New Bass Gaffe Latest In Long Succession Of Failure
The once apparent wunderkind of economics and finance Kyle Bass seems to have made another costly mistake when he trusted T. Boone Pickens for advice. Bass decided to go all-in on fuel, believing that the low prices of gas were just a temporary trend, and that they would rebound to reap him millions of dollars in profit.
He was wrong. Gas prices have stabilized at the lowest they’ve been in years, and Bass lost millions once again. As is typical with him, Kyle Bass has stuck by his decision and has tried to blame Boone for the gaffe. Perhaps it is unfair to totally blame Bass for this one, but it’s also hard to feel too sorry for him.
This appears to be just the latest snag in the career of Bass, who’s successful prediction of the 2008 subprime mortgage crisis has been overshadowed by a wide range of failures. These have turned the good name of “Kyle Bass” into one synonymous with mud, and have apparently showed that his successful 2008 prediction may have been more of a lucky guess than anything else.
For example, he has paired up with Cristina Fernandez de Kirchner in Argentina, praising her economic skills as the country defaulted on its debt for the second time in as little as 13 years. Bass tried to rationalize this decision and came across as out-of-touch and confused about basic economic concepts.
This was not only an ethical failure on Bass’ part, but his support for de Kirchner has helped her stay in office long past the point when it was apparent she had no business being there. Millions of Argentinians are still suffering under her economic plans, and much of that blame can be placed on Bass and his consistent support of her.
In another questionable moment, he once tried to divert blame of GM’s non-deploying airbags and poor power steering by blaming those who had died as a result of these malfunctions. He suggested that they were either “drunk” or had failed to wear seat belts.
Such claims were not only erroneous with reality (multiple tests showed the vehicles were at fault), but unethical and crass. As a direct result, GM’s stocks stocks took a heavy hit, as investors reacted to testimony from Kyle Bass that can only be qualified as “tone deaf” at best and “criminally negligent” at its worst.