Wilbur Louis Ross Jr. was born on November 28, 1937. He is an American business magnate who held office as the 39th Secretary of Commerce of the United States from 2017 to 2021. Ross was the founder and chairman and also acted as the Chief Executive Officer of WL Ross & Co from 2000 until 2017. He is a Republican Party member. In the following article, we discuss what you should know about Wilbur Ross.
Ross was born in Weehawken, New Jersey, and lived in North Bergen, New Jersey. His father was an attorney who eventually became a judge. His name was Wilbur Louis Ross. His mother was valedictorian at Sacred Heart Academy in Hoboken. Her name was Agnes (née O’Neill) and she taught third grade in North Bergen for 40 years.
Ross graduated from Xavier High School in Manhattan. He was also a member of the rifle team. It was actually a Catholic and college–preparatory school. He received his diploma in 1955. He graduated from Yale College which was also his father’s alma mater. He cleared his bachelor’s degree in 1959. He then worked at the radio station and gave his best efforts in editing one of Yale’s literary publications. His ambition was to become a writer.
He enrolled in an English class but dropped out. His Yale professor played a key role in landing his first summer job on Wall Street. He then graduated from Harvard Business School with a Master of Business Administration degree in 1961.
In 1961, Ross tied the knot with Judith Nodine. They separated in 1995. Jessica Colby Ross and Amanda Colby Ross are the two children from their first marriage. Jessica worked for Sotheby’s and Amanda attended the French Culinary Institute. Betsy McCaughey (Lieutenant Governor of New York) and Ross got married in 1995. In the year 2000, the couple divorced. Hilary Geary Ross, a society reporter for Quest magazine, became Ross’ third wife on October 9, 2004.
Business and Politics
Wilbur L. Ross, Jr. is a business magnate who worked for Rothschild Investments for a quarter-century as a bankruptcy restructuring expert. Despite his fortune, he has earned the moniker “King of Bankruptcy” for his track record of running failed businesses.
He assisted a failing casino mogul Trump, whose Atlantic City casinos were insolvent and whose net worth was assessed at negative $1.4 billion (Trump claimed it was positive $1.5 billion)—keep his interest in the Taj Mahal and his name on the sign in the early 1990s.
Trump’s administration team announced on Nov. 30, 2016, that Ross had been named Secretary of Commerce. On February 27, the Senate confirmed him. At the Commerce Department, Ross was in charge of the Census Bureau, the National Weather Service, and the Bureau of Economic Analysis, among other responsibilities. His primary duty was to steer trade policy, and he has mirrored Trump’s language in this regard, asking for the US to be free of the “bondage” of bad trade accords.
Ross has specialized in buying failing enterprises and bringing them around, earning him the moniker “king of bankruptcy” or, less flatteringly, “vulture investor.” So when the tech downturn presented many buying opportunities in 2000, he left Rothschild and created WL Ross & Co. LLC with had an investor capital of $440 million. He has concentrated on the Midwest and industrial sectors such as steel, coal, textiles, and auto parts. In 2006, Amvescap PLC—now Invesco Ltd.—purchased WL Ross & Co.
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