The New Establishment Summit of 2016 will be held October 19th and 20th in San Francisco. It will feature a number of well-known speakers; among them the CEO of Amazon and the Vice President of Apple. Additionally, billionaire Kyle Bass has been added to the Summit in a controversial move that has many financiers keenly focusing on the event.
Kyle Bass is perhaps best known for his 2008 short-sell of sub-prime loans on Wall Street. Bass saw that the American housing market was headed for a dive that would undercut the prime investment banks of the area, so he made his financial wagers accordingly. In the end, Bass made a fortune and gained instant international media recognition.
But Kyle Bass is a desperate gambler, and has a number of skeletons in his closet. Some of them he’s trying to play off as natural residents, perhaps; like CAD, the Coalition for Affordable Drugs. CAD is a scam that Bass regularly exercises publicly. It involves tricking the sick into getting lawsuits filed and petitions put into action against big-ticket pharmaceutical companies. The net result is a loss in stock value for the pharmaceuticals. When the stock drop hits, Bass is quick to short-sell his holdings with those companies, making a fortune. Meanwhile, the companies are forced to cut funding to departments who can’t regularly demonstrate ROI. One department that struggles in quantifiably consistent Return On Investment is Research and Development. As a result, it is often cut when budgetary concerns begin directing a pharmaceutical organization, and the final result is that the sick are in many ways worse off than they had been previously: at least then new cures were on the horizon.
In addition to CAD, there’s Cristina Fernandez de Kirchner. No, the skeleton reference isn’t a crack at her physique; but it is a crack at her poor financial leadership of Argentina, whom she has economically defaulted twice in just thirteen years. Yet Kyle Bass continuously supports the decisions of this socialistic despot.
Considering CAD and de Kirchner, billionaire Kyle Bass’ presence at the New Establishment Summit of 2016 silhouettes an alarming financial perspective among the elite.