Bill Ackman is out, after his disastrous foray into JC Penney (and before that, Herbalife) where he took major losses and contributed nothing of value or fresh perspective to the embattled retailer.
So now a new group of clueless hedge fund morons comes in, this time headed by none other than "Japan is going to experience a debt collapse," Kyle Bass. Bass has been putting on quite the dummy show in the past ten months telling everyone who would listen (mostly CNBC) that Japan won't be able to find enough "external funding" to pay its debts (which are in yen and which, last time I checked, are created solely by the Japanese government).
I guess Bass has now decided to focus his Einstein-like intellect on the retail sector and, seriously, that ought to be fun to watch.
I'm wondering if Bass might decide to take some cues from a fellow "genius" hedge funder, Eddie Lampert, you know, the Libertarian, Ayn Rand espousing, CEO of Sears Holdings (Sears, K-Mart), the American retailing icon that he has been phenomenally successful in destroying?
Line 'em up, folks. Whether we're talking about Bass or Lampert or Ackman or Paulson or Cohen or even Jamie Dimon and Goldman, this is what American capitalism has devolved into. A bunch of privileged, whiny, egotistical, arrogant, sociopathic jerks playing casino games with vast amounts of chips who leave a path of destruction in their wake everyhwhere they go that the rest of America has to swim through.
