Treasury Secretary Scott Bessent has criticized the performance of major U.S. defense contractors, citing delays in fulfilling contracts, excessive stock buybacks, and high executive compensation.

Bessent Slams Defense Contractors

Speaking at the World Economic Forum in Davos, Switzerland, Bessent told Maria Bartiromo of Fox Business about the significant delays in fulfilling contracts, which he claimed were five to seven years behind schedule.

“These defense contractors have let down the American people,” stated Bessent.

Bessent stated that these companies, which rely on the U.S. government for their existence, need to prioritize building more factories and reducing stock buybacks.

He also criticized the high compensation of defense CEOs, saying, “these CEOs making $30-$50 million a year for failing the American ...