It turns out, Wilbur Ross was never actually a billionaire

Discussion in 'Politics & Current Events' started by Drew, Nov 7, 2017.

  1. Drew

    Drew Forum MVP

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    Posting this in its own thread, since it only tangentally relates to the Trump thread (this only came out due to the heightened level of financial scruitiny on him now that he's the Secretary of Commerce, but it's unrelated to Trump himself or - most likely - the ongoing Russia investigation).

    https://www.forbes.com/sites/danale...f-wilbur-ross-phantom-2-billion/#51eca75155da

    tl;dr - Forbes was surprised to hear Ross declare assets as part of his confirmation hearing of around $700 million, down from $3.7 billion in the Forbes list the year before. When they contacted him asking for clarification, he alluded to more than $2 billion in transfers to family trust. Forbes then spent the next month researching, could find no records of the transfers, and now believes that when they first added him to the list, 13 years ago, they erroneously included assets under management in his buyout firm - assets belonging to his investors - as part of his own net worth, and he never corrected them.

    Not actually illegal, I suppose, but it's certainly a little embarrassing, for a man who has taken so much pride in his fortune. :lol:
     
  2. KnightBrolaire

    KnightBrolaire 8 string hoarder

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    ehh I'd be more embarrassed if I worked at forbes and made a mistake like that and somehow never corrected it. 700 million isn't chump change by any means :lol:
     
  3. marcwormjim

    marcwormjim SS.org Regular

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    Imagine the embarrassment of only having seven hundred million dollars.
     
    r33per and Randy like this.
  4. Drew

    Drew Forum MVP

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    Yeah, neither side looks good here. At least Forbes is owning up to their mistake. :lol:
     

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