United States Catholics and other interested citizens seemed euphoric as Pope Francis paid their country a visit. Many people love the Pope’s attention to the poor. Pope Francis recently spoke about capitalism and the dangers of worshiping money as a god. The idea expressed by the spiritual leader is that although capitalism does many good things by creating an opportunity for everyone, capitalism without conscience can create more harm than good. One perfect example of the Pope’s warning is a man named Kyle Bass.
Bass was born during the 1960s in Florida. His father later moved the family to Dallas. Kyle attended college at Texas Christian University and in 1992 graduated with a B.A. in Business Administration Finance, and Real Estate Finance. Between 1993 and late 2005 Mr. Bass worked a variety of management positions for a few financial institutions. In December of 2005 he founded Hayman Capital Management L.P. and not long after, in February of 2006, he launched and began managing a hedge fund.
Two short years later Kyle Bass became very well-known in the financial industry in 2008 when he accurately predicted, and profited from, the subprime mortgage bubble. The accuracy of his prediction turned him into a kind of media superstar, and he quickly earned a reputation as an investment fund genius. This reputation did not last long.
Many industry watchers have noticed. Some have even written about Kyle’s fall from his once lofty reputation. The interesting thing about the media and Kyle Bass is an almost direct relationship between his media appearances and the poor performance of his fund. As the number of Kyle’s media appearances increased the successful performance of his fund decreased.
She has defaulted on Argentina’s debt twice in the last 13 years. Bass defends her policies passionately. He has also behaved unethically to protect personal profits by blaming victims instead of car manufacturer General Motors. The car company was trying to dodge responsibility when airbags and faulty power steering caused fatal accidents. As if the skirting responsibility for fatalities was not enough, Bass took another situation to an even more loathsome level. This scam involves pharmaceutical companies, stock manipulation through a variety of techniques, and challenging patents. The result is, because of Bass’s activities people who need the medicines made by these companies cannot get them, and Bass makes money.
At one time, Kyle Bass gained notoriety for his accomplishments. It seems as though Kyle is now working on becoming notorious. Are you watching Pope Francis?