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'The Call Came From the White House': Trump Aide Secured $620 Million Pentagon Loan for Firm Tied to Don Jr.
The president's eldest son had taken a stake in the rare-earth magnet firm three months before the loan was announced.
May 28, 2026
Three months after Donald Trump Jr.'s venture capital firm took a stake in a small North Carolina rare-earth magnet firm, a Pentagon department tasked with boosting rare-earth manufacturing for national defense purposes expedited a request for a loan worth hundreds of millions of dollars to the company—a transaction that one government ethics expert said at the time gave the appearance of "conflicts of interest."
On Thursday, new details of how the $620 million loan was secured were reported by ProPublica—and only added to concerns that the money was given to Vulcan Elements last year to benefit its new investor, President Donald Trump's eldest son.
According to ProPublica, although Trump Jr., the Pentagon, and Vulcan Elements said Trump Jr. was not involved in the loan deal and the company did not benefit from political favoritism, his close friend—White House trade and manufacturing counselor Peter Navarro—personally made the call to the Pentagon's Office of Strategic Capital last fall, asking them to quickly approve the loan.
The message to staffers in the office at the time was: "The call came from the White House: We have to get this done," one Pentagon employee told ProPublica.
Vetting of companies that the department is considering for funding usually takes months, but the staff "worked late nights and with little sleep to get the loan through in a matter of weeks," the investigative outlet reported.
The $620 million loan dramatically increased Vulcan's valuation, which was estimated to be about $200 million around the time that 1789 Capital, Trump Jr.'s venture capital firm, invested.
Three months after the company took a stake, Vulcan was valued at an estimated $2 billion.
"While your family pays higher prices, companies connected to the Trump family get giant government contracts," said Sen. Elizabeth Warren (D-Mass.) in response to the new reporting. "Congress must investigate: Is this corruption at the highest level? We need answers NOW."
ProPublica also reported that a week before the Vulcan loan was made public, Trump Jr. had Navarro as a guest on his streaming show, "Triggered with Don Jr.," and urged his nearly 2 million subscribers to purchase Navarro's book.
The outlet noted that Trump and his family have been accused of corruption and self-dealing numerous times; a drone parts manufacturer that Trump Jr. owns a stake in is also being considered for a Pentagon loan, and the family has added billions of dollars to their fortunes through World Liberty Financial, a cryptocurrency firm founded by the president's two eldest sons.
"The Vulcan loan represents the first time the awarding of a contract from a federal agency has been directly linked to White House intervention," reported ProPublica.
A Pentagon spokesperson maintained in a statement to the outlet that "no company receives preferential treatment" and that "outside affiliations, investors, or political connections play absolutely no role in the department’s funding decisions.”
But progressive advocate Melanie D'Arrigo said the numerous financial benefits enjoyed by Trump's family during his presidency are not the result of "coincidence."
"It's all corruption," she said.
Democratic lawmakers earlier this year pushed to subpoena Trump Jr., seeking answers about how the company he was tied to secured its funding, but Republicans in the US House blocked the effort.
“If there is nothing to hide,” said Rep. Maxine Dexter (D-Ore.) in March, “then why won’t Donald Trump Jr. explain to this committee why, just months after becoming a partner, his firm’s financial stake grew substantially following the single largest loan ever issued by the Pentagon’s Office of Strategic Capital? This is the oligarchy on full display."
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FBI Purge Includes Official Who Tried to Protect Jan. 6 Investigators
"These firings are part of a broader campaign to weaponize federal law enforcement and replace highly experienced public servants with political hacks eager to carry out Trump's retribution agenda," said one coalition.
Aug 07, 2025
This is a developing story… Please check back for possible updates...
Amid accusations that U.S. President Donald Trump is turning the Department of Justice into his "personal weapon," multiple media outlets reported Thursday that his administration is ousting at least three top officials at the Federal Bureau of Investigation.
The FBI purge includes Brian Driscoll, who served as acting director earlier this year; Walter Giardina, a special agent involved in the investigation of Trump's ex-trade adviser, Peter Navarro; and Steven Jensen, acting director in charge of the Washington Field Office, unnamed sources told outlets including The Associated Press, The New York Times, and Fox News.
Jensen was involved in investigating the Trump supporters who stormed the U.S. Capitol on January 6, 2021, and Driscoll—as head of the FBI before Trump's appointee, Kash Patel, was confirmed—resisted the adminsitration's demand that he turn over a list of agents who worked on probes of the insurrectionists, who were promptly pardoned when Trump returned to power.
Highlighting that battle over the list of agents, the AP detailed:
Emil Bove, the then-senior Justice Department official who made the request and was last week confirmed for a seat on a federal appeals court, wrote a memo accusing the FBI's top leaders of "insubordination."
Responding to Bove's request, the FBI ultimately provided personnel details about several thousand employees, identifying them by unique employee numbers rather than by names.
