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December 1, 2016

Trump Commerce pick found profits, controversy in Rust Belt

  • Wilbur Ross has salvaged a number of failing ventures — including one of Donald Trump's.
    • By JEFF HORWITZ
    Associated Press

    WASHINGTON — Wilbur Ross, Donald Trump's choice for Commerce secretary, has a history of salvaging failing ventures — including, at one point, Trump's own.

    Now worth an estimated $2.9 billion, Ross grew up in an affluent New Jersey suburb before heading to Yale University, Harvard Business School and Wall Street. A specialist in bankruptcies, Ross headed the restructuring practice at investment banking firm Rothschild Inc. when Trump's bad bets in the Atlantic City casino industry had put him on the verge of losing everything. Ross convinced creditors to drop a plan to strip Trump's name and ownership from the Taj Casino, a victory that set the stage for Trump's eventual resurrection.


     
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