SOURCE: American Thinker
URL:
http://www.americanthinker.com/blog/2016/05/chelseas_husband_shuts_down_hedge_fund_after_losing_90_of_investors_money.htmlBY: Thomas Lifson
Mark Mezvinsky is lucky that his wife comes from a fabulously wealthy family. How else would the plucky young couple, soon to be parents of two children, afford the luxury ten million dollar apartment in a fashionable section of Manhattan? Certainly not through his financial genius. The New York Times reports:
It was a hedge fund portfolio pitched by Hillary Clinton’s son-in-law, Marc Mezvinsky, as an opportunity to bet on a Greek economic revival.
Now, two years later, the Greece-focused fund is shutting down, after losing nearly 90 percent of its value, according to two investors with direct knowledge of the matter who spoke on the condition of anonymity.
Investors were told last month that the fund would close. The fund, Eaglevale Hellenic Opportunity, had raised $25 million from investors to buy Greek bank stocks and government debt.
The kid was betting on a bankrupt welfare state’s ability to right its course, Hahahaha! He should blame his parents, both former Democrat members of Congress (and one – the father – an ex-con imprisoned for fraud). Nobody but a clueless liberal would bet serious money on a welfare state reforming itself. Yet somehow young Mezvinsky, was able to raise $25 mill. Of course, being such a scion, he had some help:
Eaglevale Partners, a Manhattan hedge fund firm founded by Mr. Mezvinsky and two former Goldman Sachs colleagues, raised money for the Hellenic fund at a time when some on Wall Street had hopes for a revival in the Greek economy. For a time, Mr. Mezvinsky appeared at hedge fund conferences promoting the Greece investment thesis.
I wonder if MM had his own money in the fund? If not, then he is out nothing (except reputation), and almost certainly made nice management fees for setting up sucyh a loser.
But hey, Democrats (and especially Clintons) are about no consequences for bad decisions.
At least Chelsea and her beau have comparable track records at work. Chelsea’s performance as a highly paid NC correspondent was so awful that the network did not renew her contract. And her job at high-powered McKinsey & Company didn’t last very long, either. No wonder Mommy and Daddy want her to enter politics.
