The Most Direct Conflict in the Warehouse Investigation

Edward Forst is the Administrator of the General Services Administration — the federal agency that oversees government property acquisitions.

Goldman Sachs (Direct)

Forst joined Goldman Sachs in 1994, became a partner in 1998, served as Chief Administrative Officer (2004), co-head of Goldman Sachs Asset Management (2007, managing $1 trillion+), and was on the Management Committee. He left and returned, was removed in December 2010. Goldman is listed in his employment agreements.

Goldman Sachs (co-owner/seller) sold the Roxbury, NJ warehouse to ICE for $129.3 million (137% over value). Goldman also refinanced the Williamsport, MD warehouse ($352.7M loan) that was sold to DHS for $102.4M.

Deutsche Bank (Indirect — Legacy Pension)

Forst holds a Deutsche Bank defined benefit plan — likely a legacy pension from Bankers Trust, where he worked 1982-1994. Deutsche Bank acquired Bankers Trust in June 1999, absorbing its pension obligations. Forst did not work at Deutsche Bank directly, but maintains an ongoing financial relationship through this inherited pension.

Deutsche Bank (via DWS/RREEF subsidiary) sold the Salt Lake City, UT warehouse to ICE for $145.4 million (49% over assessment).

Career Timeline

1. Bankers Trust (1982-1994) — Managing Director, credit decisions for Western US and Europe
2. Goldman Sachs (1994-2008, 2009-2010) — Partner (1998), CAO (2004), co-head Asset Management (2007), removed December 2010
3. Harvard University (2008-2009) — First Executive Vice President
4. U.S. Treasury (2008) — Advisor on creation of TARP
5. Cushman & Wakefield (2014-2015) — President and CEO of global commercial real estate firm
6. Lion Capital (3 years) — Chairman of London-based private equity
7. GSA Administrator (December 24, 2025-present) — Confirmed 53-43, sworn in Christmas Eve

Why This Matters

The GSA is the agency that normally brokers federal real estate acquisitions. The ICE warehouse purchases bypassed GSA by routing through WEXMAC-TITUS (a military contracting vehicle). Forst’s position means:

1. He oversees the agency whose normal procurement role was bypassed
2. His former employer Goldman Sachs profited directly from the bypass ($129.3M Roxbury + $352.7M Williamsport refinancing)
3. He holds a legacy pension from Deutsche Bank (via Bankers Trust acquisition), which also profited ($145.4M SLC)
4. He was President and CEO of Cushman & Wakefield — one of the major commercial real estate brokerage firms. CBRE (a direct Cushman competitor) brokered the Williamsport sale, and Newmark (another competitor) received a Raskin/Warren investigation letter. Forst’s deep real estate industry relationships make his oversight role — or lack thereof — particularly significant.
5. The bypass specifically avoided the appraisal requirements, competitive bidding, and transparency that GSA procurement would have required

Whether Forst was involved in the decision to route purchases through WEXMAC-TITUS instead of GSA — or whether the bypass was specifically designed to avoid the process his agency would have applied — is a critical question.

Financial Disclosure Details (Verified from Full ProPublica Record)

Source: ProPublica Trump Team Financial Disclosures — full OGE Form 278e. Reported asset values: $54M-$218M+.

Goldman Sachs (Ongoing Financial Relationships)

Healthcare: “Pursuant to agreement, I and my spouse are eligible to receive healthcare benefits. (2011-12-01)” — ongoing post-departure benefits.

Stock: Goldman Sachs Group Inc (gs) — $65K-$150K across two managed accounts.

Private equity funds:

• GS Vintage Fund VII, LP: $1M-$5M
• GS Capital Partners VI PMD QP Fund, LP: $250K-$500K
• West Street Capital Partners VII, LP: $250K-$500K (x2)

Total Goldman exposure: ~$1.8M-$6.1M+ in stock and PE funds, plus healthcare.

Deutsche Bank (Legacy Pension — Confirmed)

“Deutsche Bank — I will continue to participate in this defined benefit plan. (1982-09-01)” — Start date = Bankers Trust start date. Legacy Bankers Trust pension absorbed by DB in 1999 acquisition. Est. $1,644/month at age 65. Spouse also holds DB defined benefit plan.

CBRE Group Inc (cbre) — $15K-$50K

CBRE brokered the Williamsport MD warehouse sale to DHS ($102.4M). The GSA Administrator holds stock in the brokerage firm that brokered an ICE warehouse sale.

CoStar Group Inc (csgp) — $50K-$100K+

CoStar’s reporting documented ICE warehouse overpayments (11-13% average). The GSA Administrator holds stock in the company whose data proves the overpayments.

Solamere Capital (Romney/GOP Network)

Member of Executive Partner Group. Holds Fund II ($100K-$250K), Fund II-A ($250K-$500K), Fund III ($1M-$5M), plus multiple co-investments. Tagg Romney’s PE firm.

Palantir Technologies Inc (pltr) — $15K-$50K

Palantir runs ImmigrationOS — the targeting and case management backbone for the entire ICE enforcement system. $30M ImmigrationOS contract, $139.3M ICM contract, $1B DHS no-bid expansion. The GSA Administrator holds stock in the company providing the software infrastructure for the enforcement operations that the warehouse purchases support.

Cushman & Wakefield

401(k) and healthcare still active. Former President/CEO — direct competitor of CBRE and Newmark (both involved in ICE warehouse transactions).

Critical Timeline Finding

Forst was confirmed December 18, 2025 (53-43) and sworn in December 24, 2025. Every single one of the 11 warehouse purchases closed AFTER his swearing-in:

The entire $1.074 billion in warehouse purchases occurred on Forst’s watch as GSA Administrator.

Cross-References

• goldman-sachs-detention — Goldman double exposure (Roxbury seller + Williamsport lender)
• salt-lake-city-ut-mega-center — Deutsche Bank/DWS/RREEF ownership chain
• wexmac-titus-military-procurement-bypass — The mechanism that bypassed Forst’s agency
• Epstein network: Deutsche Bank maintained 40 Epstein accounts, $319M consolidated, $225M in fines

Sources

• ProPublica Trump Team Financial Disclosures Database (April 8, 2026)
• More Perfect Union: Banks Benefiting from ICE Warehouse Craze