Vanity Fair has recently made an announcement pertaining to speakers who will attend the 2016 New Establishment Summit. This year’s Summit will be held in San Francisco. The dates it will take place are October 19th and 20th. This Summit is another in a long line of events which seek to bring together leaders in business and technology. To that end, it’s very interesting to consider that billionaire Kyle Bass will also be speaking at the event.
Kyle Bass is best known for making a fortune by betting against sub-prime loans in 2008. He predicted the market would implode and was correct. As a result, he has become well-known in financial media circles. Bass has also had no shortage of political exploits, even using them to his own financial advantage. Take a look at CAD, the Coalition for Affordable Drugs. This pseudo-humanitarian group operates under the guise of philanthropic support for the sick. It acts as their champion, helping to fight battles against big-ticket pharmaceuticals in order that they are forced to diminish the price they sell drugs for. When the pharmaceutical companies lose stock value, Kyle Bass conveniently short sells his holdings and gets away with millions. Meanwhile, the pharmaceuticals have to cut research and development funding because those departments don’t have quantifiable returns on a regular basis, meaning the sick lose future breakthroughs that may have only been weeks away. In a nutshell: Bass uses CAD to legally manipulate the economy.
In addition to CAD, Bass has close ties to a socialist leader who has ruined her country economically. In only thirteen years, Cristina Fernandez de Kirchner has managed to default Argentina. She did this two times during that period. Yet Kyle Bass continuously offers his support to the woman. This either means his financial success is due to luck, or subscription to a financial paradigm which differs from many American ethical practices.