What Does He Know? Ross Dumps Stocks, Buys Treasuries After "Ethics Warning"

Commerce Secretary Wilbur Ross has been reprimanded by federal ethics officials for failing to sell individual stocks that he had agreed to divest within three months of his confirmation (he was confirmed in February 2017), creating "the potential for a serious criminal violation." Claiming that he had forgotten about the remainder of his stake, Ross earned himself an additional 15% return when he finally cashed out of his remaining Invesco shares as equity prices continued to rise after his confirmation. As part of his ethics agreement, Ross pledged to divest his Invesco holdings and other equities within 90 days of his confirmation, and more complex assets within 180 days, according to Bloomberg

Ross
Wilbur Ross

Then again, perhaps investors should interpret Ross's decision to finally sell as a warning, given that one of the men in charge of the US economy has sold the rest of his stocks and is buying Treasury bonds - hardly an encouraging indicator for the economy.

In fact, Ross hasn't just sold stocks - in some cases, he's gone short, saying that he's shorted shares of holdings to which he doesn't have access. Ross has reportedly taken short positions in five stocks.

Ross shorted shares of Navigator Holdings Inc., a company in which he owns a $250,000 stake, even though he wasn't required to under his ethics agreement after he found out the New York Times was readying a story about his holdings in the company.

Ross defended the lapse by arguing that he has many complex investments and that it's difficult to keep track of them all. Ethics officer David Apol said Ross's negligence "may have negatively affected" public trust in the administration. Apol also faulted Ross for the short sales.

Ross defended himself in a statement. "My investments were complex and included hundreds of items," he said, adding that he "self-reported" his errors, and worked with Commerce’s ethics office to avoid conflicts. Ross said that to restore public trust, he would sell equities he was allowed to retain under his ethics agreement and place the proceeds in U.S. Treasury securities.

Ross also sold between $20 million and $50 million worth of Invesco shares last December, about eight months after he had promised to divest them, explaining that he mistakenly believed the holdings had already been sold. The shares increased in value by 15.5 percent in the interim.

Invesco, an investment management company, acquired Ross’s company, WL Ross & Co. LLC. in 2006.

In reports filed with OGE, Ross also disclosed late sales of at least $250,000 worth of stock in Greenbrier Companies Inc. and $1,000 in Sun Bancorp Inc. in December, and at least $50,000 in Air Lease Corp. in June, long after he was supposed to divest them. In each case, Ross explained he had been unaware that he still held the assets.

Ross received a 90-day extension beyond a May 15 deadline to file his financial disclosure for 2017. Apol urged the Commerce secretary to "devote the resources necessary" to ensure the report is accurate, and avoid "any self-help" remedies in future attempts to comply with ethics rules.

Ross disclosed assets worth at least $336 million ahead of his Senate confirmation hearing. He's believed to have a net worth of $860 million. But Ross has not only retained his investment in Navigator, which some lawmakers said raised a "clear" conflict of interest, he's also retained investments in private-equity investments mostly tied to foreign property markets. Given the character of his investments, it's probably prudent for investors to ask themselves: 'Why is he selling now'? And 'what does he know that I don't?

Read the ethics officer's letter below:

Wilbur Ross Letter July 12 by Zerohedge on Scribd

 

Comments

PrayingMantis tmosley Fri, 07/13/2018 - 08:15 Permalink

 

   ... as a reminder, Ross is Rothschild’s managing director and here’s a snap shot  ...  “This is billionaire financier, Wilbur Ross and his wife Hilary Geary - Ross is the Grand Swipe or chief of Kappa Beta Phi, a secret society for elite Wall Street bankers” ... >>> http://www.dailymail.co.uk/news/article-2562087/Behind-curtains-Wall-Streets-secret-society-Where-cross-dressing-new-members-make-bad-jokes-Hilary-Clinton-drunkenly-mock-Main-Street-laugh-financial-crisis.html 

 

... >>> http://nymag.com/daily/intelligencer/2014/02/revealed-members-of-kappa-beta-phi.html ...

