The name wasn't familiar to me, but the picture is someone I recall seeing on Fox.
Posted on 11/29/2016 4:34:07 PM PST by pissant
Donald Trump's expected pick of Wilbur Ross for commerce secretary would add another billionaire and investing voice to the president-elect's administration.
Trump could name Ross to the post as early as Wednesday, a transition source told NBC News.
Ross, 78, is chairman of W.L. Ross & Co and has a decades-long history as a distressed debt investor. He advised Trump on economic policy during the campaign, along with other wealthy businessmen and investors Harold Hamm, John Paulson and Tom Barrack.
If approved, Ross would take over a Commerce department set to take a major pivot on trade and job creation. He will become another wealthy businessman making decisions for an administration propelled to the White House by economic populism.
(Excerpt) Read more at cnbc.com ...
Been on CNBC numerous times. A great pick.
Outstanding compared to the vacant minded naughts in the previous administration.
Compared to them, “genius” is a gross under-statement.
The name wasn't familiar to me, but the picture is someone I recall seeing on Fox.
Mr Magoo?
78 years old and starting a new career. I can’t even imagine it.
Wilbur Ross is the worst possible pick ,, he made his money harassing and suing people over credit card debt... Debt collecting is a valid business but the packages of collection accounts he buys are WRITTEN OFF BAD DEBT that is legally no longer owed... He sues people thousands at a time for debt that is written off and he has no legal right to collect counting on people not having the money to fight the invalid lawsuits.. He’s an A#1 SCUMBAG of the highest order.
I want people in the administration that respect the law.
I hope his experience and knowledge offset his advanced age.
( I am older still. I hope he too lives long and serves well! )
WOW, I hope you are overstating the case, but have no reason to think you are wrong!
I don’t know about his particular firm but Junk Debt Buyers are notorious bottom feeders and do break the law..and don’t care that they do.
Just google Junk Debt Buyers and you will find shocking allegations.
Btw, buying Junk debt and collecting on it is not illegal.
The illegal part comes in with all kinds of tactics that are used.
DO NOT EVER GIVE A JUNK DEBT BUYER YOUR BANK ACCOUNT INFO. THEY CAN AND HAVE TAKEN MONEY WITHOUT AUTHORIZATION.
I have a whole list of don’ts when dealing with Junk Debt Buyers. If you ever find yourself in that position do a lot of googling before you ever attempt to deal with them.
Like being a billionaire is a bad thing. At least they’ll be less likely to be bought. I hope so!
I heard his name bandied about before the election. Not sure why this is a surprise?
Thanks...never had any reason to know they existed...
Think Mr. Ed saying “Wilbuuur!”
Trump is 70, also beginning a new job...
In 2003/2004 textile companies Burlington Industries and Cone Mills declared bankruptcy and were bought out of bankruptcy by Wilbur Ross in a sweetheart “crony capitalist” deal in which the taxpayers assumed full responsibility for the pension obligations of the companies and Ross took all of the productive assets.
Ross then shut down operations in the US, terminated thousands of US employees, and opened operations offshore including a $100 million denim factory in Nicaragua. Ross is the epitome of crony capitalists who over the past 25 years have made billions moving US manufacturing assets and jobs overseas.
Mr. Ross’s expertise is stripping American industry of capital and jobs, not building American companies. North Carolina and other southern states are littered with empty factories that formerly housed Burlington Industries and Cone Mills operations. If Mr. Trump truly plans to make America great again, he sure picked a strange leader for the Department of Commerce.
Here are some links to articles about Ross. Note particularly the last one, an interview in which he talks about his extensive investments in China and gives his rationale for Trump not being able to levy 45% tariffs on Chinese goods. The second to last article speaks to the $100 million investment in a Nicaraguan denim factory after passage of the CAFTA trade agreement.
http://www.pbgc.gov/news/press/releases/pr04-24.html
http://nymag.com/nymetro/news/bizfinance/columns/moneyandmind/10279/index1.html
http://nypost.com/2016/06/07/wilbur-ross-saves-himself-from-a-500m-embarrassment/
https://www.highbeam.com/doc/1G1-146547500.html
http://blogs.barrons.com/emergingmarketsdaily/2016/05/25/qa-wilbur-ross-on-china-yuan-debt-trump/
I wish I was , he’s scum ... unfortunately he was Rush’s neighbor in Palm Beach and he’s polluted Rush’s thinking about the 2008 crisis ... he sold the assets of his scummy company AHMSI to OCWEN a few years back and took off with about $60mm ... He’s all about abusing the legal system and making shady deals to screw the little guy , I don’t think he’s ever had a business that ever MADE anything...If you read this Wilbur come sue me ... I’ve got your number ... The only decent thing your companies ever did was to turn over the underwriting files from OOMLT 2007-FXD2 to AIG’s agents in Texas ... cost you a lawsuit from LPS but the files turned over were PURE GOLD.
The illegal part comes in with all kinds of tactics that are used.
***********
When my wife was sued by him IT WAS ILLEGAL AS THE ACCOUNT WAS WRITTEN OFF.. he had no right to sue because the company he bought the data (not the debt that was written off) file from no longer had a claim and had no rights to confer on them... I tracked down several other people they sued concurrently in my county and we all had our cases dropped like a hot potato.
That is what his business experience is ,,, boiler rooms and cheap “just graduated” lawyers..
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