|Citigroup Sells Mortgage Rights to Wilbur Ross Unit (Update2)
By Josh Fineman and Bradley Keoun - February 5, 2009 17:27 EST
Feb. 5 (Bloomberg) -- Citigroup Inc., the U.S. bank that’s shedding businesses
after last year’s record $18.7 billion loss, agreed to sell the
billing-and-collections rights on 185,000 mortgages to Wilbur Ross’s American
Home Mortgage Servicing Inc.
Citigroup will get $1.5 billion, Irving, Texas-based American Home said in an
e-mailed statement. The amount includes rights to mortgage-servicing fees as
well as temporary advances Citigroup made to mortgage investors on behalf of
delinquent borrowers, the company said. The transaction had no material impact
on overall results, said Mark Rodgers, a spokesman for the New York-based bank.
The deal lets Citigroup wind down Citi Residential Lending, a unit formed in
September 2007 when the bank bought mortgage-servicing rights on $45 billion of
loans from ACC Capital Holdings, parent of the now-shuttered subprime lender
Ameriquest Mortgage Co., Rodgers said. The bank consolidated its mortgage
operations in early 2008 and decided not to maintain Citi Residential Lending’s
“In order to realize cost efficiencies in the current environment, Citi
determined that the sale of these rights was a better alternative to retaining
them,” Rodgers said in an interview. As of Sept. 30, Citi Residential held
servicing rights on about 247,000 loans, compared with about 6 million for
Citigroup’s consumer-banking division.
Mortgage-servicing companies get fees for collecting payments from homeowners
and dealing with borrowers who fail to pay.
Ross, who heads the WL Ross & Co. buyout firm, made billions turning around
distressed steel and textile companies. He bought American Home in October in a
bankruptcy auction. It had been a unit of Melville, New York-based American Home
Mortgage Investment Corp.
In an interview, Ross said the Citigroup loans that American Home will service
have a face value of $37 billion and include subprime and Alt-A mortgages. The
deal, which increases the number of loans American Home services by 45 percent
to about 575,000, will improve the overall efficiency of the operations, Ross
“The loans are a great fit with our existing portfolio,” American Home Chief
Executive Officer David Friedman said in a separate statement distributed by on
Citigroup rose 4 cents to $3.53 at 4:15 p.m. in New York Stock Exchange
composite trading. The shares are down 47 percent this year.
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Wilbur Ross's American Home Mortgage faces servicing lawsuits
Billionaire Wilbur Ross's American Home Mortgage Servicing Inc.,
facing lawsuits by attorneys general in two states, was sued by a
homeowner who accused the firm of using tactics that lead to
By Bloomberg News | October 28, 2010
Billionaire Wilbur Ross’s American Home Mortgage Servicing Inc.,
facing lawsuits by attorneys general in two states, was sued by a
homeowner who accused the firm of using tactics that lead to
The lawsuit, filed Oct. 25 in federal court in Dallas, seeks
class-action status on behalf of homeowners with mortgages serviced
by American Home going back to 2006. American Home’s “illegal,
unfair and deceptive business practices victimize borrowers” across
the U.S., according to the complaint.
American Home “routinely and systematically assesses unwarranted
fees against consumers, resulting in premature default that often
gives rise to unfair and improper foreclosure proceedings,”
according to the complaint.
Banks and loan servicers are under scrutiny for their foreclosure
practices following accusations they relied on faulty documentation
to foreclose on people’s homes. Attorneys general in all 50 states
have launched a coordinated investigation into the issue.
The complaint in Dallas, filed by Kay VanHauen of Sanger, Texas,
follows lawsuits by Greg Abbott, the state’s attorney general, and
Ohio Attorney General Richard Cordray. They separately sued American
Home, based in Coppell, Texas, for alleged violations of consumer
Tim Metz, a spokesman for Wilbur Ross, said yesterday Ross wasn’t
available to comment. Metz didn’t return a call for comment today.
