Source: ProPublica Trump Team Financial Disclosures, cross-referenced against all 11 confirmed ICE warehouse sellers. Compiled April 8, 2026.

Tier 1: Critical Conflicts (Direct Decision-Making Authority + Financial Tie to Seller)

Edward Forst — GSA Administrator

• Former employer: Goldman Sachs AND Deutsche Bank (employment agreements disclosed)
• Holds: Deutsche Bank defined benefit plan
• Goldman Sachs sold Roxbury NJ to ICE ($129.3M, 137% over value)
• Deutsche Bank sold Salt Lake City UT to ICE ($145.4M, 49% over assessment)
• Forst oversees the agency whose procurement role was bypassed — the purchases went through WEXMAC-TITUS instead of GSA’s normal process
• Combined seller proceeds from Forst’s former employers: $274.7 million

Donald J. Trump — President

• Holds: Blue Owl Capital Inc. Class A stock ($5M+)
• Blue Owl sold Tremont PA to ICE ($119.5M, ~100% markup)
• The president benefits financially from his own administration’s purchase decisions
• Also holds Goldman Sachs stock and bonds (Goldman sold Roxbury NJ)

John Phelan — Secretary of the Navy ($791M total)

• Holds: Blue Owl Capital stock + Blue Owl Healthcare Opportunities III LP (illiquid fund)
• His department (NAVSUP) administers WEXMAC-TITUS — the contract vehicle through which ALL warehouse purchases flow
• Blue Owl sold Tremont PA ($119.5M)

Tier 2: High Conflicts (Significant Financial Ties + Relevant Oversight Role)

John Russell McGranahan — General Counsel, GSA

• Transacted in: Mitsubishi Estate ADR (parent of Rockefeller Group)
• Also transacted in: Blue Owl Capital
• Rockefeller Group sold Surprise AZ ($70M, 483% markup)
• GSA’s own top lawyer traded stock in a seller’s parent company

David E. Shapiro — Special Advisor, Commerce (US Investment Accelerator)

• Compensated by: Rockefeller Capital Management
• Rockefeller Group (same family) sold Surprise AZ ($70M, 483% markup)

Brendan Rogers — Asst Secretary of the Navy for Installations & Environment ($22M)

• Holds: Blue Owl Cap Inc. (OWL)
• Directly oversees Navy installations — the physical infrastructure side of the command running WEXMAC-TITUS
• Blue Owl sold Tremont PA ($119.5M)

Elbridge Colby — Under Secretary for Defense Policy ($8.9M)

• Holds: Carlyle Partners V fund
• DOD administers WEXMAC-TITUS; Colby oversees defense policy including military role in immigration enforcement
• Carlyle sold Oakwood GA ($68.2M)

Jonathan Gould — Comptroller of the Currency ($3.3M)

• Holds: Blue Owl RE NLP Fund P LP (real estate fund)
• Former: Goldman Sachs compensation
• Regulates national banks including Deutsche Bank’s US operations
• Blue Owl sold Tremont PA; Goldman sold Roxbury NJ; Deutsche Bank sold SLC

Todd Newnam — Special Advisor, Treasury ($26M)

• Former Carlyle Group employee: Holds Carlyle 401(k), carried interest, Realty Coinvestment VI
• Carlyle sold Oakwood GA ($68.2M)

Stephen Feinberg — Deputy Secretary of Defense

• Holds: Multiple Deutsche Bank AG assets and Deutsche Bank commercial mortgage-backed securities
• DOD administers WEXMAC-TITUS
• Deutsche Bank sold SLC ($145.4M)

Tier 3: Elevated Conflicts (Financial Ties, Indirect Oversight)

Thomas D. Homan — Border Czar, DHS ($1.2M)

• Compensated by: GEO Care (GEO Group subsidiary)
• GEO Group has $520M+ in new/expanded contracts and is pre-qualified for WEXMAC-TITUS
• Raskin/Warren letter names Homan as having “helped contractors secure contracts for personal profit”

Paul Atkins — SEC Chairman ($324M)

• Holds: Goldman Sachs compensation, Carlyle Finance LLC bonds, Deutsche Bank AG compensation
• Financial ties to THREE sellers’ parent companies while chairing the securities regulator

David R. Fitzgerald — Acting Under Secretary of the Army ($530K)

• Holds: Blue Owl Credit Inc. Corp AND Carlyle Tactical Private Credit Fund
• DOD role; investments in two warehouse sellers

Multi-Seller Exposure (Officials Invested in 2+ Sellers)

The Complete Conflict Architecture

Across all 11 warehouse sellers:

The Key Finding

Edward Forst, the GSA Administrator, previously worked at both Goldman Sachs and Deutsche Bank. His agency’s normal procurement role was bypassed via WEXMAC-TITUS. His two former employers sold $274.7 million in warehouses to ICE through that bypass. Whether the bypass was designed to avoid the process his agency would have applied — including independent appraisals, competitive bidding, and public transparency — is the central question.

Caveats

• Disclosures reflect filings at nomination/entry plus periodic updates; may not capture all current holdings
• Financial ties do not prove direct involvement in approving specific transactions
• Establishing formal conflict requires showing both financial tie AND direct decision-making authority over the specific transaction
• These findings identify relationships warranting ethics review or IG investigation

Sources

• ProPublica Trump Team Financial Disclosures Database (1,582 appointees, 3,219 documents, 117K assets)
• Cross-referenced against all 11 confirmed ICE warehouse purchases and their institutional sellers