A former White House official was left stunned Friday after reporting from The New York Times revealed new details on a Pentagon “headhunting” operation targeting Wall Street bankers, an operation the ex-official warned held the “potential for truly egregious corruption.”
First reported by Semafor, the Pentagon is reportedly aiming to recruit investment bankers to help guide $200 billion in federal funding for investment purposes, and in exchange for “access to government officials and foreign royal families” for future financial opportunities, the Times reported after getting its hands on a Pentagon slide deck presentation.
“Joining the team offers ‘unmatched access to top-level government officials and privileged information flow – whatever you need, you can get,’” the Times reported, citing the presentation.
“The Pentagon recruiting effort dangles both money and access, offering Wall Street recruits the opportunity to manage ‘more capital than most investors deploy in their entire careers.’ Salaries could reach as much [as] $300,000 at the Pentagon, or $500,000 to $600,000 ‘if employed through a government-aligned nonprofit.’”
Aaron Bartnick, who served as former President Joe Biden’s assistant director for technology security and governance, told the Times that the operation presented ample opportunities for corruption, and in ways he predicted the Trump administration had not considered.
“There is obviously potential for truly egregious corruption,” Bartnick told the Times. “But an effort of this size has the potential to distort these national security-critical industries in ways that I don’t think anyone has seriously contemplated.”
The slide deck presentation explicitly mentioned the lucrative financial opportunities would-be recruits would be afforded should they be selected to work on behalf of the Pentagon, which was also noted in the presentation to be “an opportunity to serve your country.”
“If you ever want to raise your own fund, you will gain access to fund-raising channels that include royal families and foreign sovereign contacts,” the presentation reads, as reviewed by the Times.
“Your exit opportunities will be exceptional, including the potential to launch a new fund with members of this team. This is not a career move, but a two-year secondment, which could lead to several exciting exit opportunities.”