Forbes reports: Dressed in a blue suit and red tie, Donald Trump’s 79-year-old pick for Secretary of Commerce sat before a panel of senators for nearly four hours in January, deflecting dozens of questions with relative ease. When one legislator at the confirmation hearing asked Wilbur Ross how he would ensure that his official actions did not create conflicts of interest, given his vast personal holdings, Ross left little room for criticism. “I intend to be quite scrupulous about recusal and any topic where there is the slightest scintilla of doubt,” he said.
What he left unsaid, however, was that between the November election and January inauguration, he had 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. Ross revealed the existence of those assets, and the timing of the transfer, when Forbes asked why his financial disclosure form listed fewer assets than he had previously told the magazine he owned.
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.
Federal law requires incoming cabinet members to disclose assets they currently own, as well as any that produced income during the current and previous calendar years, even if they no longer own the assets. Ross says he followed all rules. But how someone could apparently hold $2 billion in assets, without producing big income that would show up on a financial disclosure report, raises more questions than answers.
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. [Continue reading…]