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

Thousands of companies are competing for billions in Defense Department contracts, but some have an inside connection.

Published on Mar. 5, 2026

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A ProPublica investigation has uncovered a web of financial ties between senior government officials in the Trump administration and the industries they help regulate, raising concerns about conflicts of interest. The disclosures reveal that officials like Deputy Defense Secretary Steve Feinberg and Assistant Defense Secretary for Space Policy Marc Berkowitz have ongoing financial relationships with companies that have received lucrative defense contracts, potentially undermining the fairness of the contracting process.

Why it matters

The findings highlight the Trump administration's dismantling of ethics safeguards and the lack of transparency around potential conflicts of interest among top officials. This raises concerns about the integrity of government decision-making and the influence of private interests on public policy.

The details

The investigation found that at least four companies awarded contracts for the Pentagon's 'Golden Dome for America' missile defense project are owned by Cerberus Capital Management, a private equity firm founded by billionaire Steve Feinberg, who is now the deputy defense secretary. Feinberg's ethics agreement allows him to continue contracting with Cerberus for tax, accounting, and health care services. Meanwhile, Marc Berkowitz, the new assistant defense secretary for space policy, previously worked at Lockheed Martin, which has also received contracts for the missile defense project. Berkowitz owns between $1 million and $5 million in Lockheed stock.

  • In December, the Defense Department started selecting companies for the 'Golden Dome for America' missile defense project.
  • Feinberg was nominated by Trump as deputy defense secretary last year.
  • Berkowitz was confirmed as assistant defense secretary for space policy in December.

The players

Steve Feinberg

The deputy secretary of defense, who co-founded the private equity firm Cerberus Capital Management, which owns or is a majority investor in at least four companies awarded contracts for the 'Golden Dome for America' missile defense project.

Marc Berkowitz

The newly confirmed assistant secretary of defense for space policy, who previously worked as a space industry consultant and vice president for strategic planning at Lockheed Martin, which has also received contracts for the 'Golden Dome for America' project.

Cerberus Capital Management

A private equity firm founded by billionaire Steve Feinberg, which owns or is a majority investor in at least four companies awarded contracts for the 'Golden Dome for America' missile defense project.

Lockheed Martin

A giant defense and aerospace company that was among the firms awarded 'Golden Dome' contracts days before Berkowitz's confirmation as assistant defense secretary for space policy.

Jamieson Greer

The head of the Office of the U.S. Trade Representative, who withheld the names of more than 50 former clients from his time at the law firm King & Spalding.

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What they’re saying

“This is what President Eisenhower worried about in the 1960s' when he railed against the military-industrial complex.”

— Richard Painter, Former White House ethics lawyer under President George W. Bush

“When you see these types of close connections between the regulated community and the new regulators, it raises a yellow flag. Because these officials are walking an ethical tightrope where any meeting or communication with their former employer and client could become a serious conflict of interest.”

— Kedric Payne, Ethics director at the Campaign Legal Center

What’s next

The Justice Department's inspector general has been asked to investigate the potential conflict of interest involving Trump appointee Todd Blanche and his cryptocurrency investments.

The takeaway

The Trump administration's dismantling of ethics safeguards and the web of financial ties between senior officials and the industries they regulate have raised serious concerns about the integrity of government decision-making and the influence of private interests on public policy.