Some of the Terrible Career Moves Kyle Bass has Made Read more

Some of the Terrible Career Moves Kyle Bass has Made

Kyle Bass is an American investor who is best known for his 2008 prediction of the financial recession that affected economies around the world. Many of the largest banks in the United States were giving out loans to people who were underqualified, and high risk debtors. Around 2007, many of these debtors started to default on their loans. Since many other debtors were defaulting, thousands of other debtors started to default on their debts, too. Bass was able to profit from this by investing in credit default swaps against those major banks being able to receive the amounts for their loans without taking losses.

Most people would think that Kyle Bass has had a sought-after career simply because he made that correct prediction back in 2008, but that is very far from the truth. Bass has made countless negative career decisions, the list being so long that it’s hard to pinpoint all of the times he has goofed up in his career.

Kyle Bass is known to have stocks invested in General Motors, and did not pull out his investments after GM had to issue a giant recall of certain lines of vehicles that had faulty tires. GM had no knowledge of some of their vehicles being produced with faulty facets, but the tires provided by Firestone turned out to be faulty. Many drivers of the vehicles and consumers who purchased the car experienced injuries and some of them died. When someone asked Bass as to what he thought about the whole situation, he blamed the consumers for purchasing the cars — not General Motors for allowing the faulty vehicles to be sent out for sale.

Bass has been featured on several financial news shows, and is known to have incorrectly predicted the economic collapse of Japan for five years in a row, from 2010 to 2014. To this very day, Japan’s economy has failed to collapse, proving Kyle Bass is not as good of an investors as many thought of him to be. After all, every dog has his day.

Kyle Bass has most recently been featured in headlines because of the lawsuit he filed against Acorda Therapeutics, Inc., and tried to rip the company of their patent to the landmark multiple sclerosis drug, Ampyra. Pharmaceutical companies that own the rights to patents are able to raise the price, since there are no other competitors that can produce that product. Bass acted behind his coalition and said that he filed the lawsuit for the betterment of the consumers, but the court decided to rule against Bass, because he was simply seeking a profit. Many people would have benefited from cheaper drugs, but Ampyra would probably have not been produced if Acorda knew they could not patent the drug.