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Wilbur Louis Ross Jr. (born November 28, 1937) is an American investor and the current United States Secretary of Commerce. On November 30, 2016, then-President-elect Donald Trump announced that he would nominate Ross for that post. On February 27, 2017, the Senate confirmed him in a 72–27 vote. He was sworn into office on February 28, 2017.

Wilbur Ross
Wilbur Ross Official Portrait.jpg
39th United States Secretary of Commerce
Assumed office
February 28, 2017
PresidentDonald Trump
DeputyKaren Dunn Kelley
Preceded byPenny Pritzker
Personal details
Born
Wilbur Louis Ross Jr.

(1937-11-28) November 28, 1937 (age 81)
Weehawken, New Jersey, U.S.
Political partyRepublican (2016–present)
Other political
affiliations
Democratic (before 2016)
Spouse(s)
Judith Nodine
(m. 1961; div. 1995)

Betsy McCaughey
(m. 1995; div. 2000)

Hilary Geary (m. 2004)
Children2
EducationYale University (BA)
Harvard University (MBA)
Net worthUS$600 million (2019)[1]

Before he was appointed, Ross was a banker known for acquiring and restructuring failed companies in industries such as steel, coal, telecommunications, and textiles, later selling them for a profit after operations improved, a record that earned him the moniker "King of Bankruptcy".[2]

Ross had been a Democrat until he joined the Republican Party in November 2016.

Contents

Early lifeEdit

Ross was born on November 28, 1937, in Weehawken, New Jersey and grew up in nearby North Bergen, New Jersey.[3][4] His father, Wilbur Louis Ross Sr., was a lawyer who later became a judge, and his mother, Agnes (née O'Neill), a descendant of Irish people, was valedictorian from Sacred Heart Academy in Hoboken and taught third grade in North Bergen for 40 years.[3][5]

EducationEdit

Ross attended Xavier High School, a Catholic school and college-preparatory school in Manhattan. He ran track and was captain of the rifle team. He graduated in 1955.[6]

In 1959, he received a bachelor's degree from Yale College, his father's alma mater.[7] At Yale, Ross edited one of the literary magazines and worked at the radio station. His dream was to be a writer. He enrolled in an English course that required writing 1,000 words by 10AM each morning. After two weeks, he ran out of things to write about and dropped the course.[8][9] His faculty adviser at Yale helped him get his first summer job on Wall Street.

In 1961, he received a Master of Business Administration degree at Harvard Business School.[10][7][11]

CareerEdit

Early careerEdit

In 1963, he joined what became Wood, Struthers & Winthrop. There, he liquidated the portfolio of its venture capital affiliate.[12]

He then worked for Faulkner, Dawkins & Sullivan, an institutional securities research company, where he rose to become president of its investment banking operation. The firm was sold to what became Shearson Lehman.[12]

Rothschild InvestmentsEdit

In 1976, Ross began his 24-year employment with the New York City office of Rothschild & Co, where he ran the bankruptcy restructuring advisory practice.[3][13] By 1998, Ross was involved in 8 of the 25 biggest bankruptcies to date, including Drexel Burnham Lambert, Texaco, Public Service of New Hampshire (now Eversource Energy), and Eastern Air Lines.[12][14]

Representation of investors in casinos owned by Donald TrumpEdit

In the 1980s, Donald Trump's three casinos in Atlantic City were under threat of foreclosure from lenders. Ross, who was then the senior managing director of Rothschild & Co, represented investors in the casino. Along with Carl Icahn, Ross convinced bondholders to strike a deal with Trump that allowed Trump to keep control of the casinos.[13][15]

WL Ross & Co.Edit

In November 1997, under Rothschild & Co, Ross started a $200 million fund to invest in distressed securities. In its first year, it earned a 15.2% return.[12] In April 2000, just before the dot-com bubble burst, Ross founded WL Ross & Co and raised $450 million to buy the fund from Rothschild and make additional investments.[13][3] By 2003, the fund had averaged a 30% return.[16]

In 2006, Ross sold WL Ross & Co to Amvescap (now Invesco).[17][18]

International Steel Group (ISG)Edit

In February 2002, WL Ross & Co founded International Steel Group. He first agreed to buy the assets of bankrupt Ling-Temco-Vought for $325 million, paying $11 per ton of capacity when other firms were trading for $200 per ton of capacity.[19] A few weeks later, George W. Bush slapped a 30% tariff on many types of imported steel. A year later, WL Ross & Co acquired the assets of bankrupt Bethlehem Steel. As part of the bankruptcy reorganizations, these companies shifted their huge pension liabilities to the government-backed Pension Benefit Guaranty Corporation.[3]

