FYI:
Wilbur Ross is known for buying struggling companies and "turning them around", or turning them inside out and selling the pieces. This was a strategy used by the late Jack Kemp Cooke, who would buy businesses that were struggling, and then flip them, knowing they may not get back every cent, but also knowing that the losses could negate his tax liability.
So in flipping off these companies, and letting people lose their jobs, guys like Jack Kemp Cooke could avoid taxes.
Wilbur Ross is known for buying struggling companies and "turning them around", or turning them inside out and selling the pieces. This was a strategy used by the late Jack Kemp Cooke, who would buy businesses that were struggling, and then flip them, knowing they may not get back every cent, but also knowing that the losses could negate his tax liability.
So in flipping off these companies, and letting people lose their jobs, guys like Jack Kemp Cooke could avoid taxes.