ELIZABETH WARREN:
00:00:00
Thank you, Mr. Chairman. So Americans are paying a high price for Donald Trump's war with Iran. We've got 14 service members who are dead, over 400 more who are wounded. Prices are rising for nearly every American family. But someone is profiting off Trump's war. Insiders who know what's going on and who place bets on that inside information. On March 23, just 14 minutes before Trump unexpectedly posted about, quote, "very good conversations on ending the war," traders suddenly bet $500 million on the price of oil, which, once Trump made his announcement, immediately dropped. It happened again on April 7, and then again on April 21. A surge in oil bets, then a Trump post, and then a huge shift in oil prices in just the space of minutes. It looks like insiders have been making out like bandits using secret information about the war. Now, one US soldier has been charged, but that was for betting on capturing Maduro months ago. Not a single person has been charged in the many, many, many trades over the Middle East war. So, Secretary Hegseth, do you have any explanation for these perfectly timed spikes in trading activity other than insider trading? Senator, all I can tell you is that everything we've done in our Department, everything we've done with information, in working with the White House and across the interagency, has been completely above board. Well, so, what does it mean? Do you have any other explanation other than insider trading? Do you have a story for why just minutes before there's an announcement, there's a surge in trading activity? Senator, I'm more than focused on doing my job and ensuring we execute properly, which thankfully, under this administration, our troops have done incredible things in all of these missions. My job in all of those moments is to make sure we're prepared. And that's part of the reason why we've been so successful in these raids, in these efforts, is that this joint force is prepared. Saying you're not paying any attention to this insider trading. Is that what you're telling me? That you've paid no attention to this, you haven't noticed it, you haven't done anything about it? What I'm saying is we're focused on our mission of executing for the American people. And what happens in markets is not-- embedding markets is not something we're involved in. What happens in betting markets doesn't matter to you, even if the information may be coming from insiders in your office? Senator, it's not something we're involved in at all. And of course, we take operational security at every level very seriously. In fact, no one has taken operational security more seriously than us. If you look at what it required to keep secret Midnight Hammer and Operation Maduro, the Absolute Resolve with Maduro, and the steps we've taken, no one's been tighter about ensuring-- Have you taken steps to deal with insider trading out of your office? I mean, we would ensure at every level that inside information is-- I take that as a no. --properly safeguarded. All right. Well, obviously, you're not. I'm also concerned about recent reporting on your own financial dealings, with regard to profiting from the war in Iran. The Financial Times reported that your broker tried to buy hundreds of shares in a BlackRock fund invested in defense companies just before the war began. The law clearly prohibits the secretary-- That entire story is false, has been from the beginning, and was made up out of whole cloth. And anybody that looks at it, sees how it was worded from the beginning to make it look like I was involved in something I had nothing to do and never have. So any insinuation that I've ever profited, other than serving this nation-- what I give, what you give, what others give-- I'm not looking for money. I don't do it for money. I don't do it for profit. I don't do it for stocks. And that's part of the reason why I'm able to be effective in this job. Because no one owns me. No one owns this Department. No one owns this president. And we can execute for the American people. And we do. Law clearly prohibits the secretary of Defense from owning stock in the 10 biggest defense contractors. Other Senators and I sent you a letter with detailed questions about this, and you have not given us a response. So I'd like to hear you say, did you, through your broker at Morgan Stanley, or otherwise, seek to invest in any defense-related funds right before Trump started the Iran war? I'll give it to you as a big, fat negative. Then let me ask you a second question. Is your broker getting your personal sign-off on any investment in individual stocks? Bigger, fatter, negative. He's not getting your sign-off before he makes investments in defense stocks? Can I refer you to your-- I'm not making investments, Senator. I'm asking, does he know that he has to get your sign-off before he does that? Of course. I don't know what you're looking for, but you ain't going to find it.
