August 14, 2008 11:10AM

The King of Bankruptcy

By Alexis Glick

So I bait you yesterday with my Goldman blog about how much I loved yesterday’s guest lineup, and then I forget to post this blog about Wilbur Ross. Age… it can do wonders to your brain cells!

Yesterday on The Opening Bell, billionaire investor Wilbur Ross joined me to discuss his last couple of investments, how he feels about the subprime crisis and why he thinks there are opportunities for him to make money by investing in smaller, regional, commercial banks.

To be honest with you, it was my first time meeting Mr. Ross. As many of you already know, his history, his background — or better yet, his performance — has been tremendous. He is, without a doubt, one of the best known turnaround specialists in the world. Some have even called him “the king of bankruptcy.” The thing that amazes me about people like him is that when you meet him in person, you have no idea that he’s a billionaire. He is understated, kind, generous and very level-headed.

After we completed the interview, I asked him about the upcoming election and the areas of the economy that he is watching the closest. Frankly, as you’ll see in our interview, he is not satisfied with either candidates economic plans. He is for offshore drilling and was happy to see Obama shift his position on that. He also talked about health care and whether the health care plans by both candidates can make a dent. He’s one bright guy. How does one become that smart?

3 Responses to “The King of Bankruptcy”

Comment by chuck

August 14th, 2008 at 11:47 am

Wilbur Ross will be pleased that there’s a lot of people who don’t like niether candiates economic plans. Politicans don’t problems unlike thier private sector leaders they tend not to think out thier plans. Like Obama going against drilling for example when the public is for it. But would one turn around a subprime crisis or credit crunch? that would be a reall challenge to do. Sometimes just throwing money at a problem doesn’t solve it.
Comment by Shel Swartz

August 14th, 2008 at 2:01 pm

We need to realize that politicians are rarely experts at anything, except at how to become elected. No scientists, no economists, etc. they call elections “beauty contests” for obvious reasons. Dapper and erudite Obama is being swooned over by (mainly if not al) Black women; McCain is romanced by both sexes for his tough yet compassionate disposition.

We are about to vote for one idiot over another. When people finally realize that any job of substance requires a strong resume - not just rhetoric, or smiles on TV - then just maybe we will have the option to place qualified people into office.

In my opinion - and I am a conservative - since both candidates believe in the hoax of global warming, and because neither have expressed solid solutions for today’s major issues, both are simply empty suits.
Comment by Harish Vembu

August 14th, 2008 at 2:33 pm

I am an outsider from India . But similar story on other side of the world.

Only time will tell who is worthy or not.

“Proof of the pudding” is always in eating. Governing a country is lot different from managing a company. But some basics do apply.

Best Regards