The New Establishment Summit is an annual event designed to bring together industry leaders in varying areas. From technology to media to finances, professional success stories from around the world are shipped in to give speeches and rub elbows with one another, potentially leading to lucrative enterprises. This year’s Summit will feature the CEO of Amazon.com and the Vice President of Apple. It will also feature billionaire financier Kyle Bass, who is known for his controversial moves on Wall Street.
Though originally from Argentina, contemporarily Kyle Bass lives in Austin, Texas. There, Kyle Bass operates a hedge fund called Hayman Capital Management. While the fund performs average-at-best when compared against other financial entities or a similar kind, Bass’ main squeeze seems to be in tangent to that fund. Think about the Coalition for Affordable Drugs, or CAD as it’s called. Bass uses this group as leverage forcing big-ticket pharmaceuticals into decimating prices on their drugs. This also decimates their stock, allowing Bass to short-sell his holdings and make a small fortune. The consequences of this are the loss of future research and development opportunities when such R&D departments are cut by the pharmaceuticals so the companies don’t have to go bankrupt.
Kyle Bass is also very friendly with Cristina Fernandez de Kirchner, socialist despot in presidency of Argentina at current. She’s defaulted Argentina no less than two times in only thirteen years, yet Kyle Bass can’t find enough good things to say about the woman.
Considering that the 2016 New Establishment Summit is supposed to bring together the world’s best for the benefit of the world, it seems very strange that Bass should be brought in as a guest speaker. His ideal seems toward destruction rather than construction; historically this has always been how he makes his money. If the New Establishment Summit vets unethical activity like that, it definitely causes one to pause and consider the implications.