So began the mystery of Wilbur Ross’ missing $2 billion. And after one month of digging, Forbes is confident it has found the answer: That money never existed. It seems clear that Ross lied to us, the latest in an apparent sequence of fibs, exaggerations, omissions, fabrications and whoppers that have been going on with Forbes since 2004. In addition to just padding his ego, Ross’ machinations helped bolster his standing in a way that translated into business opportunities. And based on our interviews with ten former employees at Ross’ private equity firm, WL Ross & Co., who all confirmed parts of the same story line, his penchant for misleading extended to colleagues and investors, resulting in millions of dollars in fines, tens of millions refunded to backers and numerous lawsuits. Additionally, according to six U.S. senators, Ross failed to initially mention 19 suits in response to a questionnaire during his confirmation process.
Nearly a week before this article went to press, both Ross and his team at the Commerce Department were sent a detailed list of questions. “Secretary Ross has filed all required disclosures in accordance with the law and in consultation with both legal counsel and ethics officials at the Department of Commerce and Office of Government Ethics. As we have said before, any misunderstanding from your previous conversation with Secretary Ross is unfortunate.” They declined to provide further answers on the record.