Kyle Bass, a onetime favorite hedge-funder is being seen in a different light these days. Bass predicted the 2008 mortgage crisis and for some time appeared to have the “magic touch” in regard to making money and predicting the market. However, as of late, his true colors have been showing. From his relationship with Argentina’s former President Cristina Fernandez de Kirchner, to his handling of the GM airbag cases, and now the pharmaceutical patent suits, Bass is truly showing his true motives. It is clear that protecting his own investment is much more important than anything or anyone else.
Amid numerous accusations, former Argentina President, Cristina Fernandez de Kirchner receives nothing but praise from Kyle Bass. After defaulting on Argentina’s sovereign debt, Bass has defended her actions which led to the default. He even went as far as to criticize companies that insisted on full payment of debt, calling these companies “immoral” and suggesting that they were holding Argentina hostage and keeping the citizens of Argentina from progressing. This said to the companies owed instead of putting blame where it should be with Kirchner.
Another demonstration of the faulty character of Bass was the way in which he handled the GM airbag law suit. In an effort to protect his investments in GM, Bass truly showed himself for the slime that he is. GM was charged with having defective airbags that killed several passengers. What did Bass do? Well, he went on national TV and tried to place the blame from the faulty airbags to the victims. He stooped so low to say that the victims were either drunk or had not been wearing seatbelts.
Once again, Bass is making headlines. This time his target is on pharmaceutical firms. He is teaming with the “world’s most notorious patent troll,” Erich Spangenberg. The scheme this time is to short-sell the pharmaceutical firms stock, then challenge for their patents via the Coalition for Affordable Drugs, which was set up for this purpose. Bass has tried to make people that his motives are for the people and that this will cause pharmaceuticals to go down. Although the reality is that when the stocks go down, Bass moves in, then prices go up and the funds for medical research go down. This sick scheme of his actually harms millions who rely on these products to treat symptoms or even prolong their lives.
There is no depth deep enough for Kyle Bass to sink. These schemes have brought unfavorable notoriety to the once star of finances. His reputation is deteriorating with good cause after affiliating with Argentina’s Kirchner, to blaming innocent victims, and now his actions are taking away much needed pharmaceutical.