New Report Reveals Trump Officials' Suspicious Financial Ties

Experts say the scale and loosening of oversight raises serious questions about conflicts of interest.

Published on Mar. 10, 2026

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A new report from ProPublica has uncovered financial disclosure records showing a web of financial ties between senior Trump administration officials and the industries they help regulate. The records reveal potential conflicts of interest, including well-timed financial trades and ongoing relationships with former firms, raising concerns about the erosion of public trust in government.

Why it matters

One of the core principles of American government is that the people making the rules shouldn't be the same people quietly benefiting from them. The scale of the financial ties between Trump officials and the industries they oversee, combined with the loosening of oversight, raises serious questions about conflicts of interest and whose interests are really being served.

The details

The disclosures reveal several examples of potential conflicts, including billionaire investor Steve Feinberg, the deputy secretary of Defense, who still maintains an ongoing financial relationship with his former firm Cerberus Capital Management, which has received Pentagon contracts. The records also show well-timed financial trades by officials like Attorney General Pam Bondi, who sold securities shortly before market drops following tariff announcements. Another case involves Todd Blanche, the second-highest ranking official at the Justice Department, who held cryptocurrency assets while overseeing decisions that halted investigations into crypto companies.

  • On his first day back in office, Trump rescinded an ethics pledge put in place under Joe Biden that limited how appointees could work on issues tied to former clients.
  • Trump also removed inspectors general across multiple agencies and the head of the Office of Government Ethics, leaving the office without permanent leadership.

The players

Steve Feinberg

A billionaire investor who is the deputy secretary of Defense. Before entering government, Feinberg ran the private equity firm Cerberus Capital Management, which has received Pentagon contracts.

Pam Bondi

The Attorney General, who sold securities shortly before market drops following tariff announcements.

Todd Blanche

The second-highest ranking official at the Justice Department, who held cryptocurrency assets while overseeing decisions that halted investigations into crypto companies.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

What’s next

The broader question remains: when the same people writing policy also maintain financial ties to the industries affected by that policy, the public is left wondering whose interests are really being served.

The takeaway

This report highlights the erosion of public trust in government when there are perceived conflicts of interest between officials' public duties and private financial interests. It raises concerns about the need to strengthen ethics rules and oversight to ensure the integrity of the policymaking process.