Top Pentagon Official Contracted Personal Lawyer to Handle Minerals Deal

The Pentagon invested $400 million in equity and $150 million in a loan to MP Materials, marking its first direct stake in a U.S. rare-earth mine. Private-equity lawyer Alan Waldenberg negotiated the deal, manages Cerberus founder Stephen Feinberg’s irrevocable trust, and runs Feinberg’s charitable foundation. Waldenberg said Feinberg chose him for the Department of Defense role based on longstanding trust, and the arrangement was reviewed by the department’s ethics staff despite concerns about his simultaneous work for Cerberus, Feinberg, and the Pentagon.