Thursday, November 17, 2016

12 Coal Miners Died On This Man’s Watch in 2006. Now Trump Wants to Make Him Commerce Secretary. | Portside

12 Coal Miners Died On This Man’s Watch in 2006. Now Trump Wants to Make Him Commerce Secretary. | Portside

Ross made his money collecting “distressed assets”—failing steel and textile mills in the midwest and south, and coal mines in Appalachia. Dubbed the “The King of Bankruptcy,” Ross cut jobs, wages, pensions, and health benefits at the companies he acquired, and reaped the profits. In the early 2000s, Ross’s foray into the steel industry netted him a $267 million personal windfall, but stripped health care benefits from more than 150,000 retired steelworkers. Then he moved on to the coal industry, at one point controlling as much as $1.2 billion in coal assets through his company, the International Coal Group.

  

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