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| Chelsea Clinton's Husband Shuts Down Greek Hedge Fund |
| 2016-05-11 |
| You can't fix stupid. Long positions on Greek government & bank debt? Really? Mr. Chelsea Clinton and his partners began raising money in 2011 from investors for the firm’s flagship fund. Since then, that portfolio has posted uneven performance. A Stanford University graduate, Mr. Mezvinsky worked at Goldman for eight years before leaving to join a private equity firm. He left that job to form Eaglevale with two longtime Goldman partners, Bennett Grau and Mark Mallon. The hedge fund firm is named after a bridge in Central Park. As noted above, some of the firm’s earliest investors were Goldman partners, including Lloyd C. Blankfein, Goldman’s chief executive officer, who let Eaglevale use his name in marketing the flagship fund. Ironically this is in addition to the hundreds of thousands of dollars that Goldman paid to Marc's mother-in-law. One almost wonders who "benefits" Goldman was seeking to get out of this particular relationship. But on a less sarcastic note, we agree with the NYT that it is not at all clear why Eaglevale waited until this year to close the Hellenic fund, which already had lost about 40% of its value by early last year. Perhaps it was just hope that the Greek people would simply pick up and rebuild the devastated economy from scratch, ideally without getting paid (the word slavery comes to mind), thereby miraculously rescuing his investment. In letters to investors in 2014, Mezvinsky and his partners expressed confidence that Greece would soon be on the path to a "sustainable recovery." But by the end of that year, Eaglevale’s leaders began to acknowledge that their perspective on the situation in Greece may have been wrong. The fund had earlier stopped taking in new money. |
| Posted by:Raj |
| #3 One of finance's junior Pig Men meets a setback. |
| Posted by: Anguper Hupomosing9418 2016-05-11 16:09 |
| #2 Perhaps they finally figured out that they aren't going to get a piece of that Bailout Pie - even if there is one. |
| Posted by: CrazyFool 2016-05-11 13:24 |
| #1 You can only get just so much blood out of a turnip.[/sarc] |
| Posted by: AlmostAnonymous5839 2016-05-11 08:03 |