The three men were reportedly told to leave the FBI by Friday. According to Fox, one source described the removals as "retribution," and multiple people told the outlet that "more ousters are expected at the bureau by the end of the week, though the exact number of personnel included, or their roles at the bureau, are unclear."
The Times noted that "the fresh ousters reflect, in part, a long-running effort by senior Trump administration officials to dismiss agents and prosecutors who worked on cases related to the president. Those have included the investigation into his 2016 campaign's ties to Russia during his first term, the investigation into his handling of classified documents after he left office, the investigation into his efforts to overturn the results of the 2020 election, and the investigations of rioters at the Capitol."
The Not Above the Law coalition's co-chairs—Brett Edkins of Stand Up AmericaPraveen Fernandes of the Constitutional Accountability Center, Lisa Gilbert of Public Citizen, and Kelsey Herbert of MoveOn—issued a statement blasting Trump and Patel.
The reported ouster "shows just how far they are willing to go to punish anyone who they deem disloyal," the coalition leaders said. "The end result will be an FBI that puts settling political scores ahead of combating crime and protecting our rights."
"These firings are part of a broader campaign to weaponize federal law enforcement and replace highly experienced public servants with political hacks eager to carry out Trump's retribution agenda," they added. "The message to remaining FBI personnel is chilling: Bend the knee to Trump, or you're next."
The reporting came on the same day that U.S. Sen. John Cornyn (R-Texas) announced that Patel approved his "request for the FBI to assist state and local law enforcement in locating" Democratic state legislators who fled Texas to block the approval of a gerrymandered map for the 2026 cycle sought by Trump.
Earlier this week, The Guardian spoke with scholars and former prosecutors who sounded the alarm about the president and Attorney General Pam Bondi, whom legal experts have accused of "serious professional misconduct that threatens the rule of law and the administration of justice."
The Department of Justice, which includes the FBI, "is now being used as a personal weapon on behalf of Trump to a degree that is without precedent," said Peter Shane, who teaches constitutional law at New York University. "Trump has a team of sycophants and enablers at DOJ. They're not behaving the way office holders sworn to uphold the Constitution are expected to behave."
Randall Eliason, a former federal prosecutor now at George Washington University, similarly told the newspaper that "Trump is using the Justice Department to target his perceived enemies and pursue his political goals."
"The guiding principle for any DOJ prosecutor has always been loyalty to the Constitution and the rule of law," Eliason added. "Under this administration, it appears that the primary job requirement for any DOJ prosecutor, up to and including the attorney general, is loyalty to Donald Trump."
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'Welcome Accountability': Steve Bannon Ordered to Prison
"No one is above the law: not the rich, not the powerful, and not Steve Bannon," said one congressman.
Jun 06, 2024
Former U.S. President Donald Trump's ex-chief strategist Steve Bannon on Thursday was ordered to report to federal prison by July 1 as he continues to challenge his conviction for defying a subpoena from the U.S. House Select Committee to Investigate the January 6th Attack on the United States Capitol.
A federal jury found Bannon guilty of two counts of contempt of Congress in July 2022 and that October he was sentenced to four months in prison and ordered to pay a $6,500 fine. However, he has remained free during the appeals process, thanks to a pause imposed by Judge Carl Nichols, who was appointed to the U.S. District Court for the District of Columbia by Trump.
Nichols has now lifted that stay, after a three-member panel from the U.S. Circuit Court of Appeals for D.C. upheld the conviction last month. The judge said that "I do not believe that the original basis for my stay of Mr. Bannon's sentence exists anymore."
At the courthouse in Washington, D.C. on Thursday, "Bannon was flanked by his lawyers David Schoen—who once represented Trump in his impeachment proceedings after January 6—and Evan Corcoran, who is a key witness in the criminal case against Trump in Florida, where Trump is accused of hoarding classified documents after he left the White House," according to Politico.
Glenn Kirschner, an NBC News legal analyst, called Nichols' decision to lift the stay "welcome accountability."
Congressman Ted Lieu (D-Calif.) said that "in America, no one is above the law: not the rich, not the powerful, and not Steve Bannon."
Bannon is expected to continue appealing his conviction to the full bench of the D.C. Circuit and the U.S. Supreme Court, which has a right-wing supermajority that includes three justices appointed by Trump, the presumptive Republican presidential nominee.
If he heads to prison next month, Bannon will become the second top Trump ally behind bars. In March, Peter Navarro, who advised the ex-president on trade, reported to a federal prison in Florida after also being convicted of contempt of Congress for defying a subpoena from the panel that probed the insurrection.
A New York jury last month found Trump guilty of 34 felony charges that stem from falsifying business records related to hush money payments to cover up sex scandals during the 2016 election. The GOP presidential candidate also faces three more cases—two related to his efforts to overturn his 2020 loss and one regarding his handling of classified materials.
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