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Web of financial conflicts across Trump admin exposed: 'Ethics is in the toilet'

Thousands of companies are jockeying for billions of dollars in Defense Department contracts to build a shield designed to intercept and destroy missiles launched against the United States.

But amid the intense competition, a handful of firms have an important inside connection.

At least four of the companies awarded contracts so far are owned by Cerberus Capital Management, a private equity firm founded by billionaire Steve Feinberg, who until last year ran the company and is now the deputy secretary of defense — the second-highest-ranking official in the Pentagon.

Feinberg oversees the office in charge of the Golden Dome for America project, which is modeled on Israel’s Iron Dome missile defense system.

Feinberg filed paperwork saying he divested from Cerberus and its related businesses. But his government ethics records contain an unusual clause: He is allowed to continue contracting with the company for tax compliance and accounting services as well as health care coverage, a financial relationship that documents show could continue indefinitely.

Feinberg’s financial statements and ethics agreement are part of a trove of nearly 3,200 disclosure records that ProPublica is making public today. The disclosures, which can be viewed in a searchable online tool, detail the finances of more than 1,500 federal officials appointed by President Donald Trump. Records for Trump and Vice President JD Vance are also included.

The documents reveal a web of financial ties between senior government officials and the industries they help regulate — relationships that have drawn scrutiny as Trump has dismantled ethics safeguards designed to prevent conflicts of interest.

On his first day back in office, Trump rescinded an executive order signed by President Joe Biden that required his appointees to comply with an ethics pledge. The pledge barred them from working on issues related to their former lobbying topics or clients for two years. Weeks later, Trump fired 17 inspectors general charged with investigating fraud, corruption and conflicts of interest across the federal government. Around the same time, he removed the head of the Office of Government Ethics, the agency that oversees ethics compliance throughout the executive branch. The office is currently without a head or a chief of staff.

Against that backdrop, ProPublica has, over the past year, used the disclosure records to investigate how personal financial interests have intersected with government decision-making inside the Trump administration.

The documents helped show that senior executive branch officials, including Attorney General Pam Bondi, made well-timed securities trades, at times selling stocks just before markets plunged because Trump announced new tariffs. (The officials either did not respond to requests for comment or said they had no insider information before they made their trades.)

Other disclosures revealed that two high-ranking scientists at the Environmental Protection Agency who recently helped downgrade the agency’s assessment of the health risks of formaldehyde had previously held senior positions at the chemical industry’s leading trade group. (The EPA said the scientists had obtained ethics advice approving their work on the project.)

In December, ProPublica reported that Trump has appointed more than 200 people who collectively owned — either by themselves or with their spouses — between $175 million and $340 million in cryptocurrency investments at the time they filed their disclosures. Some of those appointees now hold positions overseeing or influencing regulation of the crypto industry. Among them is Todd Blanche, Trump’s former criminal defense attorney and now the second-highest-ranking official in the Justice Department.

Blanche’s disclosure records show that he owned at least $159,000 in crypto-related assets last year when he shut down investigations into crypto companies, dealers and exchanges.

After ProPublica reported on Blanche’s actions, six Democratic senators accused him of a “glaring” conflict of interest, and a watchdog group asked the Justice Department’s inspector general to investigate. A Justice Department spokesperson has said Blanche upholds the highest ethical standards and that his crypto orders were “appropriately flagged, addressed and cleared in advance,” but she did not respond to questions asking who had cleared his actions.

Conflicts of interest have long plagued both Democratic and Republican administrations. But ethics experts say Trump’s second term marks a sharp break from modern norms.

Trump has openly defended his family’s financial enrichment while he is in office, including through cryptocurrency deals that critics say allow investors, including foreign entities, to curry favor by boosting the president’s personal wealth.

“I found out nobody cared, and I’m allowed to,” Trump told The New York Times, referring to his family’s business dealings.

Trump also remains unapologetic about accepting a Boeing 747 worth about $400 million from the Qatari government and transferring nearly $1 billion from a nuclear weapons program to retrofit it. Virginia Canter, chief counsel for ethics and corruption at Democracy Defenders Fund, a nonprofit governmental watchdog group, cited Trump’s new plane as a brazen example of self-dealing.

“Ethics is in the toilet,” said Canter, who served as an ethics lawyer at the White House, Treasury Department and Securities and Exchange Commission during the presidencies of George H.W. Bush, Bill Clinton, George W. Bush and Barack Obama.