Ross had support from the United Steelworkers, negotiating a deal to save some jobs.[10][20]

In April 2005, WL Ross & Co sold International Steel Group to Mittal Steel Company for $4.5 billion, half in cash and half in stock, and made 12.5 times its original investment.[21] Ross personally made a $260 million profit on his $3 million investment and gained a seat on the board of directors of Mittal Steel.[22]

International Textile Group (ITG)Edit

After outbidding Warren Buffett, who offered $579 million, WL Ross & Co acquired Burlington Industries for $620 million and combined it with Cone Mills in 2004 to form International Textile Group.[23]

In 2005, Ross acquired 77.3% of Safety Components International for $51.2 million.[24]

In October 2006, Ross had International Textile Group acquire Safety Components International. Ross controlled both companies and in February 2014, Ross paid $81 million to settle a lawsuit brought by shareholders that Ross breached his fiduciary duty when structuring the merger.[25] International Textile Group was acquired by private equity firm Platinum Equity in 2016.[26]

International Automotive Components Group (IAC)Edit

International Automotive Components Group was formed in 2006 by WL Ross & Co and investment funds managed by Franklin Templeton Investments.[27] In 2006, the company acquired the European operations of Lear Corporation[28] and in 2007, it acquired Lear’s North American interiors operations.[29] In 2005–2007, IAC purchased several divisions of Collins & Aikman.[30] In September 2005, investors led by Ross invested $100 million in Oxford Automotive for 25% of the company.[31] In 2006, Oxford merged with Wagon Automotive.[32]

International Coal Group (ICG)Edit

WL Ross & Co founded International Coal Group in 2004 after acquiring the assets of several bankrupt coal companies. The United Mine Workers of America protested the reorganization as it led to changes in health care and pensions for the existing employees.[33]

In 2006, the Sago Mine disaster, an explosion in a coal mine indirectly owned by International Coal Group, likely caused by a lightning strike, led to the deaths of 12 miners.[34] The mine had 12 roof collapses in 2005, and United States Department of Labor data showed 208 citations for safety violations in that same period, including 21 times for build-up of toxic gases.[35] Miners and their families accused Ross of ignoring safety violations. Ross defended his company's management of the mine.[36]

In 2011, Arch Coal acquired International Coal Group for $3.4 billion.[37]

Navigator GasEdit

By January 2016, WL Ross & Co was the "biggest investor" in Navigator Gas, a liquefied gas shipping company.[38]

United States Secretary of Commerce (2017–present)Edit

 
Secretary Ross during the April 2017 Shayrat missile strike operation
 
Ross in Riyadh, Saudi Arabia, May 2017

Taking officeEdit

On November 30, 2016, then-President-elect Donald Trump announced that he would nominate Ross for United States Secretary of Commerce.[39][40] On February 27, 2017, the Senate confirmed Ross in a 72–27 vote.[41][42] Ross was sworn into office on February 28, 2017.[43]

Ross took office at the age of 79, making him the oldest first-time cabinet appointee in U.S. history. The previous record-holder was Philip Klutznick, who took office at the age of 72.[44]

Comments on post-Brexit trade dealEdit

In 2017, Ross said that a trade deal with the United Kingdom was a low priority for the Trump administration; however, he outlined possible terms.[45][46]

Recommendation of tariffsEdit

In September 2017, Ross traveled to Beijing as part of efforts to de-escalate the 2018 China–United States trade war.[47]

In February 2018, the United States Department of Commerce recommended an increase of tariffs in aluminum and steel imports.[48][49] On March 1, 2018, Trump implemented a 25% tariff on steel and a 10% tariff on aluminum imports.[50]

In September 2018, Ross said that the Trump tariffs are meant to "modify China's behavior."[51]

Travel to KazakhstanEdit

In October 2018, Ross led the first U.S. trade mission to Kazakhstan. The mission included 16 U.S. companies that concluded commercial deals with the Kazakh businesses during the visit. Ross met with President Nursultan Nazarbayev and other high-ranking officials.[52]

Ban of HuaweiEdit

In January 2019, Ross was present with other American politicians when 23 criminal charges were announced against Huawei and its CFO Meng Wanzhou, including financial fraud, money laundering, conspiracy against the United States, industrial espionage, mail and wire fraud, obstruction of justice and violation of Sanctions against Iran.

