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The Story of Money

Companies reap $22bn from Trump’s immigration crackdown

The Story of Money

Manuela Saragosa

Crypto, Business, Markets, News, Banking, Finance, History, Investing

4.4397 Ratings

🗓️ 25 February 2026

⏱️ 26 minutes

🧾️ Download transcript

Summary

Raids by the US Immigration and Customs Enforcement have made national headlines. But behind ICE’s operations, a sprawling web of private companies – from global powerhouses to niche family-run businesses – have secured hundreds of millions of dollars in government contracts. Peter Andringa from the FT’s visual investigations team spent months crawling through federal documents and data sets to put together a picture of the companies that make up this web. 


Clips from ABC7 News Bay Area, CBS 6 Albany, C-SPAN, Donald J Trump, Fox 26 Houston, Fox Nashville, Fox News, NBC Connecticut, The New York Times


The FT does not use generative AI to voice its podcasts.


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For further reading: 

Companies reap $22bn from Trump’s immigration crackdown

Trump’s immigration data dragnet

The booming business of Trump’s deportation flights


For further listening:

Palantir’s relentless rise

US uses private data to track immigrants


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Follow Peter Andringa on X (@peterjandringa), or on Bluesky (@peter.andringa.meMichela 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





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Transcript

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0:00.0

Since U.S. President Donald Trump returned to office last year, his administration has made the deportation of undocumented immigrants one of its signature policy goals.

0:13.2

At the center of much of this effort are a couple of government agencies, including ICE or immigration and customs enforcement.

0:21.7

But these goals aren't being executed by the government alone.

0:25.8

This is happening with the help of private sector companies.

0:29.5

So just to name a few, there's companies you've probably heard of, like Microsoft or Amazon,

0:34.3

Palantir or Deloitte, but there's also a lot of smaller businesses contracting in there.

0:39.4

There's an airline broker called CSI Aviation.

0:42.2

There's a construction firm called Fisher Sand and Gravel.

0:45.5

That's my colleague Peter Andringa.

0:47.9

He's part of the FT's Visual Investigations team.

0:51.0

And he and some of our colleagues spent months reporting on the sprawling web of private

0:56.7

sector businesses that are beneficiaries of this expanded effort. Over the last 12 months, we've seen

1:02.9

record numbers of arrests, detentions, and deportations from the country. The White House calls this

1:07.7

the largest mass deportation campaign in history. Last year, ICE got more money to carry out these efforts.

1:14.5

The agency received an additional $75 billion from Congress to be used over the next four years

1:20.4

on top of its existing annual funding.

1:23.5

That money makes it the largest law enforcement agency in the country.

1:27.7

There's huge amounts of new contracting, new hiring, new spending, and ultimately new deportation

1:33.3

operations.

1:34.6

And knowing that suddenly ICE has this huge ambition, huge new budgets, I knew that contractors

1:40.7

would be lining up and looking for a piece of this.

1:48.0

Thank you. contractors would be lining up and looking for a piece of this. I'm Mikhaila Tendera from the Financial Times.

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