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Business leaders are scared: CEO ‘security spending’ has risen exponentially

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In the US, investment in the ‘personal security’ of CEOs of companies managing trillions of dollars in assets is on the rise.

According to a report in the Financial Times (FT), Larry Fink, CEO of global investment management firm BlackRock, is leading the way.

According to the report, BlackRock more than tripled its spending on Larry Fink’s home security last year after the asset manager’s chairman and chief executive became the target of “anti-woke” activists and “conspiracy theorists”.

According to BlackRock’s executive compensation disclosure in its proxy statement released earlier this month, the $10.5 trillion company paid $563,513 to ‘upgrade home security systems’ at Fink’s residences in 2023. The biggest item of ‘security’ expenditure was ‘bodyguards’ at $216,837.

BlackRock was mentioned several times in the primary debates between Donald Trump’s rivals for the Republican Party’s presidential nomination. One candidate, Vivek Ramaswamy, described Fink as ‘the king of the woke industrial complex and the ESG [environmental, social and corporate governance] movement’. Ramaswamy withdrew from the race and announced his support for Trump.

In 2022, the company drew up personal security plans for Fink and BlackRock president Robert Kapito following a security report by a security group. The company said the security services were ‘in the best interests of the company and its shareholders’ due to the ‘critical value’ the duo provided.

Disney and Pfizer also spend millions on executive protection

BlackRock is not the only American company to increase spending on security for its chief executive. Disney announced that chief executive Bob Iger’s salary package for 2023 will include $1.2m for ‘security services and equipment’. This compares to $830,437 the previous year. Iger had returned as CEO in November 2022 at a time when Disney was criticised for being ‘too woke’.

Pharmaceutical companies Pfizer and Moderna, both of which have faced criticism over Covid-19 vaccines, also spent heavily on their CEOs’ security last year. Moderna paid $1,053,767 for security services for Stéphane Bancel, who announced that he had made no security payments the previous year.

Pfizer also paid $789,495 for ‘additional security protection’ for its CEO Albert Bourla, citing ‘increased security risks, including threats to its executives’. The company spent $800,687 on this work in 2022.

The group said the payments covered ‘appropriate home security systems’ as well as security consulting and other services.

Goldman Sachs the only company to cut security spending

JPMorgan CEO Jamie Dimon received $150,645 ‘for housing, personal travel and related security expenses’ in 2023, a figure that nearly quadrupled from the previous year. The latest figure includes ‘one-time expenses related to system installations and upgrades’, the lending institution said.

David Solomon, CEO of Goldman Sachs, received $29,990 for personal security in 2023, compared to $31,610 in 2022.

Electric car maker Tesla recorded almost $2.4 million in expenses for its CEO Elon Musk in 2023, and spent another $500,000 in the first two months of this year.

AMERICA

Trump appoints Gaetz as Justice Secretary, Gabbard as Intelligence Chief

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U.S. President-elect Tulsi Gabbard has begun making new appointments to her cabinet, with former President Donald Trump taking to social media to announce these prominent selections.

Trump confirmed the appointment of one of his most loyal supporters, Matt Gaetz, a Florida Congressman, as Secretary of Justice. Gaetz, known for his strong conservative stance, has been at the center of various investigations, and some Republican senators have voiced reservations about his nomination.

“Matt will end gun-grabbing, secure our borders, dismantle criminal organizations, and restore Americans’ faith and trust in the Department of Justice,” Trump said in a statement.

Attorney General under scrutiny

Trump defended Gaetz’s record, citing his outspoken defense during previous investigations, where Gaetz actively opposed what he referred to as the “Russia hoax.”

In June, the House Ethics Committee launched an investigation into Gaetz over allegations of sexual misconduct, drug use, and obstruction of justice. Gaetz has denied any wrongdoing and has consistently maintained his innocence. The Justice Department spent two years investigating claims that Gaetz engaged in inappropriate conduct with a minor and violated federal sex trafficking laws. However, in 2022, the department closed the investigation without filing charges.

Israel lobby reacts to Gaetz’s appointment

Gaetz’s appointment has stirred reactions, particularly within the Israel lobby in the United States. In 2018, the Anti-Defamation League (ADL) and the Republican Jewish Coalition criticized Gaetz for inviting Charles Johnson, a known Holocaust denier, as his guest to the State of the Union address. Johnson had publicly expressed doubts about the Holocaust, controversially claiming that “only 250,000 died of disease” rather than 6 million Jews.