Ross, 72, is chief executive officer of WL Ross & Co., a company
that specializes in reorganizing distressed companies. He founded
the New York-based company in 2000 after overseeing the bankruptcy
practice at Rothschild Inc.
WL Ross bought American Home from its bankrupt lender parent in
2008, and later added operations and servicing contracts from H&R
Block Inc., Citigroup Inc. and Taylor, Bean & Whitaker Mortgage
Corp. Servicers collect payments from homeowners, negotiate loan
modifications and foreclose on properties when borrowers default.
In an Oct. 23, 2008, interview with Bloomberg Radio, Ross said
American Home was the second-largest servicer of subprime mortgages
in the U.S. and was “eager” to continue expanding. The company has
servicing operations in Irvine, California, Jacksonville, Florida,
and Pune, India, according to its website.
In his lawsuit, the Ohio Attorney General said American Home
required borrowers to sign loan modifications, forbearance
agreements and security-retention agreements that contain “illegal
and unfair provisions and are unconscionably one- sided” in the
company’s favor. American Home also provided “incompetent,
inadequate and inefficient customer service,” lost documents and
failed to respond to requests by borrowers for assistance, according
to the complaint.
“The acts of some mortgage servicers have gone beyond the point of
being negligent — they have become predatory financial practices and
in Ohio, they won’t be tolerated,” Cordray said in a statement on
Nov. 5, when the lawsuit was filed.
The Texas Attorney General said in his lawsuit that American Home
fails to properly credit homeowners for payments made on their
mortgages; falsely claims borrowers didn’t make payments in order to
justify late fees; and refuses to accept payments allegedly because
a borrower is in default, thereby adding more late charges. The
result, Abbott said, is to render homeowners in default on their
“The cumulative effect of the foregoing acts and practices was to
place more homes into foreclosure than there should have been,”
Abbott said in the Aug. 30 lawsuit.
American Home is among 30 banks and mortgage companies that Abbott
wrote to on Oct. 4, demanding they halt foreclosures in the state
until they ensure that foreclosures that relied on faulty documents
“will be rectified” and that future foreclosures are done with
“legally correct documentation.”
American Home has been reviewing its procedures and is placing
“tighter controls” on document signing and notarization, according
to the attorney general’s office. The company found “a very limited
number of cases” in which a person signing a document may not have
done so in the presence of a notary, according to the attorney
The lawsuit by VanHauen, the Texas homeowner, mirrors allegations
made by the attorney general. American Home, she said, misapplied
mortgage payments on two loans in September 2008 and improperly
assessed fees and other charges. After notifying American Home about
the problem, the company refused to correctly apply the payments. It
treated the loan as being in default and initiated foreclosure
proceedings, according to the complaint.
American Home also charged her for a homeowner insurance policy she
didn’t need and charged her for property taxes she was paying to the
county, according to the complaint. VanHauen proposed that her
lawsuit cover homeowners who have similar complaints against
American Home is facing similar allegations in other lawsuits. In an
April lawsuit filed in federal court in Baltimore, Michael and
Ingrid Landi of Frederick, Maryland, accused American Home of
falsely claiming in October 2009 that they had not made mortgage
payments. American Home has asked the court to dismiss the
In a complaint filed in May in federal court in San Diego, American
Home was accused of foreclosing on a home while it was discussing a
loan modification with the owner, Kenneth Coplin. Coplin said in his
complaint that American Home assured him it didn’t intend to
foreclose or sell the property “in an effort to conceal” its
intention to “mislead” him and “steal” the property.
