00:00On March 23rd, just 14 minutes before Trump unexpectedly posted about, quote, very good
00:08conversations on ending the war, traders suddenly bet $500 million on the price of oil, which,
00:17once Trump made his announcement, immediately dropped.
00:21It happened again on April 7th and then again on April 21st.
00:26A surge in oil bets, then a Trump post, and then a huge shift in oil prices in just the
00:34space of minutes.
00:36It looks like insiders have been making out like bandits, using secret information about
00:42the war.
00:43Now, one U.S. soldier has been charged, but that was for betting on capturing Maduro months
00:50ago.
00:50Not a single person has been charged in the many, many, many trades over the Middle
00:57East war.
00:58So, Secretary Hegseth, do you have any explanation for these perfectly timed spikes in trading activity,
01:08other than insider trading?
01:13Senator, all I can tell you is that everything we've done in our department, everything we've
01:17done with information in working with the White House and across the interagency has been
01:21completely above board.
01:22Well, so what does it mean?
01:24Do you have any other explanation other than insider trading?
01:29Do you have a story for why just minutes before there's an announcement there's a surge in
01:36trading activity?
01:38Senator, I'm more than focused on doing my job and ensuring we execute properly,
01:42which thankfully, under this administration, our troops have done incredible things in
01:46all these missions.
01:47My job in all of those moments is to make sure we're prepared.
01:51And that's part of the reason why we've been so successful in these raids, in these efforts,
01:55is that this joint force is prepared.
01:56So you're saying you're not paying any attention to this insider trading?
01:59Is that what you're telling me?
02:00That you've paid no attention to this?
02:02You haven't noticed it?
02:03You haven't done anything about it?
02:04Well, what I'm saying is we're focused on our mission of executing for the American people,
02:09and what happens in betting markets is not something we're involved in.
02:14What happens in betting markets doesn't matter to you, even if the information may be coming
02:19from insiders in your office?
02:22Senator, it's not something we're involved in at all.
02:25And of course, we take operational security at every level very seriously.
02:28In fact, no one's taken operational security more seriously than us.
02:33If you look at what it required to keep secret Midnight Hammer and Operation Maduro, the absolute
02:39resolve with Maduro, and the steps we've taken, no one's been tighter about ensuring that operational
02:46security is insured.
02:47Have you taken any steps to deal with insider trading out of your office?
02:51I mean, we would ensure at every level that inside information is properly safeguarded.
02:56I take that as a no.
02:57All right.
02:58Well, obviously you're not.
03:00I'm also concerned about recent reporting on your own financial dealings with regard to profiting from the war in Iran.
03:08The Financial Times reported that your broker tried to buy hundreds of shares in a black rock fund
03:14invested in defense companies just before the war began.
03:18The law clearly prohibits the secretary.
03:20That entire story is false, has been from the beginning and was made up out of whole cloth.
03:24And anybody that looks at it sees how it was worded from the beginning to make it look like I
03:29was involved
03:29in something I had nothing to do and never have.
03:32So any insinuation that I've ever profited other than serving this nation, what I give, what you give,
03:38what others give, I'm not looking for money.
03:40I don't do it for money.
03:41I don't do it for profit.
03:42I don't do it for stocks.
03:43And that's part of the reason why I'm able to be effective in this job, because no one owns me.
03:47No one owns this department.
03:48No one owns this president.
03:49And we can execute for the American people, and we do.
03:53The law clearly prohibits the secretary of defense from owning stock in the 10 biggest defense contractors.
04:01Other senators and I sent you a letter with detailed questions about this, and you have not given us a
04:07response.
04:08So I'd like to hear you say, did you, through your broker at Morgan Stanley or otherwise,
04:13seek to invest in any defense-related funds right before Trump started the Iran war?
04:21I'll give it to you as a big, fat, negative.
04:25Then let me ask you a second question.
04:27Is your broker getting your personal sign-off on any investment in individual stocks?
04:34Bigger, fatter, negative.
04:36Who's not getting your sign-off before he makes investments in defense stocks?
04:40Can I refer you to your ethics agreement?
04:42I'm not making investments, Senator.
04:45I am asking, does he know that he has to get your sign-off before he does that?
04:49Of course.
04:50I don't know what you're looking for, but you ain't gonna find it.
04:54Thank you, Senator.
04:55I would like to enter into the record the ethics agreement that the Secretary of Defense has signed,
05:01that he will sign off personally before his broker makes any attempt to buy defense stocks.
05:09Is there objection?
05:11Without objection, it will be admitted.
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