In his new memoir, 'Risks and Returns,' Wilbur Ross, the renowned investor known as the 'King of Bankruptcy,' recounts his remarkable 55-year career navigating the world of finance. From his early days on Wall Street to his role as Secretary of Commerce under President Trump, Ross shares captivating anecdotes and insights into the triumphs and challenges he faced along the way.
Ross’s anecdotes do indeed paint a picture of financial life in the fast lane. For example, there’s the time that, during the Federated Department Stores hearings, a professor says, “Mr. Chairman, investment bankers are to the financial system what mud wrestlers are to the performing arts.” It was one of his earliest and most unforgettable moments in corporate life.
The subtitle of the book, “Creating Success in Business and Life,” is not so much a roadmap for young financiers, but rather the path Ross took to reach the pinnacle of his profession. It is colored with fascinating anecdotes from his Harvard Business School days to his start on Wall Street to his counsel with some of the giants of business to his Cabinet position under Trump.
Ross was raised by parents who were Democrats but early in his adult life he switches to the Republican Party and eventually lands the Cabinet position under Trump. While he finds the role rewarding, he is also subject to the whims of the commander in chief. A 6:30 a.m. call from Trump demanding he go on TV to oppose the Fed’s decision to raise rates is nothing out of the ordinary.
You’ll also find some of the author’s ideas to improve the political system and our regulatory environment.
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