Kyle Bass, the founder of Hayman Capital Management, started his success in a seemingly bright light. He successfully predicted the housing market crash that virtually turned him into a over-night success story only dreams were made of. Instead of building off of that he has since plummeted to the depths that could possibly rival Bernie Madoff. Many business decisions and shady partnerships later, he has all but erased his 2008 success.
His strange relationship with Argentina’s Cristina Fernández de Kirchner, who has done more damage to Argentina’s economy than anyone has in decades before, that he defended like a lost puppy dog by stating that New York Judge Thomas Griesa’s ruling in favor of all the creditors to be repaid is “immoral”. Bass also stated “they were “holding poor countries as hostages” and “holding up 42 million people from progress.” This alone has created a cloud of uncertainty, and to some, disgust.
Another example of Kyle Bass’s decline comes in UsefulStooges and his dealings with GM. After the the multiple deaths caused by faulty air bags in GM cars, his ethical meter dipped farther in the red. His defense of his investment in GM took Bass to an all time low by stating that the victims were either inebriated or did not have their seat belts on. This is on top of the fact that GM knew about the situation and did not act on it.
Most recently, he has placed his focus on ruining the pharmaceutical industry with, what seems to be, a greed driven train that is hurting the patients that are waiting for much needed medication. His master plan was simple. Zone in on certain pharmaceutical companies, short-sell their stocks, then challenge one or more of their patents via a front organization, the Coalition for Affordable Drugs, which was put together to support his plan. This despicable business practice not only hurts the patients but makes the pharmaceutical companies less inclined to move forward with medical research.
These outrageous actions are catching up with him. The PTAB (Patent Trial and Appeals Board) is trying to move forward with sanctions and pushing very hard to tag him with extortion charges. All this has left so many wondering what could have happened to a once successful Hedge-Fund manager to push him to the depths he has lowered himself to now.