Sly As A Fox: How Wilbur Ross Slipped Out Of Scandal And Back Into Business

on Ross’ connections to the business.

Ross took a victory lap. “I am pleased that the inspector general’s report puts to rest any notion that I violated the conflict-of-interest statutes,” he said in a statement, later adding that “I have always been and will remain committed to adhering to the highest standard of ethics in the discharge of my duties.”

Wilbur Ross, Hilary Geary Ross, Melania Trump, Donald Trump, Judith Giuliani and Rudy Giuliani attend the Andrea Bocelli concert at The Mar-a-Lago Club on February 28, 2010 in Palm Beach, Florida.Ross’ earlier SPAC raised about $500 million in 2014 but almost didn’t complete a merger, which would have forced Ross and his partners to swallow the costs of searching for a company to buy.

In February 2017, Ross resigned his position as chairman of Nexeo to become secretary of commerce. Those who got in at $10 couldn’t have been happy a month and a half later when, with the shares trading at $8.84 and the warrants priced at 69 cents, Ross dumped his personal stake for an estimated $44 million. A nice payday, especially for a guy whose remaining original investors had lost 5% of their money over three years .

That branding might help draw some Trump fans, but it probably won’t appeal to those who know Ross’ recent track record. After a well-timed rollup of the steel industry in the early 2000s, which propelled his first two funds to amazing returns, Ross hasn’t fared so well. His third major fund, which dates to 2005, lost investors an average of 5.3% of their money annually. His firm’s fourth significant fund, which started in 2007, returned a decent 7.3%.

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Sly As A Fox: How Wilbur Ross Slipped Out Of Scandal And Back Into BusinessFresh off a years-long ethics investigation, Trump’s commerce secretary is back in business with a new SPAC—which he created while still in office.
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Источник: Forbes - 🏆 394. / 53 Прочитайте больше »