RecogNegro Defense Secretary Lloyd Austin—Former Member of Raytheon Board of Directors—Has Awarded Over $30 Billion in Contracts to Raytheon Since His Confirmation in January, 2021

From [HERE] The Pentagon has awarded the defense giant Raytheon Technologies, the second largest weapons-maker in the world, over $30 billion in government contracts since Secretary of Defense Lloyd Austin III’s confirmation on January 22nd, 2021.

Austin was on Raytheon’s board of directors prior to his confirmation.

Austin at the time had made a commitment to resign from Raytheon’s board and recuse himself from all matters concerning Raytheon for four years and agreed to divest from his financial holdings in the company, amounting to between $500,000 and $1.7 million in stock.

These initiatives, however, have not prevented Austin from using his position to bolster Raytheon’s fortunes. Nor those of other defense contractors on whose board he has sat such as Booz Allen Hamilton, the world’s “most profitable spy organization,” according to Bloomberg News, and Pine Island Capital, a private equity firm that invests in military industry.[1]

At Austin’s nomination hearing, Senator Elizabeth Warren (D-MA) questioned him about his ties to Raytheon—whose headquarters are based in Warren’s home district (Waltham, Massachusetts).

A year earlier, Warren had proposed legal changes to strengthen ethics at the Defense Department by blocking the revolving door between the Pentagon and giant defense contractors like Raytheon, including by prohibiting big defense contractors from hiring former Pentagon officials for four years after they leave government. [MORE]