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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsForbes: Commerce Secretary Ross is a lying crook who has lied for years about being a billionaire.
https://www.forbes.com/sites/danalexander/2017/11/07/the-case-of-wilbur-ross-phantom-2-billion/#39c059177515A year earlier, Forbes had listed his net worth at $2.9 billion on The Forbes 400, a number Ross claimed was far too low: He maintained he was closer to $3.7 billion. Now, after examining the financial-disclosure forms he filed after his nomination to President Donald Trump's Cabinet, which showed less than $700 million in assets, Forbes was intent on removing him entirely.
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So began the mystery of Wilbur Ross' missing $2 billion. And after one month of digging, Forbes is confident it has found the answer: That money never existed. It seems clear that Ross lied to us, the latest in an apparent sequence of fibs, exaggerations, omissions, fabrications and whoppers that have been going on with Forbes since 2004. In addition to just padding his ego, Ross' machinations helped bolster his standing in a way that translated into business opportunities. And based on our interviews with ten former employees at Ross' private equity firm, WL Ross & Co., who all confirmed parts of the same story line, his penchant for misleading extended to colleagues and investors, resulting in millions of dollars in fines, tens of millions refunded to backers and numerous lawsuits. Additionally, according to six U.S. senators, Ross failed to initially mention 19 suits in response to a questionnaire during his confirmation process.
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"Wilbur doesn't have an issue with bending the truth," says David Wax, who worked alongside Ross for 25 years and served as the No. 3 person in his firm. Another former colleague, who requested anonymity, was less circumspect: "He's lied to a lot of people."
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The Department of Commerce issued a statement saying the $2 billion gift never happened. "Contrary to the report in Forbes, there was no major asset transfer to a trust in the period between the election and Secretary Ross's confirmation."
The only problem with that statement: The person who told Forbes that the transfer had taken place, that it had happened after the election and that it had meant more than $2 billion of family assets weren't on the disclosure was none other than the sitting secretary of commerce, Wilbur Ross.
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Forbes: Commerce Secretary Ross is a lying crook who has lied for years about being a billionaire. (Original Post)
DetlefK
Nov 2017
OP
greeny2323
(590 posts)1. LOL. Forbes doesn't seem very happy with him. :) n/t
genxlib
(5,528 posts)2. The loser only has $700 million
How dare he join the ruling oligarchy.
Who can you trust anymore?
dalton99a
(81,515 posts)3. Just like his boss
ProfessorGAC
(65,072 posts)5. You Beat Me To It
Yep, just like his boss. And the overstatement of net worth is in the same ballpark.
JDC
(10,129 posts)4. Trump, Mercer, Ross, etc. Do any of these Billionaires have a billion?
Seems like they all lie about their wealth, even though they have more money than they could ever spend. It seems odd.