The New Republic | Does the SEC Care Whether Hegseth Is Killing Iranians To Get Rich? by Timothy Noah
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Timothy Noah (April 20 2026) reports that a Financial Times investigation – based on three anonymous sources at BlackRock – alleges Defense Secretary Pete Hegseth tried to use privileged information about an imminent Iran war to profit by buying a multibillion‑dollar “Defense Industrials Active” ETF, an investment prohibited to a sitting secretary of defense because it holds shares of companies such as Lockheed Martin and Boeing. BlackRock rejected the request on technical grounds, and a Pentagon spokesperson called the story “entirely false.” Noah notes that Senator Elizabeth Warren has formally asked the SEC to probe the matter, citing the law against even attempted securities fraud, and that House Oversight members have urged Hegseth to preserve all financial records. The piece also outlines Hegseth’s strained personal finances – a $19,000‑per‑month mortgage on a $3.4 million estate, modest net‑worth, costly divorces, and past allegations of financial mismanagement – which could explain a desperate move toward insider trading. Noah concludes that the alleged paper trail at BlackRock should be easy to locate, and calls for a thorough investigation to determine whether Hegseth’s actions constitute illegal insider activity.
Read more: https://newrepublic.com/article/209247/warren-hegseth-iran-insider-trading
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