White House spokesperson Anna Kelly defended the president and his appointees. “President Trump is leading the most transparent administration in history,” Kelly said. “He has also nominated highly-qualified individuals across the Executive Branch who have a wide range of public and private sector backgrounds.”

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Revealed: The 100 Musk disciples still embedded in Trump's government

In an effort launched shortly after DOGE’s creation, ProPublica has now identified more than 100 private-sector executives, engineers and investors from Silicon Valley, big American banks and tech startups enlisted to help President Donald Trump dramatically downsize the U.S. government.

While Elon Musk has departed the Department of Government Efficiency, the world’s richest man is leaving a network of acolytes embedded inside nearly every federal agency.

At least 38 DOGE members currently work or have worked for businesses run by Musk, ProPublica found in an examination of their resumes and other records. At least nine have invested in Musk companies or own stock in them, a review of available financial disclosure forms shows.

ProPublica found that at least 23 DOGE officials are making cuts at federal agencies that regulate the industries that employed them, potentially posing significant conflicts of interest. One DOGE member tasked with overseeing mass layoffs at the Consumer Financial Protection Bureau, for instance, did so while owning stock in companies the agency regulated.

At least 12 remain, on paper, employees or advisers of the companies they worked at before DOGE, a review of financial disclosure forms shows. And at least nine continue to receive corporate benefits from their private-sector employers, including health insurance, stock vesting plans or retirement savings programs. These employment agreements could create a situation in which a DOGE staffer would be shaping federal policies that affect their employer.

The people behind DOGE are largely men in their 20s and 30s, most of whom bring no government experience to the task. Many of them previously worked in finance.

ProPublica’s list — the largest of its kind by any news organization — allows readers to gain a comprehensive understanding of the backgrounds of the people assigned to one of the Trump administration’s signature efforts. It comes at a crucial moment, as some of the first-generation DOGE members are leaving the government and a new crop is joining.

“Even though Elon Musk and some of his top officials are shifting their attention to other issues, I see no indication that the DOGE team members who remain will slow down their work to test the legal and ethical boundaries of using technology in the name of improving government services,” said Elizabeth Laird, a director at the nonprofit Center for Democracy & Technology.

While the Trump administration asserts it is the most transparent in history, DOGE operates shrouded by the shadows of bureaucracy.

Many of its staffers have deleted their public profiles, have wiped the internet of their professional backgrounds or were encouraged by leadership not to discuss their work with friends. At the behest of the Trump administration, the Supreme Court halted a court order Friday that would have required DOGE to turn over information to a government watchdog — challenging whether the group will ever be subject to public records requests. The Trump administration has banned DOGE staffers from speaking publicly without approval.

To cast a light on this secretive group, ProPublica began reporting in February on Musk’s influence inside the Trump administration, cataloging who was part of DOGE and how associates of the billionaire tech mogul were taking up senior posts across agencies. Our DOGE tracker, the first such list published by media outlets, is the culmination of hundreds of conversations with sources across government.

Today, we are adding 23 staffers to our tracker, taking the total to 109. They are spread throughout the government, from the Department of Defense to the General Services Administration to the Securities and Exchange Commission.

And we are revealing the makeup of the DOGE team at the Defense Department, a group made up primarily of tech startup founders. They are led by former Special Forces soldier turned tech entrepreneur Yinon Weiss, according to a former senior Pentagon official familiar with the matter, who spoke on condition of anonymity for fear of retribution. Weiss has repeatedly appeared on Fox News pushing the U.S. to do more to support Israeli military operations in Gaza. He did not respond to a request for comment.

A White House official praised DOGE in an interview, saying that “bringing people in from the outside is precisely what this federal government needed after decades of stagnant bureaucrats who allowed the status quo to continue while the American people got screwed.”

The White House official said there is “no need” for the public to know who’s in DOGE and asserted that there have been no conflict-of-interest violations.

Elon Musk’s Demolition Crew

“For decades, we’ve been able to operate without these people's names,” the official said. “There’s no need to know the palace intrigue of who’s working in the building.”

Musk has defended DOGE’s work as “common sense” and “not draconian or radical.” He did not respond to requests for comment.

Musk’s retreat from Washington comes after his electric vehicle company Tesla sputtered amid economic turmoil — caused by a mixture of his own declining favorability and some shareholders reportedly losing confidence in his leadership. His relationship with Trump has fractured, with the billionaire blasting the president’s budget, Trump threatening to cancel Musk’s government deals and Musk then calling for the president’s impeachment.

How that fissure affects DOGE is yet to be seen, but the White House has already requested $45 million in funding for the group’s operations next year, an Office of Management and Budget document shows.

