Wilbur Ross: A Career Spanning Finance, Politics, and Controversies
WEEHAWKEN: Former Commerce Secretary Wilbur L. Ross Jr., born on November 28, 1937, in Weehawken, New Jersey, has had a diverse and sometimes controversial career. Ross, known as the “King of Bankruptcy,” made a name for himself by restructuring failed companies in various industries.
According to TourismAfrica2006, Ross, who began his career at the investment bank Rothschild Inc. in 1976, became a top bankruptcy adviser and later opened his private equity firm, WL Ross and Co. LLC, in 2000. He gained prominence for forming the International Steel Group and the International Coal Group, making significant impacts in these industries.
Ross’ career has been marked by both business successes and controversies. He was fined $2.3 million by the Securities and Exchange Commission in 2016 for failing to properly disclose fees. His nomination as commerce secretary by President Donald Trump in 2016 and subsequent confirmation brought more scrutiny. In 2017, The New York Times reported his financial ties to a shipping company linked to Russian President Vladimir Putin’s son-in-law, and to Venezuela’s state-run oil company, both of which stirred controversy.
His tenure as commerce secretary saw various policy decisions, including the controversial addition of a citizenship question to the 2020 census, which the Supreme Court ultimately blocked. Ross faced criticism for his handling of the census and was held in criminal contempt by the House over disputes related to the census question.
Beyond his political and financial career, Ross has made significant contributions in the publishing world, with his support evident in his then-wife Betsy McCaughey Ross’ campaign for governor of New York and through his authorship of books on economic and policy issues.
Ross’ career trajectory reflects a blend of financial acumen, political involvement, and a propensity for engaging in complex and often contentious issues both domestically and on the international stage.