“King of Bankruptcy” Wilbur Ross Appointed as Commerce Secretary

by San Antonio Attorney

Wilbur Ross, known as America’s “king of bankruptcy”, is going to join Donald Trump’s administration as commerce secretary.  The incoming U.S. Department of Commerce in-charge is a billionaire investor that is notorious for acquiring distressed companies with the aim to generate profits.

The appointment is expected to be announced very soon, according a senior transition official.

Ross has an estimated net worth of $3 billion, and would correspond to the interests of American businesses locally and overseas as the leader of the department.  He would have the responsibility of accomplishing the Trump administration’s objective of shielding U.S. workers and contest many years of globalization that mostly profited international corporations.

The 78-year-old billionaire helped in creating and selling Trump’s infrastructure and tax-reduction plans.  Ross has said that many Americans are dissatisfied because the economy has disregarded the middle-class workers and suggested that Trump would stand for a move to a less nondiscriminatory path.

Though Ross embraces the populist rhetoric, he has enjoyed a posh lifestyle.  According to reports, he often commutes travels his companies in New York and residence in Palm Beach, Florida.  He owns an art collection that has an estimated value of $100 million.  He also gave $10 million for the construction of the management school building in Yale University, where he graduated from.

Ross specialized in bankruptcy and company restructurings during his time as a banker at Rothschild.  In 2000, he created W.L.  Ross, and made a lot of money from funding troubled factories in the manufacturing Midwest and sometimes raking profits by restricting worker benefits.  Many voters in the region elected Trump because of his promise to bring in more manufacturing jobs from revising the terms of trade and penalizing industrial units that outsourced their workers overseas.

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