Gaetz denied that Johnson was a Holocaust denier, telling BuzzFeed: “He’s not a Holocaust denier and he’s not anti-Semitic. He’s a provocateur. I should have vetted him better before inviting him to the State of the Union; I regret that I didn’t. I take responsibility for that.”

Former Democrat Tulsi Gabbard to lead Intelligence Agency

In addition to Gaetz’s nomination, Trump announced former Democratic Congresswoman Tulsi Gabbard as the Director of National Intelligence.

“For more than two decades, Tulsi has fought for our country and the freedoms of all Americans,” Trump stated. Gabbard, a former representative from Hawaii, served in the National Guard and held her House seat from 2013 to 2021. In 2022, she left the Democratic Party and became an independent before aligning with the Republican Party. “She is now a proud Republican!” Trump added.

Gabbard gained national attention during the 2020 Democratic primaries. In 2017, she traveled to Syria and controversially remarked that Syrian President Bashar al-Assad “is not an enemy of the United States,” explaining that her visit aimed to “see and hear directly from the Syrian people.”

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AMERICA

Trump continues to fill his cabinet with Israel supporters

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President-elect Donald Trump continues to shape his cabinet, set to take office in January. Trump has nominated South Dakota Governor Kristi Noem to lead the Department of Homeland Security. She will work closely with Border Czar Tom Homan to “secure the border and ensure that our American homeland is safe from our enemies,” Trump stated.

Kristi Noem, a devout Christian and the first woman elected governor of South Dakota, is now in her second term. Reflecting on her leadership in South Dakota, Trump highlighted Noem’s dedication to border security: “Kristi has been very strong on border security. She was the first governor to send National Guard troops to aid Texas during the Biden Border Crisis—a commitment she’s upheld eight times.”

Noem has faced criticism for controversial remarks suggesting South Dakota’s indigenous tribes benefit from the drug cartel industry. This statement led to her being banned from all nine reservations in the state.

Although not a border state governor, Noem has consistently taken a tough stance on immigration. In 2010, she supported an effort to block the Obama administration’s lawsuit against Arizona’s immigration law. During Trump’s first term, she called for punitive actions against sanctuary cities that refuse to cooperate with federal immigration authorities.

Noem is also known as a strong supporter of Israel. Earlier this year, she signed a bill mandating that the International Holocaust Remembrance Alliance’s (IHRA) definition of anti-Semitism be used in discrimination investigations. The bill, titled “Ensuring the Safety of God’s Chosen People,” garnered praise from former Israeli Foreign Minister Israel Katz, who called Noem a “true friend of Israel.”

In March 2024, Noem faced a lawsuit from Travelers United, a consumer advocacy group, after endorsing a Texas-based cosmetic dentist without disclosing a financial relationship. Travelers United claimed Noem had begun “working as a social media influencer,” promoting services without transparency. Noem clarified on X (formerly Twitter) that she “never received any money” for these alleged endorsements.

New Israeli Ambassador Huckabee: ‘There is no such thing as a Palestinian’

Donald Trump announced that Mike Huckabee, former Arkansas governor, will serve as U.S. ambassador to Israel. A long-time ally of Israeli Prime Minister Benjamin Netanyahu, Huckabee has consistently supported Jewish settlers and backs Israel’s claim to annex parts of the occupied West Bank.

“Mike Huckabee loves Israel and the people of Israel. He will work tirelessly for peace in the Middle East,” Trump stated. Huckabee, an evangelical pastor and host on the Trinity Broadcasting Network (TBN), is a staunch defender of Israel’s historical rights in the West Bank and believes in Israel’s right to annex this region.

Fox News host Hegseth tapped to lead Pentagon

Trump’s selection of Fox News host and former military officer Pete Hegseth as head of the Pentagon surprised many. Hegseth, a vocal America First proponent, lacks traditional government or Pentagon experience, sparking discussion on Trump’s unconventional choice.

“Pete is tough, smart, and a true believer in America First. With Pete at the helm, America’s military will be great again, and our enemies will take notice,” Trump remarked.

Though Hegseth’s selection deviates from Trump’s other traditional security appointments, he has gained Trump’s respect through his book, The War on Our Warriors, which criticizes left-wing attitudes toward U.S. troops. Hegseth is a decorated Army combat veteran and former CEO of Concerned Veterans for America, a group funded by the Koch brothers that advocates for outsourcing veterans’ healthcare.