The cases are Kay VanHauen v. American Home Mortgage Servicing Inc.,
10-02146, U.S. District Court, Northern District of Texas (Dallas);
State of Texas v. American Home Mortgage Servicing Inc., 2010-3307,
District Court of El Paso County, Texas; State of Ohio v. American
Home Mortgage Servicing Inc., 09-708888, Court of Common Pleas,
Cuyahoga County, Ohio; Michael Landi v. American Home Mortgage
Servicing Inc., 10-00921, U.S. District Court, District of Maryland
(Baltimore); Kenneth Coplin v. American Home Mortgage Servicing
Inc., 3:10-cv-01096, U.S. District Court, Southern District of
California (San Diego).
Wilbur Ross, Billionaire Investor, Is Said to Be Trump’s Commerce
By JULIE HIRSCHFELD DAVISNOV. 24, 2016
Continue reading the main story
Wilbur Ross met with President-elect Donald J. Trump at the Trump
National Golf Club in Bedminster, N.J., this week. Credit Hilary
Swift for The New York Times
WASHINGTON — President-elect Donald J. Trump is expected to select
as commerce secretary Wilbur Ross, a billionaire investor who became
known as the “king of bankruptcy” for buying, restructuring and
selling off steel makers and other fading industrial companies,
officials on the transition team said on Thursday.
After choosing national security hard-liners for some of his
earliest appointments, Mr. Trump is now turning to a group of
ultrawealthy conservatives to help steer administration policy.
In addition to Mr. Ross, a generous contributor to his campaign, Mr.
Trump is likely to choose Todd Ricketts, a Republican megadonor who
is an owner of the Chicago Cubs and whose father founded TD
Ameritrade, to be the deputy commerce secretary, the officials said.
And on Wednesday, Mr. Trump said he would name Betsy DeVos, a school
choice activist and Republican fund-raiser, as his education
Graphic: Donald Trump’s Cabinet is Complete. Here’s the Full List.
Mr. Ross, 78, an economic adviser to Mr. Trump’s campaign whose
fortune is estimated by Forbes to be $2.9 billion, is aligned with
Mr. Trump on trade. He says the United States must free itself from
the “bondage” of “bad trade agreements,” and he has advocated
threats of steep tariffs on Chinese goods. Mr. Ross, the chairman of
the private equity firm WL Ross & Company, has also pressed for
cutting the corporate tax rate to 15 percent, from 35 percent, and
reducing taxes and regulations on energy companies.
Continue reading the main story
The Trump White House
The historic moments, head-spinning developments and
inside-the-White House intrigue.
During the general election, he hosted at least one fund-raiser for
Mr. Trump at his home in the Hamptons. There, Mr. Trump, who at the
time was pondering his choice for a running mate, turned his
deliberations into a party game, soliciting opinions from the donors
Mr. Ross also owns a waterfront estate in Palm Beach, Fla., down the
road from Mar-a-Lago, Mr. Trump’s club, which is expected to be his
White House getaway, and where the president-elect was spending
Thanksgiving with his family.
If confirmed by the Senate, Mr. Ross would succeed another wealthy
campaign donor at the helm of an agency charged with promoting
American commercial interests and trade around the world. Penny
Pritzker, President Obama’s commerce secretary, is a billionaire
entrepreneur who was an early financial backer of Mr. Obama and is
an heiress to the Hyatt Hotels fortune.
Unlike Mr. Trump and Mr. Ross, Ms. Pritzker has been a leading
proponent of forging new free-trade agreements. One of her top
priorities was the completion of the Trans-Pacific Partnership, a
sweeping 12-nation accord that Mr. Trump has promised to scrap.
Maggie Haberman contributed reporting from New York.
Billionaire Wilbur Ross Is Expected to Be Easily Confirmed as
Trump Trade Czar Monday
Feb 27, 2017
Billionaire investor Wilbur Ross is expected to be easily confirmed
as U.S. Commerce Secretary on Monday, clearing President Donald
Trump's top trade official to start work on renegotiating trade
relationships with China and Mexico.
The vote will insert a major new voice into Trump's economic team,
one that strongly influenced his criticism of the North American
Free Trade Agreement and a now-scrapped Asia-Pacific trade deal.