 

    ... Ross got the job as Commerce Secretary for helping Trump when 4 of Trump’s companies needed bankruptcy bailouts ... Ross (Rothschild’s Trump-handler) didn’t do it because he liked Trump ... it was Rothschild’s directives ... something about Trump’s ownership of the money- and drug-laundering of Resorts International and one of RI’s Board of Directors was a Rothschild ... connect the dots ...

 

   @tmosley “I wouldn’t read too much into it” ... is like “turning a blind black eye” ... when it comes to Trump’s worshippers ...

 

 

... “ ... This was detailed in a Bloomberg article from March 22, 1992.

The connection between Baron Edmond de Rothschild, being one of the original principle investors of Resorts International, and Rothschild Inc. allowing Donald Trump to retain “ownership” over the Atlantic City casinos, which saved him from bankruptcy, should not be considered a coincidence.

Great wealth can both create and destroy men of perceived consequence.

Donald Trump landed on his feet when ironically the real estate market in New York turned and his wealth increased dramatically once more. From there the Trump Empire continued to roll forward and eventually expanded its brand into the realm of reality television, the newest method of socioeconomic and cultural engineering.

For those wondering, Wilbur L. Ross Jr. spent 24 years at the New York office of Rothschild Inc. In the late 1990’s he started a $200 million fund at Rothschild Inc. to invest in distressed assets.  In 2000, on April Fool’s day, Ross raised an additional $450 million to invest in troubled companies. The timing of this strategy could not have been better, as this report from New York Magazine stated:

“The 2000–1 rolling stock-market crash, 9/11, and a globally synchronous recession pushed scores of companies into bankruptcy. New Economy highfliers like Enron, WorldCom, and Global Crossing went bust. But so did Old Economy stalwarts in industries like steel and textiles—victims of excess capacity, global competition, and generous union contracts.”

So it’s of course no surprise that billionaire investor Wilbur L. Ross Jr. would support the nomination of Donald Trump for president in this Bloomberg article dated March 9, 2016. ... “ ...

 

... read more here ... >>> “How Rothschild Inc. Saved Donald Trump” ... >>> https://philosophyofmetrics.com/how-rothschild-inc-saved-donald-trump-freepom/ ...

 

... here’s more on Trump’s ownership of Resorts International ...

     ... “ ... St. George pointed out that many of these casino resorts run by the mob through a variety of front men have actually been engaged in a de facto partnership with behind-the-scenes mobsters who have assisted the CIA and the Mossad in massive laundering of drug and gambling profits that have been channeled into covert operations of the two allied
intelligence agencies. In return, the CIA and the Mossad, using their own influence, have provided “protection” for the illegally fixed gambling operations, preventing law enforcement authorities from cracking down on this corruption.

Where does would-be president Trump fit into the picture? To find the answer, one must turn to the murky origins of Resorts International.

Resorts evolved from a CIA front company set up in the early 1950s by then-CIA director Allen W. Dulles and his close associate, three-term New York Governor Thomas E. Dewey, political functionary in the so-called “Rockefeller Republican” wing of the GOP. ... “ ...

   ... “ ... In 1963, Mary Carter Paint spun off its paint division and during the next several years began developing its casino operations, particularly in the Bahamas. In 1967-68, Mary Carter Paint officially changed its name to Resorts International and began massive international expansion. The Spotlight determined that several principal investors provided the funds and assets for the venture:

• Meyer Lansky, the acknowledged “chairman of the board” and chief financier of the underworld gambling syndicate, who maintained his own longstanding ties to not only Israel and the Mossad, but also the CIA and the American intelligence community;

• David Rockefeller, head of the Rockefeller financial empire, who provided his family’s clout and CIA and global banking connections to assist in the operation;

• The Investors Overseas Service (IOS), then the world’s largest flight-capital conglomerate, controlling assets worth $2.5 billion.

• Tibor Rosenbaum, who was not only the Mossad’s Swiss-based chief financier behind covert arms deals but also the head of the Banque De Credit Internationale of Geneva, the Lansky syndicate’s chief European money laundry; and

• Baron Edmond de Rothschild of the European banking family and a personal business partner of Rosenbaum in Rosenbaum’s Mossad-related ventures ranging far and wide; and lastly,

• William Mellon Hitchcock, one of the heirs to the Mellon family fortune (one of America’s largest private family fortunes, which, for many years, has also maintained close ties with the CIA). ... “ ... 

