Ep 94: A Conversation with Turnaround King & U.S. Commerce Secretary Wilbur Ross

Wilbur Ross is one of the great turnaround artists in modern finance. Dubbed the "King of Bankruptcy," he restructured over $400 billion of assets, saving companies — and jobs — in distressed industries like steel, coal, and textiles. In 2016, he went to Washington as U.S. Commerce Secretary to take on a similar mission and defend American companies and workers in high-stakes trade negotiations, particularly with China. We were privileged to host Wilbur for a conversation about his storied career and new book: “ Risks and Returns : Creating Success in Business and Life." We began with his investment philosophy and how he reshaped Wall Street, including his close relationship with Mike Milken and the inception of leveraged buyouts. Wilbur also recalls going head-to-head with Donald Trump during the bankruptcy negotiations for the Taj Mahal Casino in Atlantic City, and explains how that interaction led him to become one of the first Wall Street leaders to support Trump's candidacy for president. Next, we dive into his tenure as Commerce Secretary and the ongoing debates over U.S. trade policy. He shares his favorite Trump story — an early interaction with Chinese President Xi Jinping — as well as the accomplishments he's most proud of, like regulatory relief, and what he wishes the administration had done differently: act faster and more boldly! Wilbur is a patriot and leader we can all learn from, and hope you'll check out his new book. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit blog.joelonsdale.com