In July 2019, Ross stated that the United States will keep Huawei on its blacklist but will allow licensed sales.[53][54]

ControversiesEdit

Overstating of net worthEdit

In February 2017, Forbes reported that Ross has a net worth of $2.5 billion. However, Financial disclosure of public servants forms filed by Ross after his nomination for United States Secretary of Commerce showed less than $700 million in assets, and Forbes later revised his net worth to $600 million.[55]

Grift allegationsEdit

In August 2018, Forbes reported that Ross's business partners and workers accused Ross of illicitly siphoning or stealing a total of $120 million.[56]

Accusations of being out of touch with AmericansEdit

During the 2018–19 United States federal government shutdown, Ross was criticized as being out of touch with average American citizens after expressing bewilderment about why furloughed, unpaid workers and contractors would choose to visit food banks rather than apply for a personal loan.[57][58]

Inconsistency on financial disclosure formsEdit

In February 2019, Ross' financial disclosure was rejected by the United States Office of Government Ethics after he reported that he sold bank stock in conflict with other disclosures he made.[59][60]

Conflicts of interest from failure to divestEdit

In June 2018, an investigation by Forbes found that Ross, while United States Secretary of Commerce, owned "stakes in companies co-owned by the Chinese government, a shipping firm tied to Vladimir Putin's inner circle, a Cypriot bank reportedly caught up in the Robert Mueller investigation and a huge player in an industry Ross is now investigating" and that Ross had failed to divest his financial holdings, instead putting them in a trust for his family members, contradicting Ross's written statement in November 2017 that he had divested all his financial holdings.[61] Ross may have broken the law in doing so.[61] These holdings posed a conflict of interest for Ross, as the Trump administration was in a position to affect the value of the holdings.[61]

Ross was confirmed by the Senate in February 2017 and he agreed to sell his stocks before the end of May 2017. In July 2018, it was reported that Ross divested from his stock in Invesco, originally worth between $10 and $50 million, in December 2017. Between the end of May and the sale date in December, the value of Ross's holdings in Invesco increased by between approximately $1.2 million to $6 million, depending on the number of shares he owned, which was not disclosed. Ross said that he "mistakenly believed that all of my previously held Invesco stock was sold".[62] On July 13, 2018 after he received a letter from the government's top ethics watchdog warning of "potential for a serious criminal violation", Ross announced that he will sell all of his remaining stock.[63]

Chevron Corporation meetingsEdit

In October 2018, documents showed that Ross had participated in a meeting with executives from Chevron Corporation where they discussed oil and gas developments, tax reform and trade issues. Ross's wife owned a stake in Chevron worth at least $250,000 at the time.[64]

Insider trading allegationsEdit

Shorting stocksEdit

While United States Secretary of Commerce, Ross shorted at least five stocks, including one position taken as a result of insider information.[65] In June 2018, it was revealed that Ross shorted stock after he knew of an upcoming report with information that would adversely affect the company but before such story was published. Ross later sold the position at a substantial profit after the story was published.[61][66] Ethics experts said that the shorting was alarming given that federal office-holders are prohibited from profiting on nonpublic information.[66] Ross denied that he had engaged in insider trading.[67] Ross had shorted 2 additional stocks in June 2018 and 2 additional stocks in July 2018.[65]

Bank of IrelandEdit

In December 2017, Irish politician and Member of the European Parliament Luke Ming Flanagan accused Ross of insider trading as part of a 2014 sale of shares in the Bank of Ireland by WL Ross & Co.[68]

Overcharging of feesEdit

In August 2016, Ross agreed to reimburse investors $11.8 million and pay a fine of $2.3 million to settle a U.S. Securities and Exchange Commission probe into the overcharging of fees by WL Ross & Co. The company had self-reported the issue and did not admit any liability.[69]

On August 7, 2018, five former WL Ross & Co. employees and investors claimed the firm was charging its investors fees on money it had lost, including allegedly charging fees on one investment that was essentially worthless.[56]

Observation of lack of protests in Saudi ArabiaEdit

In May 2017, Ross accompanied Trump on his first foreign visit, to Saudi Arabia, where Ross generated controversy after heralding the president's visit as a success due to a lack of protests, unaware that the Saudi Arabia had banned public protest and demonstrations in 2011.[70][71]

