Wilbur Ross, Trump's Commerce pick, offshored 2,700 jobs since 2004

[DonViejo]

Source: Reuters

Tue Jan 17, 2017 | 8:37am EST

By Andy Sullivan | WASHINGTON

Billionaire Wilbur Ross, chosen by Donald Trump to help implement the president-elect's trade agenda, earned his fortune in part by running businesses that have offshored thousands of U.S. jobs, according to Labor Department data attained by Reuters.

As a high-stakes investor a decade ago, Ross specialized in turning around troubled manufacturing companies at a time when the U.S. economy was losing more than 100,000 jobs yearly due to global trade. A Senate confirmation hearing on his nomination to become commerce secretary is set for Wednesday.

Supporters say Ross saved thousands of U.S. jobs by rescuing firms from failure. Data attained by Reuters through a Freedom of Information Act request shows that rescue effort came at a price: textile, finance and auto-parts companies controlled by the private-equity titan eliminated about 2,700 U.S. positions since 2004 because they shipped production to other countries, according to a Labor Department program that assists workers who lose their jobs due to global trade. [For a graphic click tmsnrt.rs/2iYIJWa]

The figures, which have not previously been disclosed, amount to a small fraction of the U.S. economy, which sees employment fluctuate by the tens of thousands of jobs each month. But Ross's track record clashes with Trump's promise to protect American workers from the ravages of global trade.

Read more: http://www.reuters.com/article/us-usa-trump-jobs-idUSKBN1510FM

[rickford66]

1. If he brings back those 2,700 jobs, he's a hero !!

It's the Trump shell game. Now on sale nation wide.

[LA-Italian]

2. Vetting Process Still Ongoing

Seems many of Trumpansky's wealthier cabinet picks haven't completed the vetting process so unsure how the various confirmation committees can conduct confirmation hearings without the vetting process completed. I think there's a few who can't pass muster because they are dirty business people; Wilbur Ross being one of them. Certainly gives "filthy rich" a new meaning.

[kimbutgar]

3. He was one of those vultures who broke up companies and sold off assets

And stole people's pensions.

Great pick thump.

[mahatmakanejeeves]

4. Supporters say....

Last edited Tue Jan 17, 2017, 01:34 PM - Edit history (1)

Supporters say Ross saved thousands of U.S. jobs by rescuing firms from failure. Data attained by Reuters through a Freedom of Information Act request shows that rescue effort came at a price: textile, finance and auto-parts companies controlled by the private-equity titan eliminated about 2,700 U.S. positions since 2004 because they shipped production to other countries, according to a Labor Department program that assists workers who lose their jobs due to global trade. {For a graphic click tmsnrt.rs/2iYIJWa}.

The figures, which have not previously been disclosed, amount to a small fraction of the U.S. economy, which sees employment fluctuate by the tens of thousands of jobs each month. But Ross's track record clashes with Trump's promise to protect American workers from the ravages of global trade.

Recently, Trump claimed credit for saving 800 jobs at a Carrier Corp. factory in Indiana, even touring the plant to shake hands with employees. He has targeted Ford Motor Co and other automakers to keep hundreds of jobs inside the U.S. borders.

U.S. Department of Labor Trade Adjustment Assistance Program:

ETA Home Trade Act Program: TAA for Workers

[Yo_Mama_Been_Loggin]

5. One of the slimiest critters in the drained swamp