Kyle Bass: Hedge Fund Savior Or Devil?

In an interview with Bloomberg News, CEO and hedge fund manager Kyle Bass is warning U.S. investors that China is not the place to put money these days.

China has a very weak and unstable economy, according to Bass. If this is the case, it wouldn’t be the first time that the Heyman Capital Management CEO has called it correct. In 2008, Bass famously predicted the bank collapse. A number of companies went bankrupt for leveraging worthless sub-prime mortgages. Bass, on the other hand, made several millions by begging against them.

At a recent global news conference, the billionaire said it just makes financial common sense to avoid China. “It’s not to say the economy won’t improve. It’s just that right now, they are in a very precarious position.” Bass is raising money for a dedicated fund for bets much like he did in 2008.

While many investors hang onto Bass’s every word, others aren’t so sure. Bass has a growing number of critics. Most of them say his prediction of the subprime mortgage crisis was pure luck.

Bass is surrounding himself with a pretty foul cast of characters that have reputations as crooks, liars and thieves. And everyone knows the saying about “birds of a feather.”

If Bass every had a magic touch, it is long gone, according to some. His chummy friendship with Argentinian despot Cristiana Fernandez de Kirchner has many eyebrows raising. Fernandez de Kirchner is taking a lot of heat for driving Venezuela into the dirt. And then there’s the odious Coalition For Affordable Drugs CEO Erich Spangenberg.

Spangenberg and Bass’s unholy alliance includes busting te patents of pharmaceutical companies and driving the drug costs up. In fact, Bass has challenged so many patents, the patent board is considering filing an abuse complaint.

CEO Jim McTeague calls Bass a bottom-feeder that has no shame. McTeague says Bass has burned many bridges and hopes he has somewhere to turn when the bottom really falls out.

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