2020 Census citizenship questionEdit

As United States Secretary of Commerce, Ross oversees the 2020 United States Census and approved adding the controversial question: "Is this person a citizen of the United States?".[72]

Lawsuit over citizenship questionEdit

New York attorney general Barbara Underwood led a lawsuit filed by 18 states and many cities to attempt to stop the Trump administration from adding a citizenship question on the 2020 Census.[73][74] The Department of Justice supported the Department of Commerce. United States federal judge Jesse M. Furman ruled against the Department of Justice and Wilbur Ross, stating that if the trial is delayed that the appeals process may not be done by summer 2019, the printing deadline of the census.[74] Furman blocked the census question proposal on January 15, 2019, saying Ross had violated a "veritable smorgasbord" of federal rules, asserting Ross and his aides made false or misleading statements under oath.[75]

In early June 2019, the United States House Committee on Oversight and Reform moved to hold Ross in Contempt of Congress for defying a subpoena regarding information about efforts to add a citizenship question to the 2020 US Census.[76]

One June 27, 2019, the Supreme Court left the citizenship question blocked from the 2020 census, in part because of the government's explanation for why it was added.[77]

Ownership in Navigator GasEdit

In November 2017, leaked documents known as the Paradise Papers showed that, during his confirmation hearings, Ross had failed to clearly disclose a financial interest in Navigator Gas, a shipping company that transports petrochemicals for Russian gas and petrochemicals company Sibur[78][79] Sibur is subject to sanctions for its close ties to Russian oligarchs Leonid Mikhelson and Gennady Timchenko, and President Vladimir Putin's son-in-law Kirill Shamalov.[80][81] Ross had failed to clearly disclose these ties to Russian interests during his confirmation hearings.[79]

While his confirmation was pending, Ross promised in a letter to the Office of Congressional Ethics to cut ties "with more than 80 financial entities in which he has interests". This letter played a key role in securing his confirmation. However, according to the leaked documents, while he did divest some holdings, he did not disclose the full extent of those he retained.

Speaking about his financial ties to Navigator, Ross said the media was making "a lot more out of it than it deserves" and "There is nothing wrong with it. The fact that it happens to be called a Russian company doesn't mean there is any evil in it."[82] A spokesman for Ross stated that Ross has never met Shamalov, Timchenko or Mikhelson and that Ross “recuses himself from any matters focused of transoceanic shipping vessels, but has been generally supportive of the administration’s sanctions of Russian and Venezuelan entities.”[78]

Failure to disclose lawsuitEdit

Ross failed to disclose a lawsuit from ex-business partner David Storper on his financial disclosure forms. Ross settled the lawsuit for $9 million after being subpoenaed for information that he did not want to disclose.[83]

Dysfunction of Department of CommerceEdit

Politico has reported that there has been significant dysfunction within in the Department of Commerce. An outside source, as well as multiple senior staffers, claimed in July 2019 that Ross is allegedly "seen as kind of irrelevant. The morale there is very low because there's not a lot of confidence in the secretary." Ross allegedly tends to fall asleep in meetings to the extent that senior staffers have avoided putting him in critical meetings where he could fall asleep. [84] Reports of Ross' inability to stay awake have gone back as far as May 2017, where in a meeting in Riyadh with the Arab-Islam-American Summit during President Donald Trump's speech, Ross appeared to have been completely asleep. [85] [86]

HonorsEdit

Order of Industrial Service MeritEdit

In 1999, Ross was awarded the Order of Industrial Service Merit medal by South Korea's President Kim Dae Jung for his assistance during the 1997 Asian financial crisis.[87]

American Irish Historical Society Gold MedalEdit

Ross began working with Ireland and Irish-American causes starting in 2011 with an investment in the then-struggling Bank of Ireland. In recognition for his efforts on November 6, 2014 Ross was awarded the American Irish Historical Society Gold Medal at the Waldorf Astoria Hotel, New York. The medal is awarded to "individuals who make an especially meritorious contribution to Irish American Life".[88][6]

Order of the Rising SunEdit

On February 2, 2015, Ross was awarded the medal of the Order of the Rising Sun, Gold and Silver Star in recognition for strengthening the bonds between Japan and the US (including his service as Chairman of the Board of New York's Japan Society, his work to promote and strengthen the Japanese economy, and his relief efforts after the 2011 Tōhoku earthquake and tsunami.[89][90][91]