Ross' nomination is scheduled for a vote on Monday at around 7 p.m.
It was advanced by the Senate in a 66-31 procedural vote on Feb. 17,
signaling solid support from Democrats.
Part of that support stems from praise that Ross has drawn from the
United Steelworkers union for his efforts in restructuring several
bankrupt steel companies in the early 2000s, saving numerous plants
and thousands of jobs.
But he also has come under criticism from some left-wing groups as
another billionaire in a Trump cabinet that claims to be focused on
the working class, and for being a "vulture" investor who has
eliminated jobs. Reuters reported last month that Ross's companies
have shipped some 2,700 jobs overseas since 2004.
The 79-year-old investor will oversee a sprawling agency with nearly
44,000 employees responsible for combating the dumping of imports
below cost into U.S. markets, collecting census and critical
economic data, weather forecasting, fisheries management, promoting
the United States to foreign investors and regulating the export of
While Commerce secretaries rarely take the spotlight in Washington,
Ross is expected to play an outsize role in pursuing Trump's
campaign pledge to slash U.S. trade deficits and bring manufacturing
jobs back to America.
Trump has designated Ross to lead the renegotiation of NAFTA with
Mexico and Canada, a job that in past administrations would have
been left to the U.S. Trade Representative's office.
Ross will join other major players on the economic team, including
U.S. Treasury Secretary Steven Mnuchin and Gary Cohn, director of
the White House National Economic Council.
Some experts said Ross could serve as a counterweight to advisers
such as Peter Navarro, the University of California-Irvine economics
professor who heads Trump's newly created White House National Trade
Council. Navarro has advocated a controversial 45% across-the-board
tariff on imports from China that Trump threatened during his
"I expect that Ross will quickly become the administration’s chief
trade spokesman, and that Navarro’s influence will be felt
indirectly, rather than through public statements or testimony,"
said Gary Hufbauer, a senior fellow and trade expert at the Peterson
Institute for International Economics.
At his confirmation hearing, Ross downplayed chances of a trade war
with China, while calling it the "most protectionist" large economy.
He vowed to level the playing field for U.S. companies competing
with Chinese imports and those trying to do business in China's
highly restricted economy.
Ross, estimated by Forbes to be worth $2.9 billion, built his
fortune in the late 1990s and early 2000s by investing in distressed
companies in steel, coal, textiles and auto parts, restructuring
them and often benefiting from tariff protections put in place by
the Commerce Department.
A crucial player in President Trump's trade agenda will finally
be allowed to get on the field.
The U.S. Senate voted 72-27 on Monday evening to confirm billionaire
Wilbur Ross as Trump's commerce secretary.
The green light comes nearly three months after Trump first tapped
the famed investor for his cabinet and four weeks after a Senate
committee unanimously voted in favor of his nomination.
Powered by SmartAsset.com
But the confirmation vote was not without controversy. Senate
Minority Leader Charles Schumer took to the floor minutes beforehand
to protest the White House refusing to release written answers from
Ross about the Bank of Cyprus, a bank he is vice chairman of that
has links to Russia.
Democrats had demanded Ross explain his connections to Viktor
Vekselberg, a Bank of Cyprus shareholder who is described as a
friend to Russian President Vladimir Putin.
Schumer, who voted against Ross's nomination, said this inquiry was
"perfectly reasonable" given how "questions about connections
between the Trump administration and Russia have proliferated" in
recent days. Schumer called it another example of the Trump
administration "abandoning transparency."
Ross has indicated he will step down from the Bank of Cyprus after
he takes office.
The White House is expected to hold a swearing-in ceremony for the
new commerce secretary on Tuesday prior to Trump's speech to a joint
session of Congress.
Ross is expected to be a powerful figure in the Trump
administration, leading the way on efforts to renegotiate NAFTA, the
controversial trade agreement with Canada and Mexico.
