As Anthony Scaramucci learned the hard way, selling your business to the Chinese is a no-no in the Trump administration, one potentially punishable by exile to a luxurious ambassadorial residence. Remaining in business with the Chinese government while running the Commerce Department? Well, that’s no problem at all.
Wilbur Ross Jr. plans to keep millions of dollars invested in offshore entities whose values could be affected by policies that he implements as commerce secretary….
He plans to hold on to investments in an oil-tanker company and 10 other entities that invest in shipping and real-estate financing, according to federal financial-disclosure and ethics filings….
They include a co-investment with the Chinese government’s sovereign- wealth fund in Diamond S Shipping Group Inc., one of the world’s largest owners and operators of medium-range oil tankers, according to its website….
Negotiating with and responding to China will be one of Mr. Ross’s responsibilities as commerce secretary.
Now, we’ve already noted that unwinding a lifetime’s worth of private-equity acquisitions was going to be a real bear, and anyway Trump Cabinet officials are allowed to retain a keepsake or two (or 11) from their previous lives. Plus, Ross promises he’ll be a good boy and not allow his judgment to be clouded when making decisions that could make him money.
A spokesman said Mr. Ross has committed that, if confirmed as commerce secretary, “he will faithfully execute the law and the commitments in his ethics agreement, and will follow the advice of the department’s ethics officials.”