Organizational membershipsEdit

Ross is a hall of fame member and past director of the Turnaround Management Association.[92] Ross has been the vice-chairman of the board of Bank of Cyprus, the largest bank in Cyprus, after he and his investors invested €400 million in the bank in 2014.[93] As of January 2012, Ross was the leader (or "Grand Swipe") of the secret Wall Street fraternity, Kappa Beta Phi.[94] Ross served on the board of trustees of the Brookings Institution. He is also on the board of advisors of Yale School of Management and is a former board member of the Yale University Art Gallery.[95] He served as International Counsel Member of the Musée des Arts Décoratifs, Paris, and President of the American Friends of the René Magritte Museum in Brussels.[96] Ross has been on the board of directors of Navigator Gas since March 2012.[80]

Political viewsEdit

 
Ross speaking at a political conference in December 2018

Support for Democratic PartyEdit

Although he was an early supporter of Donald Trump's presidential campaign, Ross was previously a registered Democrat, served as an officer of the New York State Democratic Party, and held fundraisers for Democratic candidates at his apartment in New York City.[3] He served under President Bill Clinton on the board of The U.S. Russia Investment Fund.

In January 1998, he funded $2.25 million in seed money into the campaign of his then-wife, Betsy McCaughey, who was seeking the Democratic nomination for Governor of New York.[3]

Since at least 2011, Ross has donated to Republican candidates and organizations.

Ross became a registered Republican in November 2016.[97]

PrivatizationEdit

In the 1990s, New York City Mayor Rudy Giuliani, appointed Ross as his privatization advisor. He helped push to privatize the city’s public broadcasting stations and the Port Authority of New York and New Jersey, and worked to sell off empty land lots to businesses.[98]

Trade policyEdit

Ross has described himself as "pro-sensible trade" and said that the U.S. government "should provide access to our markets to those countries who play fair, play by the rules and give everybody a fair chance to compete. Those who do not should not get away with it – they should be punished." Initially in favor of the Trans-Pacific Partnership, Ross has said that after examining the agreement, he found it was "not consistent with what was advertised."[3]

In 2004, The Economist described Ross as a supporter of protectionism.[99]

At the 2018 World Economic Forum in Davos, Ross responded to concerns of a trade war by noting that "There have always been trade wars. The difference now is U.S. troops are now coming to the ramparts."[100]

Personal lifeEdit

Ross married Judith Nodine in 1961. They divorced in 1995.[7] After the divorce, Nodine sued Ross for failing to transfer stock by the agreed-upon deadline and Ross counter-sued.[101]

They had two children, Jessica Colby Ross (born 1962) and Amanda Colby Ross (born 1965). Amanda attended the French Culinary Institute and founded a baking company, while Jessica worked for Sotheby's.[102]

In 1995, Ross married his second wife, Lieutenant Governor of New York Betsy McCaughey. They divorced in 2000.[10][7] On October 9, 2004, Ross married his third wife, Hilary Geary Ross, a society writer for Quest magazine.[103]

In December 2016, Ross purchased a 10,000 square foot house in the Massachusetts Heights neighborhood of Washington, D.C. from Adrienne Arsht for $10,750,000.[104][105] In 2018, he purchased a $3.2 million house in The Berkshires. He also owns 2 two multimillion-dollar properties in Palm Beach, Florida.[106]

Ross owns an art collection valued at $150 million that includes pieces ranging from Western surrealists to contemporary Eastern sculptures.Ross owns 25 works by René Magritte, valued at $100 million, including some of the artist's most valuable paintings, such as The Pilgrim.[107]

PhilanthropyEdit

Ross donated $10 million for the construction of the new campus of Yale School of Management.[95]

See alsoEdit

ReferencesEdit

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External linksEdit

Political offices
Preceded by
Penny Pritzker
United States Secretary of Commerce
2017–present
Incumbent
U.S. order of precedence (ceremonial)
Preceded by
Sonny Perdue
as Secretary of Agriculture
Order of Precedence of the United States
as Secretary of Commerce
Succeeded by
Alex Acosta
as Secretary of Labor
U.S. presidential line of succession
Preceded by
Sonny Perdue
as Secretary of Agriculture
10th in line
as Secretary of Commerce
Succeeded by
Alex Acosta
as Secretary of Labor