Hegseth also garnered Trump’s favor through his advocacy for the pardons of service members convicted of war crimes, including 1st Lieutenant Clint Lorance and Major Mathew Golsteyn.

CIA appointment: Ratcliffe’s anti-Iran stance

John Ratcliffe, former Director of National Intelligence, has been appointed CIA Director, reinforcing Trump’s hardline stance against Iran. Ratcliffe replaces Bill Burns, who led Biden’s attempts to broker ceasefires in Gaza.

An outspoken critic of Biden’s foreign policy, Ratcliffe has accused the administration of downplaying intelligence on Hamas to avoid escalation. He argues that deprioritizing Middle Eastern intelligence has left the U.S. vulnerable to terrorist threats. Ratcliffe also alleged Iranian interference in the 2020 election, accusing the regime of trying to “foment social unrest” in the U.S.

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AMERICA

Ukraine offers natural resources to win Trump’s support

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The Ukrainian government’s “victory plan” for the incoming Donald Trump administration seeks to influence the US president-elect by highlighting potential business deals, access to raw materials, and troop deployments.

According to The Financial Times (FT), Ukrainian and European officials report that Ukraine’s allies in Europe and the US, including senior Republicans, are consulting on how best to propose initiatives that encourage closer cooperation with Kyiv rather than cut essential aid to the country.

These proposals stem from concerns among Ukrainian and European officials that Trump may move quickly toward a peace deal with Russia, potentially jeopardizing Western support for Ukraine.

Two of the ideas reportedly presented to Trump are outlined in Volodymyr Zelensky’s “victory plan.” They were later presented to the Ukrainian president during his meeting with Trump in New York in September.

One proposal suggests replacing some US troops stationed in Europe with Ukrainian forces after the war ends. The other, initially conceived by Republican Senator Lindsey Graham, proposes sharing Ukraine’s critical natural resources with Western partners, according to sources involved in drafting Zelensky’s plan.

A source familiar with the meeting said Trump expressed interest in these two points.

Ukrainian business leaders are also in talks with the government about granting Trump “investment screening” powers that would allow him to select who can do business in the country. An insider described this concept as “ABC—anybody but China,” a stance believed to resonate with Trump.

Certain Ukrainian industries, particularly those relying on Chinese technology and materials like telecommunications, could transition to US suppliers, potentially attracting Western investment. While still in its early stages, some business leaders close to the presidential administration believe this idea could appeal to Trump.

After Trump’s re-election last week, Zelensky reported a “great” first phone call. However, officials in Kyiv and its allies worry the US could reduce military support when Republicans take office in January.

Officials added that Ukraine and its allies fear Russian President Vladimir Putin, strengthened by Russia’s battlefield successes, may “drive a hard bargain” and pressure Washington into a peace deal favoring Moscow.

A person involved in drafting Kyiv’s proposal remarked, “The first to blink loses this game. Putin thinks he is on a winning track and can secure everything he wants.”

Meanwhile, European officials are concerned about being excluded from Trump-led negotiations and lacking influence over any potential solutions that could impact European security in the medium term.

Western allies have reacted somewhat indifferently to the “victory plan,” especially regarding the call for NATO membership for Kyiv and advanced weapons support.

An individual involved in the planning stated that Ukraine began drafting its proposals over the summer “to establish our narrative before Trump establishes his.”

Long frustrated by President Joe Biden’s reluctance to escalate military support, Kyiv hopes Trump will find the points specifically tailored for him compelling.

“The level of dissatisfaction with the Biden administration had reached a point where they felt it was time for change, and that this change [to Trump] could be beneficial,” the source said.

Oleksandr Merezhko, chairman of the Ukrainian parliament’s foreign affairs committee, described the offer to the incoming US president as “a strategic move to demonstrate that Ukraine is not a burden on the West.”

“Trump wants to be a winner, not a loser. To be a winner, he needs to show Putin his place,” Merezhko added.

Sources also indicate that Kyiv aims to “appease the Trump camp” by replacing Oksana Markarova, its ambassador to Washington. Republican House Speaker Mike Johnson had called for Markarova’s dismissal after she organized an all-Democrat visit to a US munitions factory for Zelensky in September.

Former Foreign Minister Dmytro Kuleba was reportedly offered the post but declined.

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