It’s 2016, and the year’s New Establishment Financial Summit is closing in. According to Vanity Fair, it’s going to happen on the 19th and 20th of October and feature some extremely noteworthy speakers, like the reclusive CEO of Amazon.com, and the Vice President of Apple. Included in the list of speakers is a rather surprising one, however: Kyle Bass.
As Useful Stooges was first to point out, Kyle Bass is best known for his role in the 2008 financial meltdown. Initially, he made a large fortune betting against sub-prime mortgages. This fortune brought him into the crosshairs of the financial media. He’s had a platform ever since. In later years, he’s become famous as one of the gentlemen ultimately responsible in initiating the collapse. Bass was employed with Bear-Stearns. Shortly after that employment relationship ceased, Bass met a journalist and let him know some inside information pertaining to trading practices within the financial banking industry. That journalist asked a probing question with this information the following Monday, and by the end of the week Bear-Stearns had lost so much stock value that J.P. Morgan-Chase was forced to buy them out. This would be but the beginning of sorrows. By September, all five big investment banks would collapse, facilitating the infamous recessionary bailout. And Kyle Bass was almost like an inciting domino in that collapse. He didn’t set up the blocks, but he did have a big hand in setting them to tumble. No wonder he made a fortune in September.
Additionally, Kyle Bass has been suspected of socialistic tendencies by some. He has close ties to Cristina Fernandez de Kirchner, socialist despot of Argentina. The woman seems to be dedicated to poor financial decisions. Two times in only thirteen years Argentina economically defaulted due to her poor leadership. Both times, Kyle Bass did not have any financial criticisms. How could a financier who makes millions from his economic calls have no negative opinion when a socialist despot wrecks his own country unless he himself has similar ideals?
With these things in mind, Kyle Bass’ recent inclusion into the New Establishment Summit event has many scratching their heads.