Chelsea's Husband to Close Greek Hedge Fund After Losing 90% of Value

[LiberalArkie]

Chelsea Clinton's husband is reportedly closing his Greek hedge fund. The news from Marc Mezvinsky comes after the fund is said to have lost 90 percent of its value.

"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," the New York Times reports.

"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.

Snip

http://www.weeklystandard.com/article/2002345

[CentralCoaster]

1. Of course, Hillary's son in law made a fucking bundle, but the investors took the loss.

amiright?

[dumbcat]

16. The investors took a chance

and lost. They knew what they were doing. It's like gambling. The House always wins, the players, not so much.

[R. Daneel Olivaw]

20. It's all about risk... Nothing is certain...

[NewImproved Deal]

30. Except bailouts for well-connected Oligarchs.

Don't forget bailouts for well-connected Oligarchs...

[iandhr]

38. The difference is Hedge Funds are small enough to fail

[R. Daneel Olivaw]

51. You would have to bring up "free stuff."

I expect you'll be wanting your tax-funded bailout as well?

Unless you are a legacy kid at Yale or Harvard then you'll just have to wait.

[malaise]

2. OK then

[CentralCoaster]

35. These people, making billions and producing nothing of value.

It's uncanny, it's unnatural, and to think that they could be in the community teaching or helping or something.

I'm with you.

[brewens]

3. Boy I bet that Mezvinsky dude lost his ass! Or maybe not right? Shitweasle probably raked off

the top and made a fortune!

[Angel Martin]

12. typical hedge fund expense ratio is "2 and 20"

that is, the people running the hedge fund get 2% of assets per year, and 20% of any profits (but they do not share in the losses).

So, young Mezvinsky got 2% of $25 million for several years...

no pity party for him here

[brewens]

14. So if you have a name, or some other angle to attract clients, you could run a complete

shit show! Roll the dice and really rake it in if you hit big, but still do great if you find enough suckers.

[GummyBearz]

15. Yes

That is their job description. These guys have the best freakin legal con job imaginable. I'm amazed rich people keep giving them money to lose... but it is their money, and fool and their money will soon be parted.

My investments are up an average of 25% in the last 10 months, but since I didn't marry Chelsea there is no way someone would give me $25M to manage :p

[Angel Martin]

17. you don't know the half of it

John Meriwether was the principal in Long Term capital Management. LTCM failed in 1998 and caused the mini financial crisis of that year.

Then he set up JWM Partners LLC which had $3 billion under management until 2008 when it failed.

He has since set up JM Advisers and is back in the game with $100 mil + under management


Ever our fine friend Jon Corzine is trying to start a hedge fund - but he is apparently having trouble raising money.

[JonathanRackham]

4. I doubt he'll get a job in the Sanders administration.

[InAbLuEsTaTe]

34. Haha that's for sure! Good thing Hillary's gonna lose... he wuda prolly get the Treasury Secretary job.

Bernie & Elizabeth 2016!!!

[PatrickforO]

5. LOL. Didn't exactly beat the market, did he?

But think about the basic premise of the fund (Hellenic opportunity) in the face of what's been going on in Greece for the last several years. By making this 'bet' on a Greek revival, Mezvinsky was 'betting' against the very, very powerful European bankers in the IMF. Bad idea. Ya think?

[GummyBearz]

19. Its pretty amazing

The US market went on a tear over the last 10 months and this guy lost money betting on Greece?? I have a feeling he doesn't know his ass from a hole in the ground. Good thing for him that he married into money

[JustABozoOnThisBus]

49. She married money

The Mezvinsky's dad made a bundle on various Ponzi schemes. The Mezvinskies and Clintons were friends from way before the "kids" were thinking about dating. So papa Mezvinsky did a little time at Club Fed, he's still wealthy.

[CountAllVotes]

6. Poor fool

Must really suck to be rich and lose 90% of a hedge fund. I mean like

for you Mr. Rich 1%'er!

[cali]

7. And you know he made.out like the proverbial bandit

[egalitegirl]

8. So he had a hedge fund job and not a productive one?

What is wrong with these people? Why can they not work to do something positive for the world? They only seem to become lawyers or become part of Wall Street. He needs to get a real job. Chelsea too needs to get a real job. Neither of them have worked in a real job contributing to society.

[CountAllVotes]

9. Nail on head

n/t

[tk2kewl]

13. but they cant bring themselves to "worry about money"

[Scootaloo]

37. I grit my teeth every time that line is mentioned.

[arcane1]

32. " contributing to society" isn't what good liberals do anymore. No money in it n.t

[marmar]

10. Fleecing ain't easy.

[just4lulzidk]

11. uh oh. chelsea might have to get a job at wal-mart... on the board of directors of course

[CountAllVotes]

18. What!?

just4lulzidk & Welcome to the Democratic Underground !!

No job for her at McDonald's? Poor thing!

[Blue_Tires]

21. Now we're posting Weekly Standard links on DU?

I don't recognize this site anymore...

[meaculpa2011]

22. I read the story in the NYT. n/t

[Blue_Tires]

24. Did I miss something?

Is Chelsea running for office or something?