The 79-year-old will also be a key voice on other trade matters as
well as on Trump's efforts to accelerate economic growth by slashing
taxes and ramping up infrastructure spending.
"Much of the administration's trade agenda has been awaiting the
confirmation of Ross, who is the tip of the presidential spear on
trade matters," Chris Krueger, an analyst at Cowen & Co., wrote in a
report on Monday.
Related: 8 reasons Andrew Puzder's nomination flamed out
During his confirmation hearing in mid-January, Ross pushed for
taking a tough stance on China, which he called the "most
protectionist country of very large countries." The commerce
secretary nominee said countries that resort to "malicious" trading
tactics should be "severely" punished.
Known as the "King of Bankruptcy," Ross made a fortune by working to
resurrect failing companies in the auto, steel and textile
But Ross has also been criticized for shipping jobs overseas at some
of those struggling companies, something that Trump has slammed Ford
(F), Carrier and others for doing. Ross led an auto parts company
that moved jobs to Mexico, while a textile firm he founded opened a
cotton plant in Vietnam that would employ 1,500 workers, The New
York Times reported.
Ross has defended his job creation record. During the hearing, he
said International Automotive Components had "no choice" but to move
some jobs to Mexico at the request of a major customer. Ross also
said that overall, the auto parts company created more U.S. jobs
during this period than it eliminated.
He also said International Textile Group "would have had to shut
down far more domestic activities" if it hadn't moved some
"If you add and subtract, we were a very large net creator of jobs"
in the U.S., Ross said.
Related: Democrats fear recession, Republicans see a boom
Ross has also sought to ease concerns about whether the White House
would try to politicize climate science. Ross pledged in a letter to
Democrat Senator Bill Nelson not to censor or intimidate scientists
who work at NOAA, the agency housed within the Commerce Department
that controls the National Weather Service and conducts research.
To avoid potential conflicts of interest, Ross has pledged to sell
most, though not all, of his empire of financial assets once he's
confirmed. The billionaire's ethics agreement was complicated by his
lengthy investing career and wide array of complex assets.
While Ross will step down from the private equity firm he founded in
1997, he plans to remain a passive investor in nine investment
vehicles related to shipping, mortgage lending and real estate
CNNMoney (New York) First published February 27, 2017: 2:37 PM ET
The Wilbur Ross Scandal Isn’t About Russia, It’s About Corruption
November 8 2017, 5:08 p.m.
Commerce Secretary Wilbur Ross recently promoted his own agency
ethics official, whose job it is to monitor department-wide conduct
for ethical lapses. The promotion came just before Ross received
scrutiny about his investment in the shipping company Navigator
Holdings, which has business ties to Russian oligarchs and members
of the Putin family.
The story played in the mainstream press as evidence of further
Trump administration ties to Russia, but any billionaire with vast
holdings and an interest in the energy industry is likely to have
rubbed up against a few oligarchs and Putin cronies. More to the
point, Ross’s story is one of an unchecked conflict of interest.
Ross has leaned on the judgments of the Commerce Department’s ethics
official, David Maggi, to clear his name after the recent Paradise
Papers revelations. Ross explained repeatedly to the media that he
publicly disclosed the investment and was cleared to retain the
stake by Maggi. Then, his office argued that Ross cannot financially
benefit Navigator, because he recuses himself from all matters
involving transoceanic shipping vessels, as spokesperson James
Rockas told the New York Times and NBC News.
But Maggi was elevated from an alternate designated ethics official
to the permanent position sometime after September 5, according to
records with the Office of Government Ethics. That means that, after
Maggi accepted Ross’s ethics agreement and allowed him to maintain
the shipping investment, Ross — who controls hiring for the position
— rewarded him with a promotion.
