I was wondering why the model verb 'would' was used here. Can we change it to 'what does he have had that have been of value?'
Carrie, this is a guy whose security clearance was yanked more than 20 years ago. What would he have had that would have been of value?
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As he's been arrested, the FBI think he has stuff that is of value, but the speaker is questioning this as so much time has passed since the security clearance was removed, so it's like saying 'what could he possibly have of value'. You could change it to does, but that might be too direct given that things are still unclear.
PS Modal verb