Posted on 02/04/2015 9:34:38 AM PST by Jack Black
The Wall Street Journal has a revealing report on the hedge fund Eaglevale Partners LP, which is run by Hillary Clinton's son-in-law, Marc Mezvinsky. The fund, it turns out, bet big on a turnaround in the Greece economy -- and lost.
"Eaglevale Partners LP, founded by Marc Mezvinsky and two former colleagues from Goldman Sachs Group Inc., told investors in a letter sent last week they had been 'incorrect' on Greece, helping produce losses for the firm’s main fund during two of the past three years, according to the letter. Mr. Mezvinsky married Chelsea Clinton, the former first daughter, in 2010," reports the Journal.
"The main fund dropped 3.6% last year, far trailing the 5.7% rise for similar hedge funds tracked by HFR Inc. …
"A smaller Eaglevale fund focused only on Greece plunged 48% last year, said the person familiar with the situation, hurt by the belief Greece’s economy will see a quick rebound."
But perhaps most revealing is this fact: The CEO of Goldman Sachs is a key investor in the fund:
Among investors in Eaglevale’s main fund is Goldman Sachs Chairman and Chief Executive Lloyd Blankfein , people familiar with the matter said.
Blankfein appears key to the enterprise because, well, Goldman Sachs has helped raise capital for the fund:
Related Stories Mitt and Ann Romney to Lunch With Chelsea Clinton and ... Clinton Foundation Accepted $25,000 from Known ... Hillary Makes 'Announcement' … to Ask for Cash for ... Bill Clinton: We're Not Out of Touch, We Talk to ... The Clinton Campaign for Dollars: Shock and Awe More by Daniel Halper White House Chief of Staff Sent to San Francisco to ... Sessions: 'We Took an Oath to Defend the Constitution, ... Report: Harry Reid Fast-Tracked Visas to Chinese ... Report: Secret 'Talks About Talks' Taking Place ... Obama's Defense Budget Well Below Gates's Proposal From the start, Eaglevale’s moves have been closely followed, investors said, partly because of Mr. Mezvinsky’s family connection. Ahead of the firm’s launch, Goldman Sachs hosted group sessions for prospective investors that drew standing-room-only crowds. The investment bank is one of the firm’s prime brokers, which help hedge funds execute trades and introduce them to potential backers.
The founders’ pedigree helped raise them money, investors said. One of Mr. Mezvinsky’s partners, Bennett Grau, got his start at J. Aron & Co., the commodity-trading arm that produced many of Goldman Sachs’s current leaders, including Mr. Blankfein.
Of course being related to a former president and perhaps future president has apparently been helpful to Mezvinsky's enterprise as well.
Daniel Halper is the author of Clinton, Inc.: The Audacious Rebuilding of a Political Machine.
The Clinton, Bush and Obama admins were all clogged full of Goldman guys, and the deference given to them in the TARP bailouts, stinks.
They were a big part of the sub-prime disaster that led to the Great Recession. They paid at least half a billion dollars in fines, but for them, that's chump change.
A Ted Cruz vs. Hillary race will mean Goldman Sachs insiders in the families of both candidates, and a 100% chance they will continue to have undue influence at the highest levels of government through yet another administration.
Not to worry.
Have Hillary dust off her cattle futures trading skills, and the loss will be recovered in no time at all.
I sorta thought these money folks were somehow smart: Why would anyone bet on Greece?
The loans they got barely kept them afloat and they owe that back. As I understand it, they have some shipping but not a lot else...certainly not enough to stay afloat on tourists, yogurt and wine.
So I am not understanding any investor interest.
Invest in Greece! It’s a no-brainer! Look at those interest rates! And it’s led by big-gov socialists.
What could possibly go wrong?
Mr. niteowl77
Can I ask a stupid question?
With liberal angst about the 1% and Occupy Wall Street, etc. Why is it that liberals do not criticize liberals who work for hedge funds or work in he financial industry??? Liberals are very critical of wealthy people such as Mitt Romney and critical of investments made by his funds. But we never hear liberals criticize the same done by liberals. Here we see the son in law of the Clintons running a hedge fund. Aren’t hedge funds supposed to be evil??? And don’t these investment groups put companies out of business, as Romney was charged with mass layoffs at companies he invested in???
Lift up a rock and you’ll find some inbred Clinton crony deal that gets them or their family rich. Their ability to money-grub knows no bounds.
Play stupid games, win stupid prizes.
The answer is simple. They are liberals.
Not a stupid question at all.
The Left never questions the wealth of the Hollywood crowd or Leftist supporting capitalists.
It is a shame that many conservative folks left money to foundations that became far left loony bins over time.
Criticism is reserved only for the Right and one of the purposes is to deflect criticism away from the Left and onto the back of the evil Right.
Even those who straddle the fence and support both sides (Koch Bros.) are skewered if one dollar goes to a Rightist cause.
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