lyons, speaks during a news conference at ICE Headquarters, in Washington, D.C., on May 21, 2025.

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Stumpf drew a parallel with an incident from the 1950s when the U.S. government deported two permanent residents suspected of being communists. “The government was kind of proclaiming and celebrating their deportation because getting rid of these communists was making the country safer,” said Stumpf, “Maybe that’s comparable to something like [this].”

An analysis by the Deportation Data Project shows a dramatic increase in arrests of noncitizens without criminal records during President Trump’s current term compared to President Biden’s term.

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“If you look at research, immigrants actually tend to commit fewer crimes than even U.S. citizens do. And that’s true of immigrants who have lawful status here and immigrants who don’t,” said Stumpf. “If we have a number of social media posts that are painting immigrants as the worst of the worst…it’s actually really putting out a distorted version of reality about who immigrants actually are.”

Some claims are disputed by other authorities

In some posts, DHS and ICE have also used photos of people and statements about their criminal histories to burnish the federal government’s accomplishments, defend their agents and criticize states like Minnesota. State and local authorities have in turn pushed back, and some of the federal government’s claims about the people it has detained have been met with setbacks in the courts.

DHS accused Minnesota’s Cottonwood County of not honoring detainers, written requests by ICE to hold prisoners in custody for a period of time so ICE can pick them up. In one post, the agency identified a person who was charged with child sexual abuse, writing “This is who sanctuary city politicians and anti-ICE agitators are defending.”

The Cottonwood County sheriff’s office said DHS’s post “misrepresented the truth” in their own post on Facebook. According to their account, the county did honor the detainer but ICE said it was unable to pick up the person before the order expired and the county had to release the suspect.

The Minnesota Department of Corrections wrote in a blog post that dozens of people DHS listed on its “Worst of the Worst” website were not arrested as DHS described, but were transferred to ICE by the state because they were already in state custody. The Corrections Department has since launched a page dedicated to “correct the Department of Homeland Security’s (DHS) repeated false claims.”

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The “Worst of the Worst” website has some overlap with the department’s social media posts, but it contains a much larger number of people — over 30,000 nationally. It included a Colombian soccer star who was extradited to the U.S., tried in Texas, convicted of drug trafficking and served time in federal prison. The website incorrectly describes him as being arrested in Wisconsin. The soccer player, Jhon Viáfara Mina, recently finished his sentence early and returned to Colombia, according to Spanish newspaper El Diario Vasco.

In some instances, DHS and ICE wrote about incidents where they ran into conflict when carrying out arrests. In those posts, they named the arrestees and posted their photos. But in one case where the incident went to court, the government’s account of the events shifted. After a federal agent shot Julio C. Sosa-Celis in Minneapolis in January, DHS claimed he was lodging a “violent attack on law enforcement.” Assault charges against Sosa-Celis fell apart in court as new evidence surfaced, and the officers involved were put on leave.

Despite the fact that the charges were dropped, DHS’s post profiling Sosa-Celis remains online.

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Bill Clinton to testify before House committee investigating Epstein links

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Bill Clinton to testify before House committee investigating Epstein links

Former president Bill Clinton is scheduled to give deposition Friday to a congressional committee investigating his links to Jeffrey Epstein, one day after Hillary Clinton testified before the committee and called the proceedings “partisan political theatre” and “an insult to the American people”.

During remarks before the House oversight committee, Hillary Clinton, the former secretary of state, insisted on Thursday that she had never met Epstein.

The former Democratic president, however, flew on Epstein’s private jet several times in the early 2000s but said he never visited his island.

Clinton, who engaged in an extramarital affair while president and has been accused of sexual misconduct by three women, also appears in a photo from the recently released files, in a hot tub with Epstein and a woman whose identity is redacted.

Clinton has denied the sexual misconduct claims and was not charged with any crimes. He also has not been accused of any wrongdoing connected to Epstein.

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Epstein visited the White House at least 17 times during the early years of Clinton’s presidency, according to White House visitor records cited in news reports. Clinton said he cut ties with him around 2005, before the disgraced financier, who died from suicide in 2019, pleaded guilty to solicitation of a minor in Florida.

The House committee subpoenaed the Clintons in August. They initially refused to testify but agreed after Republicans threatened to hold them in contempt.

The Clintons asked for their depositions to be held publicly, with the former president stating that to do so behind closed doors would amount to a “kangaroo court”.

“Let’s stop the games + do this the right way: in a public hearing,” Clinton said on X earlier this month.

The committee’s chair, James Comer, did not grant their request, and the proceedings will be conducted behind closed doors with video to be released later.

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On Thursday, Hillary Clinton’s proceedings were briefly halted after representative Lauren Boebert leaked an image of Clinton testifying.

During the full day deposition, Clinton said she had no information about Epstein and did not recall ever meeting him.

Before the deposition, Comer said it would be a long interview and that one with Bill Clinton would be “even longer”.

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Read Judge Schiltz’s Order

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Read Judge Schiltz’s Order

CASE 0:26-cv-00107-PJS-DLM

Doc. 12-1 Filed 02/26/26

Page 5 of 17

and to file a status update by 11:00 am on January 20. ECF No. 5. Respondents never provided a bond hearing and did not release Petitioner until January 21, ECF Nos. 10, 12, after failing to file an update, ECF No. 9. Further, Respondents released Petitioner subject to conditions despite the Court’s release order not providing for conditions. ECF Nos. 5, 12–13.

Abdi W. v. Trump, et al., Case No. 26-CV-00208 (KMM/SGE)

On January 21, 2026, the Court ordered Respondents, within 3 days, to either (a) complete Petitioner’s inspection and examination and file a notice confirming completion, or (b) release Petitioner immediately in Minnesota and confirm the date, time, and location of release. ECF No. 7. No notice was ever filed. The Court emailed counsel on January 27, 2026, at 10:39 am. No response was provided.

Adriana M.Y.M. v. David Easterwood, et al., Case No. 26-CV-213 (JWB/JFD)

On January 24, 2026, the Court ordered immediate release in Minnesota and ordered Respondents to confirm the time, date, and location of release, or anticipated release, within 48 hours. ECF No. 12. Respondent was not released until January 30, and Respondents never disclosed the time of release, instead describing it as “early this morning.” ECF No. 16.

Estefany J.S. v. Bondi, Case No. 26-CV-216 (JWB/SGE)

On January 13, 2026, at 10:59 am, the Court ordered Respondents to file a letter by 4:00 pm confirming Petitioner’s current location. ECF No. 8. After receiving no response, the Court ordered Respondents, at 5:11 pm, to immediately confirm Petitioner’s location and, by noon on January 14, file a memorandum explaining their failure to comply with the initial order. ECF No. 9. Respondents did not file the memorandum, requiring the Court to issue another order. ECF No. 12. On January 15, the Court ordered immediate release in Minnesota and required Respondents to confirm the time, date, and location of release within 48 hours. ECF No. 18. On January 20, having received no confirmation, the Court ordered Respondents to comply immediately. ECF No. 21. Respondents informed the Court that Petitioner was released in Minnesota on January 17, but did not specify the time. ECF No. 22.

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