$2 billion, between friends

Is President Trump’s commerce secretary a fabulist who has vastly overstated his wealth or a public official compromised by his interest in a company with close links to Russia’s Vladimir Putin? Yes. Forbes dropped the bomb Tuesday: Ross has systematically lied about his fortunes, and by a lot. Last year, as it compiled its list of the 400 richest Americans, the magazine listed Ross’ net worth as $2.9 billion. Ross said the number was wrong, and should have been closer to $3.7 billion.

This year, the gap between perception and reality seemed to grow far wider. After federal financial disclosure forms Ross filed revealed less than $700 million in assets, Forbes was set to remove him from its list entirely.

Ross’ reply: “As long as you explain that the reason is that the assets were put into trust, I’m fine with that.”

Put into trust when, Forbes asked? “Between the election and the nomination,” Ross answered.

Such a transfer of $2 billion in assets to family would trigger huge gift taxes — more than $800 million. Had Ross complied with all applicable laws?

“I am aware of the ethics and tax rules and have complied with all of them,” he told the magazine.

Forbes kept poking around, until Ross’ own Department of Commerce admitted: “There was no major asset transfer to a trust in the period between the election and Secretary Ross’ confirmation.”

Which is to say: $2 billion was, it seems, just fabricated. So Forbes wondered: What else had Ross been lying about? Its conclusion, after interviews with 10 former employees at Ross’ private equity firm: “All confirmed parts of the same story line, his penchant for misleading extended to colleagues and investors, resulting in millions of dollars in fines, tens of millions refunded to backers and numerous lawsuits.”

This all comes the same week Ross’ name turned up in just-leaked reports from an offshore law firm. Documents revealed he maintained a stake — from which he has just divested — in a shipping company paid about $20 million a year to transport gas for a Russian company called Sibur.

Sibur happens to be co-owned by the son-inlaw of one Vladimir Putin. Another co-owner is currently under U.S. sanctions.

Donald Trump sure knows how to pick ’em.