Neither of Ross’s defenses against the charge of corruption hold up
under the kind of scrutiny that an independent ethics officer is
expected to apply. In the wake of the release of the Paradise
Papers, Ross on Tuesday decided to divest the holding, an indication
of just how wrong Maggi’s judgment was. The Navigator “disclosure”
was buried inside a vaguely named holding company and unknown to the
Senate committee who vetted Ross. As for recusal, in May, the
commerce secretary personally negotiated a deal to facilitate the
transport of American liquefied natural gas, or LNG, to China. Ross
touted the deal on CNBC, saying it would open the lucrative Chinese
LNG market to American producers and “liberate American energy.” He
has cited LNG as a way to reduce America’s trade deficit.
Those deliveries require a vessel carrying the shipment to cross an
ocean or, in the common vernacular, “transoceanic shipping.”
Navigator happens to hold “the world’s largest fleet of natural gas
carriers” and is well-positioned to transport LNG, particularly out
of the United States. In July, Navigator signed an agreement to
build an export terminal in Houston for petrochemicals. A member of
the Navigator board, Wendy Teramoto, held that position while
serving as a part-time adviser to Ross. Teramoto didn’t resign the
board seat until July 17 and was then hired as Ross’s chief of staff
Another firm in which Ross retains an ownership stake, Diamond S
Shipping, does significant business with China, and like Navigator,
specializes in chartering tankers to oil and gas companies.
None of this should be a surprise. In January, Bloomberg
Businessweek reported this nugget:
On the last day of November, President-elect Donald Trump chose
Wilbur Ross as his nominee for secretary of Commerce. A few hours
later, Ross, a 79-year-old Wall Street multibillionaire, stepped
into Gramercy Tavern, a tasteful restaurant for the Manhattan elite,
off Park Avenue. A wood-beamed and chandeliered private dining room
had been reserved for Navigator Holdings, a liquefied gas shipping
company whose biggest investor is Ross’s private equity firm, WL
Ross & Co. He and David Butters, Navigator’s chief executive
officer, both arrived early. “Your interest is aligned to mine,”
Butters recalls Ross saying. “The U.S. economy will grow, and
Navigator will be a beneficiary.”
Seal of the United States Department of Commerce
Ross’s direct investments in shipping companies while shaping Trump
administration trade policy, which inherently requires
transportation of goods, has been cited by ethics experts as
representing a clear conflict of interest. The relationship between
commerce and shipping is not subtle; the Commerce Department logo
has a sailing ship on it.
“Ross negotiates a plan for LNG shipments. How does that not involve
transoceanic shipping?” asked Jeff Hauser, executive director of the
Revolving Door Project at the Center for Economic and Policy
Research. “How does [Ross] get away with recusal?” The answer could
lie in the peculiar circumstances surrounding Ross’s ethics
Navigator Holdings is indeed listed on Ross’s financial disclosure
form in three different places, as the commerce secretary is quick
to point out. However, the Paradise Papers leak gives more context
to the nature of that investment, and Navigator’s business
relationship with Russian oligarchs. Offshore tax haven entities
controlled by Ross and other financiers hold a 31.5 percent stake in
Navigator, a stake worth $176 million currently. Ross has estimated
the value of his Navigator investment at between $2.05 million and
$10.1 million. WL Ross & Co., Ross’s business vehicle, is still
listed as Navigator’s largest shareholder.
Forbes magazine alleged Tuesday that Ross lied to them about his net
worth, calling into question the veracity of his financial
disclosures. But for the purposes of divining whether a conflict of
interest exists, the more important document is Ross’s ethics
agreement, dated January 15, 2017 and delivered to Maggi, then
listed as an “Alternate Designated Agency Ethics Official” with the
In the agreement, Ross states, “I will not participate personally
and substantially in any particular matter in which I know that I
have a financial interest directly and predictably affected.” The
only out for this is if Ross obtains a written waiver or exemption
allowing him to participate. Rockas, the Commerce Department
spokesperson, told the New York Times that “Secretary Ross has never
had to seek, nor received, any ethics exemption, and he works
closely with Commerce Department ethics officials to ensure the
highest ethical standards.”
