Insiders

David Stockman is 'wrong' - Ross

April 05, 2013 at 11:35 am EDT

MarketScreener.com By The editorial team

ANCHOR (OFF-CAM) ENGLISH SAYING:

Former White House Budget Director David Stockman has been painting a dooms day scenario for the US markets with stocks and bonds collapsing over the next few years. Now, this seems to conflict with your growth in 2014. What do you think of these statements?

WILBUR ROSS, CEO, WL ROSS & CO. (ENGLISH) SAYING:

Well, I think he's wrong. I have great deal of respect for David Stockman but I think he simply is wrong on this score. I'm more frankly inclined to agree with Paul Krugman's assessment. This is sort of conventional Republican Party line. I just don't think it's right.

ANCHOR (OFF-CAM) ENGLISH SAYING:

He also said when the bubble bursts, there'll be no bailouts and it's kind of era of zero sum austerity and political conflict.

WILBUR ROSS, CEO, WL ROSS & CO. (ENGLISH) SAYING:

Well, I think the political conflict is already here. All you have to do is pick up the papers about what's going on in Washington, or more properly, what's not going on other than everybody pointing fingers at everybody else. But as to whether there would be another bailout, I think if another bailout is needed, there will be another bailout.

ANCHOR (OFF-CAM) ENGLISH SAYING:

Let's move over to Europe. You own 45% of Virgin Money, 9% stake in Bank of Ireland, is Europe still attractive after everything that's gone down in Cyprus?

WILBUR ROSS, CEO, WL ROSS & CO. (ENGLISH) SAYING:

Well, let's talk about Cyprus. Cyprus is basically a rounding era itself. It's 0.2% of the EU economy. What's important about Cyprus is the way that the EU tried to handle the problem. Cyprus's issue is that their bank deposits overwhelm their country because of very lose laws about compliance and because of tax considerations.

Wilbur Ross

Wilbur L. Ross, Jr. (November 28, 1937) is an American investor known for restructuring failed companies in industries such as steel, coal, telecommunications, foreign investment and textiles. He specializes in leveraged buyouts and distressed businesses. As of August 2014, Forbes magazine lists Ross as one of the world's billionaires with a net worth of $2.9 billion. he has been bottom-fishing in mortgages and mortgage companies. He apparently commands far greater sums than his net worth would suggest.

Early life
Ross was born in Weehawken, New Jersey He drove two hours a day from New Jersey to attend the elite Catholic college preparatory Xavier High School in Manhattan. He ran track and was captain of the rifle team. He earned a B.A. from Yale College, which was also his father's alma mater. At Yale, Ross edited one of the literary magazines and worked at the radio station. Initially, he wanted to be a writer, but after his experience in a fiction class requiring 500 words daily, he concluded that he had "run out of material." His faculty adviser at Yale helped him get his first summer job on Wall Street. He earned his M.B.A. at Harvard Business School. Ross owns 25 Magrittes including some of the artist's most valuable paintings such as The Pilgrim. WL Ross & Co. was acquired by Amvescap (now Invesco) in 2006.

International Steel Group
Wilbur Ross at first had support of the local Steelworkers Union, negotiating a deal with them to "save" Pennsylvania's steel industry.

International Textile Group (ITG)
Ross combined Burlington Industries and Cone Mills in 2004 to form [[Internation

Source @ Wikipedia

View full profile

Linked companies
Absolute Recovery Hedge Fund LP	Chief Executive Officer
Marquis Who's Who LLC Marquis Who's Who LLC Publishing: Books/MagazinesConsumer Services For over 100 years, Who's Who in America has provided accurate, concise biographies of notable Americans. That was the mission of founder, Albert Nelson Marquis, whose First Edition in 1899 featured 8,602 distinguished people. Today, the Marquis Who's Who family of directories has grown to include the biographies of millions of leaders and achievers from around the world, and from every significant field of endeavor. Corporate executives, journalists, personnel recruiters, librarians, researchers, students, and many others consult its information databases for in-depth information they can use with confidence.	Chairman

Linked companies

Absolute Recovery Hedge Fund LP

Chief Executive Officer