One of Musk’s top DOGE lieutenants, Steve Davis, who ProPublica reported has operated as the group’s de facto leader, is also departing government. Davis ran DOGE from the commissioner’s suite on the sixth floor of the GSA. Some believe Trump loyalist and OMB Director Russell Vought, a Project 2025 architect who once said he wanted to put federal workers “in trauma,” will take the DOGE reins.

Questioned Results

Whether DOGE has accomplished its mission — to downsize the federal bureaucracy into a more streamlined and effective workforce — is far from clear.

Musk initially said the initiative would save taxpayers $2 trillion. He later amended that figure, suggesting in April that DOGE would cut $150 billion from the national debt this year. The $180 billion in savings that DOGE claims on its website has come under scrutiny by media fact-checkers who have cast doubt on its accuracy after finding errors in DOGE’s accounting of canceled contracts.

Still, DOGE has fired tens of thousands of federal workers and gutted humanitarian aid programs domestically and abroad. This includes pushing out some critical government employees in health, science and safety offices.

To compile our list, ProPublica tracked the industries where DOGE employees previously worked. We looked at the professional experience they brought to government and whether their assignments in DOGE could pose conflicts of interest. ProPublica pored through archived resumes, federal financial disclosures forms, online databases and other documents. We interviewed more than two dozen federal workers, some of whom shared internal agency emails, calendar invites and other material mapping DOGE’s activities. We sought comment from everyone listed in our tracker. Most declined our requests.

With DOGE entering a post-Musk chapter, here are our core findings:

Potential conflicts of interest are increasing.

One 25-year-old software engineer helped DOGE shrink the agency’s staff even after he was warned by ethics attorneys not to do anything that could boost the value of as much as $715,000 in stocks he owned in companies regulated by the agency. The White House has said the aide, who has since left the CFPB, “did not even manage” the layoffs and called the allegations “another attempt to diminish DOGE’s critical mission.” Another DOGE staffer, a political adviser to Musk, was paid between $100,001 and $1 million by one of his billionaire boss’ companies while simultaneously overseeing staff cuts at the CFPB. Neither staffer responded to requests for comment.

These and other instances of DOGE staffers overseeing government operations that could benefit their financial interests have prompted three Democratic lawmakers to ask the Department of Justice, government ethics officials and inspectors general to investigate.

The administration has made assessing such financial arrangements difficult. So far, federal agencies have released only 22 financial disclosure forms for the more than 100 DOGE members requested by ProPublica.

DOGE’s image as a group of computer engineers isn’t quite right.

The DOGE 100-plus come from a variety of professions: 29 were executive managers, 28 were engineers, 16 were investors and 12 came from legal backgrounds. A scattered few others previously worked in cybersecurity, design and science.

More staffers come from finance backgrounds than any other area. Private equity investor Michael Cole, the founder of Shareholder Capital LLC, has worked at the Department of Agriculture, for example. Cole did not respond to a request for comment.

DOGE staffers are mostly young men with limited government experience.

Under Trump and Musk, DOGE has become a largely male entity. Of the 109 staff members ProPublica has identified, 90 are men and 19 are women, making the group 83% male. That’s a far higher percentage of men than work in the executive branch as a whole, where 54% of staffers are male, according to 2024 data from the Office of Personnel Management.

Many are young and inexperienced. More than 60% of the DOGE staffers are in their 20s or 30s. One was 19 when he joined. As a percentage, the number of staffers under 30 in DOGE is about three times as high as in the executive branch as a whole.

Of staffers for whom ProPublica has identified ages, 28 are 29 or younger, 35 are 30 to 39, and 36 are 40 or older. The oldest is 67.

Few had experience working in state or federal government. ProPublica identified 21 DOGE staffers with previous government roles, including stints at the DOJ and NASA. That means more than 80% joined the government dismantling effort without previously working in government.

Those staffers continue to fire longtime federal employees, cut budgets and choke off government programs while protected by an administration that has pushed to keep their maneuverings out of the public spotlight.

DOGE’s secrecy has been part of its overall strategy, some experts believe, allowing it to obscure its work from government watchdogs and the courts.

“It’s harder to stop what they’re doing if you don’t know what they’re doing or who’s doing it,” said Faith Williams, director of the Effective and Accountable Government Program at the nonpartisan, nonprofit Project on Government Oversight. “It’s not inherently a bad thing these people come from outside the government. It’s that they lack any experience in the methods used to uncover waste and inefficiency.”