Saturday, November 19, 2016

PEU Ross to Meet with Trump

Reuters reported:

President-elect Donald Trump will meet on Sunday with billionaire investor Wilbur Ross, a possible candidate for commerce secretary in the new administration, a spokesman for Trump's transition team said on Saturday.
SkyNews revealed earlier this week that Ross surprised  Virgin Money by selling all his 53.6 million shares.  Their story closed with:

The 78-year old investment guru has specialised in restructuring distressed industries and is known as the "King of Bankruptcy" for his expertise in the field following an earlier career in investment banking.
Consider his 2012 bio from American Banker which states:

In March, 2004, the firm (WL Ross) organized International Textile Group (“ITG”) by consolidating two bankrupt companies, Burlington Industries and Cone Mills.  Mr. Ross serves as Chairman of ITG which has developed major investments in China and Mexico and is the most global American company in its industry.
Ross led the exportation of U.S. jobs as a PEU.

Also in 2004, WL Ross organized International Coal Group to acquire out of bankruptcy three coal companies.  In 2011, ICG was sold to Arch Coal for $3.4 billion.  
One of those three coal companies operated the Sago Mine which exploded in January 2006 killing 12 miners.  Ross' ICG purchased Sago's owner in November 2005.  2005 was a bad year for new private equity owned companies.  The Carlyle Group's LifeCare Hospitals had 26 patient deaths in the aftermath of Hurricane Katrina.

Ross is a man of many PEU awards.  He's led the disequilibrium where executives profit massively while workers struggle.  Ross sent jobs away from our shores.  He's personally benefited from preferred :PEU taxation via carried interest.  Ross is more of the same, expressly what many disaffected citizens voted against.

There are words for campaigns that motivate people to the ballot box.  Often they bear no relationship to actual governing or policy.  A "King of Bankruptcy" Ross Commerce Department appointment fits that pattern.

Update 11-26-16:  AltAssets reported Ross is in the lead for the job.