[LiberalArkie]

25. This is "General Discussion" not GD-P

[Blue_Tires]

27. For the love of Christ

at least find a link that isn't from the Weekly Fuckin' Standard...

[LiberalArkie]

28. You can look at the site DemocraticUnderground.com on the front page for the post

in Latest Breaking News.

http://www.democraticunderground.com/10141445705

Which links to the conservative site New York Tmes

http://mobile.nytimes.com/2016/05/11/business/dealbook/clinton-son-in-laws-firm-is-said-to-close-greece-hedge-fund.html?smid=tw-nytimesbusiness&smtyp=cur&_r=2&referer=http://www.weeklystandard.com/article/2002345

[LiberalArkie]

26. Sorry your feeling got hurt. Here is another link

http://www.democraticunderground.com/10141445705


http://mobile.nytimes.com/2016/05/11/business/dealbook/clinton-son-in-laws-firm-is-said-to-close-greece-hedge-fund.html?smid=tw-nytimesbusiness&smtyp=cur&_r=2&referer=http://www.weeklystandard.com/article/2002345

[Blue_Tires]

29. Oh don't go through all that trouble on my account, arkie

And no apology is needed since DU killed any "feelings" I might have had long ago...

By all means, please carry on

[R. Daneel Olivaw]

52. Wow. Some are so easily bruised.

[Blue_Tires]

54. Not taking the bait, but thanks for showing you care

[R. Daneel Olivaw]

56. You don't have to respond, but bless you jus the same.

[meaculpa2011]

23. Chelsea Clinton Mezvinsky just couldn't...

bring herself to care about money.

Apparently her husband doesn't care about money either, as long as it's other people's money.

[pangaia]

31. +1,584,697

[Agnosticsherbet]

33. A hedge fund that bet on Greece's economy improving was probably a bit optimistic.

[Major Nikon]

36. Cattle futures would have been the safe bet

[zalinda]

41. Except Hillary's name was probably mentioned to close the investors. eom

[egalitegirl]

43. Risky for common people, not risky for fund managers

Fund managers who play with pension funds destroy lives by investing in risky hedge funds but they get fat salaries regardless of the outcome.

So there is no incentive for these managers to stay away from risky hedge funds and they probably invested in it for the connections.

Whatever it is, the failure proves that Chelsea and her husband are not at all intelligent and complete failures.

[egalitegirl]

45. Other people's money

Fund managers think it is other people's money. So they don't care and they invest in order to help politicians.

Chelsea has also been in the hedge fund world and so it is plain common sense that her advice went into this failure and so this failure is an indicator of her real level of intelligence along with her husband's intelligence level.

[SmittynMo]

40. The acorn does not fall far from the tree. n/t

[egalitegirl]

46. Really dumb!

Everyone flees Greece while he actually invests in Greece. Really? Is this the level of intellect?

[Angel Martin]

57. I guess he is a "contrarian" investor nt

[Capt. Obvious]

47. Really now? The Weekly Fucking Standard?

[Jesus Malverde]

48. Why Is Hillary Clinton's Jewish Son-In-Law Avoiding Campaign Spotlight?

Though she’s pregnant with her second child, Chelsea Clinton, the former first daughter, has taken center stage in the current election cycle, campaigning for her mother frequently during this primary season. So has the former president, and would-be first first husband, Bill Clinton.

But one member of the Clinton clan has been notably absent, even on the stages where family members serve as a backdrop for Hillary Clinton’s victory speeches. Marc Mezvinsky, Chelsea Clinton’s spouse and son-in-law to the Democratic front-runner, has stayed home in New York.

This absence is not due to any lack of prior involvement in politics. Like Chelsea Clinton, Mezvinsky was born into politics and grew up surrounded by political ambition and the scandal that sometimes accompanies it. Both his parents were members of Congress, and his father later served time in federal prison for fraud. But as a campaign surrogate, Mezvinsky, a wealthy hedge fund manager and alumnus of Goldman Sachs, might not represent the image Hillary Clinton is seeking to project right now in her epic primary match against left-wing populist Bernie Sanders. Instead, the 38-year-old investment banker has been going to his job and tending to the couple’s 16-month-old daughter, Charlotte.

snip

There, in the early 1990s, Mezvinsky became involved in numerous scams that defrauded friends and investors of $10 million. He pleaded guilty in 2001 to charges of bank fraud, mail fraud and wire fraud, and was sentenced to an eight-year prison term. Mezvinsky was released under federal probation in 2008.

http://forward.com/news/334269/why-is-hillary-clintons-jewish-son-in-law-avoiding-campaign-spotlight/

[Eleanors38]

50. Tin horn. Thinks he's Gold Sacks, or an accountant in Panama.

[alarimer]

53. It's called "failing upwards"

Trust fund baby with no useful skills bilks investors. It wouldn't surprise me to see him inside of Club Fed, just like dear old dad, except his political connections would not allow that.

I loathe everyone like him. Both he and Chelsea could be doing good in this world. Instead they are more 1% parasites.

[Rex]

55. Well he can do what Trump did when he lost a huge amount of money.

Appeal to the government for a free handout. Trump got 800 million from Reagan's WH.