Before he was named Commerce Secretary, most knew Wilbur Ross (Trades, Portfolio) as an investor in distressed assets. As Europe’s financial crisis produced these in abundance, Ross found several in which to ply his strategy. Ross bought Bank of Cyprus shares for 24 cents in the summer that year and became director and vice president of the bank that fall. Upon his confirmation as Treasury Secretary, Ross said he would quit those roles but that the funds of WL Ross & Co. would keep their shareholdings, the company said in a statement. One reason WL Ross & Co. wanted to keep its 1.6% stake, Bloomberg reported, is the loss on the investment.

Source: Forbes April 05, 2017 20:06 UTC