Forbes says Commerce Secretary Wilbur Ross lied about being a billionaire [View all]

[mobeau69]

Source: CNBC

Turns out Commerce Secretary Wilbur Ross may have greatly exaggerated his wealth, according to a report from Forbes.

Just a year ago, Forbes listed Ross' net worth at $2.9 billion and included him in the Forbes 400 list of the richest Americans by net worth. The new report says Ross had just under $700 million in assets. It cited financial-disclosure forms filed by Ross after being nominated for his Commerce secretary.

After Forbes learned about this, the magazine said, it wanted to remove Ross from the Forbes 400. Ross protested, according to the report, telling the magazine it wasn't taking into account some trusts created for his family, which add "more than $2 billion" to his net worth and which he did not have to disclose in federal filings.

But the magazine said that after "one month of digging," it is confident that the more than $2 billion never existed. It said it removed him when it updated its list of richest Americans last month.


Read more: https://www.cnbc.com/2017/11/07/forbes-commerce-secretary-wilbur-ross-lied-about-being-a-billionaire.html

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What's noteworthy isn't the fact that he's not a billionaire but that he feels the need to lie about it.

Birds of a feather...