News
Trump Cabinet Secretary Set Up a $300 Million Offshore Company in the Caymans — While Still in Office
According to a report from the HuffPost, former Commerce Secretary Wilbur Ross was busy attending to his own financial well-being while serving under Donald Trump — raking in at least $53 million and starting up a new business in the Cayman Islands.
Ross, who was recently accused of creating “an environment of paranoia and retaliation” at Commerce, was working on the taxpayers’ dime while keeping his business deals ongoing during his tenure.
The HuffPost reports, “Ross reported making somewhere between $53 million and $127 million during his four years as head of the Commerce Department. The federal government only requires officials to report broad ranges of outside income,” before adding, “Ross’ many and profitable entanglements with private companies while he was supposed to be looking out for the American taxpayer triggered concern and criticism.”
The report goes on to note that Ross’s Commerce duties didn’t stop him from setting up a new offshore business.
“Ross is already engaged in a new enterprise, a special purpose acquisition company that reportedly attracted $300 million from investors. He established the company in the Cayman Islands in January while he was still in public office, ” the report states.
During his time in the Donald Trump’s cabinet, Ross faced multiple complaints about his business dealings, with CREW accusing him “possible insider trading and other violations when he reportedly shorted Navigator stock after learning that a negative story was coming out in The New York Times about his links to the company,” among other ethical issues.
You can read more here.
Enjoy this piece?
… then let us make a small request. The New Civil Rights Movement depends on readers like you to meet our ongoing expenses and continue producing quality progressive journalism. Three Silicon Valley giants consume 70 percent of all online advertising dollars, so we need your help to continue doing what we do.
NCRM is independent. You won’t find mainstream media bias here. From unflinching coverage of religious extremism, to spotlighting efforts to roll back our rights, NCRM continues to speak truth to power. America needs independent voices like NCRM to be sure no one is forgotten.
Every reader contribution, whatever the amount, makes a tremendous difference. Help ensure NCRM remains independent long into the future. Support progressive journalism with a one-time contribution to NCRM, or click here to become a subscriber. Thank you. Click here to donate by check.