Trump Commerce Secretary Hid $2 Billion In Financial Disclosure Report
Wilbur Ross quietly moved $2 billion in assets into trusts, then left them off his financial disclosure.
Ross made great efforts during his Senate confirmation hearing to convince Senators that he would recuse himself from any Commerce Department issues that pose a conflict.
“I intend to be quite scrupulous about recusal and any topic where there is the slightest scintilla of doubt,” Wilbur Ross told Senators during his confirmation hearing.
Ross would go on to be approved by the Senate by a 72 to 27 vote.
But here’s the thing, we now know that there’s $2 billion worth of assets Mr. Ross has that we have to take his word on.
As Forbes reported Monday, Ross “quietly moved a chunk of assets into trusts for his family members, leaving more than $2 billion off of his financial disclosure report—and therefore out of the public eye.”
Forbes knew about the $2 billion in assets because Ross had previously disclosed those assets to the magazine.
Three months before the 2016 election, Ross’ assistant described his portfolio to Forbes as a mix that would theoretically throw off plenty of cash: $1.3 billion of municipal bonds, $1.3 billion worth of interests in general and limited partnerships, $550 million of equities, $225 million of art, $180 million in cash and $120 million worth of real estate.
That adds up to $3.7 billion. Last year, Forbes asked for documentation to prove the existence of those assets, received nothing in return, and ultimately estimated Ross’ fortune at a more conservative $2.9 billion for its annual Forbes 400 list of the richest Americans, published in October. This year, the Secretary of Commerce said he would dig up a breakdown of the assets he transferred into trusts, but he never sent anything. It is unclear whether he cited accurate figures either year.
As Forbes notes, “The hidden assets raise questions about whether the Secretary of Commerce violated federal rules and whether his family owns billions in holdings that could create the appearance of conflicts of interest.”
All of this leaves us with one question – what are you hiding Mr. Ross?
Read the full Forbes report here.
[image via CNBC screenshot]