      ... read the rest of Trump-owned Resorts International’s history here ... >>> http://americanfreepress.net/who-towers-behind-trump/?print=print ...

 

In reply to by tmosley

LeadPipeDreams PrayingMantis Fri, 07/13/2018 - 11:42 Permalink

Yes - Trump is a compromised player doing the bidding of his ZioNazi handlers.  I think there is some credence to claims that Trump has been directed to oversee and take the fall for the eventual economic collapse.  Based on a political timetable, it could happen right prior to the next primary, and another compromised but socialist (really they are all fascist) puppet like Bernie Sanders will take the reigns to mop up the remnants of our once republican free market system.

In reply to by PrayingMantis

resistedliving tmosley Fri, 07/13/2018 - 11:18 Permalink

Riiigghhtttt

Wilbur Ross is and looks like the original Poster Child for Swamp Creature...only he's our Sec. of Tammany Hall I mean Commerce.

nothing to read here.  Move on.  Riiigghhtttt

Tower of secrets: the Russian money behind a Donald Trump skyscraper

The Trump Toronto reveals the links between a shadowy world of post-Soviet money and a future president

https://www.ft.com/trumptoronto

 

In reply to by tmosley

Clock Crasher Fri, 07/13/2018 - 07:05 Permalink

what does he know that you don't? 

Rates are going back to zero before going negative and hes going to make a fucking killing short squeezing bond bears.  

No Gold will not rally on the news.. It will fucking implode to within -5% of mining costs.  

To Hell In A H… DingleBarryObummer Fri, 07/13/2018 - 07:18 Permalink

Wilbur Ross worked for the Rothschild's directly and he advocated bailing out Trump when his Casino ventures was about to go belly up and bankrupt. Orange Jesus one of the few men in the history of mankind, to go bankrupt in the gambling business. lol

Decades later Mr Ross gets the commerce secretary job. That is how you drain the fucking swamp Trumptards. 2020! WOOT! 4 more years.

#MIGA#

In reply to by DingleBarryObummer

To Hell In A H… Mikko Dee Fri, 07/13/2018 - 09:00 Permalink

You are just another example of a Muppet clown, who shows total illogical devotion to Orange Jesus. You are just as deluded in your defence of Orange Jesus, as the Libtard Hope & Changers were in their awe of Black Jesus. Both Black and Orange Jesus serve the same fucking masters you gargantuan fool. Get off the Uniparty plantation and wake the fuck up.

In reply to by Mikko Dee

Arnold Fri, 07/13/2018 - 07:09 Permalink

I am sympathetic.

I have $50 million sitting around lost in my portfolio that I did not pay attention to.

It is easy to miss chump change.

mark1955 Fri, 07/13/2018 - 07:10 Permalink

Warning...Today is FRIDAY THE 13th, Otherwise known by satanist as FALSE FLAG Friday!!!

 

Possible False Flags for today: 1. FBI Staged Mass "Shooting", with "Ghost Guns" being the weapon of choice to Try and create an excuse for more Gun Control and Ban so-called "Ghost Guns".

 

                                            2. US/Israeli Staged False Flag chemical attack blamed Falsely on President Assad and the Syrian military, to Try and create a pretext for the American military to stay in Syria indefinitely.

 

                                           3. Israeli Staged False Flag attack against it's military blamed Falsely on Iran!

 

                                           4. Possible "Tonkin Gulf" Naval style False Flag, between US Navy vs China/North Korea blamed Falsely on China!

 

 

                       There are Many other possible False Flags the Rothschild/Rockefeller's could Try and Stage today and this is just a small list.

 

 

DingleBarryObummer Fri, 07/13/2018 - 07:11 Permalink

Ross defended the lapse by arguing that he has many complex investments and that it's difficult to keep track of them all.

Well you should have simplified your portfolio if you can't keep track of it you fucking dickhead!