During a tense discussion in the Senate on Thursday, Army Secretary Pete Hegseth firmly rejected claims that he or others benefited financially from the war with Iran. He pushed back against Sen. Elizabeth Warren’s comments regarding potentially dubious oil trades that seemed to coincide with President Donald Trump’s announcements related to the conflict, stating, “I don’t belong to anyone.”
Warren pointed out an apparent trend where significant oil trades occurred just minutes before key public statements by Trump, implying that some individuals might be profiting from information not available to the public.
Hegseth insisted that the department’s activities were completely transparent, asserting, “That is not what is happening in the market. We are not involved in the gambling market.”
This exchange highlights increasing scrutiny in Washington about whether classified information connected to the Iran situation might be exploited for personal gain. There are also broader ethical concerns regarding the rules that oversee senior officials and lawmakers.
“In mere minutes, it looks like insiders have banded together, using secret information about the war,” Warren said, pressing Hegseth repeatedly for an explanation that wasn’t “insider trading.”
Hegseth distanced himself from the accusations, labeling them as completely unfounded and emphasizing that the focus remained on military operations rather than financial dealings. He reiterated the seriousness with which they handle sensitive information, stating, “What’s going on in the market… we’re not involved.”
The tension escalated further when Warren raised issues related to Hegseth’s alleged financial activities, including suggestions that his broker sought to invest in defense-related funds just before the conflict erupted. Hegseth firmly denied these claims, asserting, “That whole story is a lie… I’m not doing it for the money. I’m not doing it for the profit. I’m not doing it for the stock.”
In fact, Hegseth insisted, “No one owns me. No one owns this division, no one owns this president.”
Warren’s inquiries are likely linked to recent allegations surrounding Hegseth’s financial dealings prior to the Iran military action. Reports indicated that brokers working for Hegseth attempted to invest significant sums in funds associated with major defense contractors shortly before military operations began, although the deal ultimately didn’t go through due to the funds not being available.
The Pentagon has categorically refuted these claims, labeling them as “completely false and fabricated,” a denial echoed by Hegseth during the Senate hearing.
Federal regulations prohibit defense officials from making certain investments to avoid conflicts of interest, and there are strict rules for presidential appointees regarding ownership of stocks in top defense contractors.
Warren’s concerns are emerging amid notable cases of U.S. service members allegedly profiting from confidential military information. One high-profile case involves Army Special Forces Sgt. Gannon Ken Van Dyke, who is accused of earning over $400,000 by betting on outcomes based on classified operational details regarding a covert mission to capture Venezuelan leader Nicolas Maduro.
Van Dyke allegedly used insider information to place bets before details were made public, leading to various charges, including wire fraud. Critics have highlighted a potential double standard, noting that while military personnel face severe penalties for insider trading, members of Congress often face less rigorous scrutiny.
Florida Republican Rep. Anna Paulina Luna commented on the situation, saying, “This man faces decades in prison,” while suggesting that many in Congress engage in similar activities without consequence.
Trump also weighed in, drawing a comparison to baseball legend Pete Rose, stating, “It’s a little bit like Pete Rose,” and expressed interest in looking further into the matter.
Fox News Digital has reached out for comments from both Warren and Hegseth.
