March 31, 2026—Among the news reports about war profits by those in Washington with insider information comes a report about War Secretary Pete Hegseth.
The Financial Times confirmed in its reporting today that Hegseth may have tried to invest millions of dollars in a fund specializing in the military industrial complex. Hegseth’s broker at Morgan Stanly reportedly contacted BlackRock, which flagged the request for the “high profile potential client.”
The fund, iShare Defense Industrials Act (IDEF), has decreased in value by 9.7 percent over the past month but is up by 4 percent so far this year. Its largest holdings include: RTX, Lockheed Martin, and Northrop Grumman.
The FT reported that the investment was not completed because the fund “was not yet available for Morgan Stanley clients to buy.” The reported investment inquiry took place in February, ahead of the February 28 start date to the U.S.-Israel-Iran war.
The Pentagon denied the report and demanded a retraction, saying, “This allegation is entirely false and fabricated. Neither Secretary Hegseth nor any of his representatives approached BlackRock about any such investment.”
https://x.com/SeanParnellASW/status/2038763565486612632?s=20