In Section 10 of the agreement, Ross details the nine rather obscure
holding companies in which he retains a financial interest (it is
not made clear which holding company the Navigator investment sits
inside), and again commits to recusing himself from all matters
involving them. Ross writes that “the holdings of these entities are
limited to real estate financing and mortgage lending, and
transoceanic shipping.” He adds, referring to Maggi directly: “As
the senior ethics official for the Department of Commerce, you have
advised me that it is not necessary at this time for me to divest
the entities identified in this section.”
Maggi signed off on this agreement in January when he was an
alternate ethics official. As a listing with the Office of
Government Ethics in July shows, the position of Designated Agency
Ethics Official, or DAEO, was vacant. Maggi is still described as an
alternate in a document signed by Ross on September 5; in that
document, Maggi agreed to give Ross a 60-day extension to divest
from certain holdings he promised to shed within 180 days of
Maggi is now listed at the Office of Government Ethics website as
the Commerce Department’s DAEO. Under the law, the head of a federal
agency appoints the DAEO, meaning that Ross promoted Maggi into the
position sometime in the past two months. Maggi’s office did not
respond to a request for the exact date of the promotion or Ross’s
role in the process.
The DAEO signs off on any ethics agreements and monitors day-to-day
ethics issues within the agency. They would be responsible for
issuing waivers for recused officials or providing interpretations
allowing those officials to participate in policy matters.
The situation shows the limits of the federal ethics process. Maggi
is supposed to be the watchdog for Ross on ethics issues. But after
signing off on Ross’s ethics agreement and failing to step in for
months as Ross appeared to involve himself in transoceanic shipping
matters he was supposed to recuse himself from, Maggi then got a
promotion. “The commerce secretary is behaving in a way that’s a
prima facie conflict of interest,” said Hauser. “The designated
ethics official should rein him in. He hasn’t, and he owes his job
During his confirmation hearings, Ross promised “to be quite
scrupulous about recusal and any topic where there is the slightest
scintilla of doubt.” He was asked about his investment in Diamond S
Shipping, specifically its business dealings with China. Ross
refused under questioning from Sen. Maria Cantwell, D-Wash., to
recuse himself from broader agency functions like oil spill
monitoring, instead agreeing to “rely on the monitoring and judgment
of the Department’s ethics officials to ensure that I do not
participate in any matter about which they advise me that a conflict
of interest would arise.”
This is a familiar move for Ross, deferring to ethics officials to
sanction his conduct; he said the same thing to Forbes. In this
case, it puts the onus on an ethics official who Ross promoted and
could remove at his discretion.
Sen. Richard Blumenthal, D-Conn., alleged in a statement that Ross’s
failure to reveal the full nature of his investment in Navigator
“misled me, the Senate Commerce Committee, and the American people.”
He likened Ross’s financial statements to “a Russian nesting doll,”
with conflicts of interests buried within vague-sounding holding
companies. Blumenthal has called for an Inspector General
investigation into Ross’s financial holdings.
Tom Barrack, CEO of Colony Capital speaks during the final day of
the Republican National Convention in Cleveland, Thursday, July 21,
2016. (AP Photo/Carolyn Kaster)
Top Trump Ally Tom Barrack Made a $1.5 Million Loan to Paul Manafort
Mueller: Trump Campaign Adviser George Papadopoulos Hunted for
“Dirt” in “Thousands of Emails”
FILE -- Paul Manafort, Donald Trump's former campaign manager, in
New York, May 4, 2016. A shell company created by Manafort the day
he resigned as campaign manager received $13 million in loans from
two businesses with ties to Trump, which appear to be part of an
effort by Manafort to stave off a personal financial crisis. (Damon
Winter/ The New York Times)
Paul Manafort’s Alleged Money-Laundering Scheme Was Exposed Months
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