The Pentagon has awarded the defense giant Raytheon Technologies over $2.36 billion in government contracts since Secretary of Defense Lloyd Austin III’s confirmation on January 22nd.
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.