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People don’t often think of controversy when they think of Hedge funds, but Kyle Bass has been stirring it up for almost a decade. Currently he’s saying that he’s devised a strategy to deal with repayment plans in Asian markets. Bass believes because of lending to Chinese institutions that are allowing for loans in excess of their GDP, there will soon be a “breath” in the Asian economy. Bass is forecasting the bursting of a bubble, in effect.
Will he be correct in his assessment? Well, the folks over at UsefulStooges aren’t so sure. Kyle Bass hit the scene by successfully predicting poor credit history and subprime lending crisis that facilitated the 2008 economic collapse. Immediately heralded as some kind of financial guru, the media had their darling for a while, and Bass was quick to capitalize. Realizing that momentum is momentum regardless of veracity, he quickly began making borrowing online a number of appearances on a number of television shows, and was wont to “pontificate”, as the UsefulStooges.com article puts it, with startling regularity.
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Bass is also responsible for a sneaky little scheme that is talked about on Wikipedia that legally scams pharmaceutical companies out of a great deal of money. What he’s done is to set up an antagonist pharmaceutical organization that yet promotes pharmaceuticals. That organization is the Coalition for Affordable Drugs. Their existence as a public entity has lowered stock prices on pharmaceuticals, which Kyle Bass has then short-sold. Basically he knew their credit situation was going to drop, and he played off that knowledge. It’s like insider trading, but the way in which Bass has orchestrated it is entirely legally legitimate. The net result is that congressmen on either side of the aisle have begun scrambling to find installment loans by which Bass’ loophole can be covered. When money is threatened, suddenly politicians in America seem to be remarkably bipartisan!