Trump picks 'king of bankruptcy' as Commerce secretary

Posted online December 1, 2016 | 12:42 pm

President-elect Donald Trump tapped billionaire businessman Wilbur Ross as the next Commerce secretary.

Known as "the king of bankruptcy," Ross is known for buying troubled companies on the cheap and selling them for billions of dollars in profit.

The 79-year old veteran private-equity investor's wealth is estimated at $2.9 billion.

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