How ’bout that? Hillary Clinton’s son-in-law shuts down hedge fund a month after she loses presidential election!

From Bloomberg:

Chelsea Clinton’s Husband Closes His Hedge Fund

by Saijel Kishan | February 8, 2017, 9:48 AM EST

Eaglevale Partners, the hedge fund co-founded by Marc Mezvinsky, the son-in-law of Hillary and Bill Clinton, closed in December, according to a person with knowledge of the matter.

Eaglevale, based in New York, is in the process of returning money to clients, said the person who asked not to be named because the firm is private.

Eaglevale was started by former Goldman Sachs Group Inc. traders Bennett Grau, Mark Mallon and Mezvinsky in 2011. They had previously worked together on the bank’s global macro proprietary-trading desk.

A spokesman for Eaglevale declined to comment on the news, which was reported earlier by Hedge Fund Alert.

The Wall Street Journal had reported, in 2015, that Eaglevale had not performed well:

The hedge fund co-founded by Bill and Hillary Clinton’s son-in-law suffered losses tied to an ill-timed bet on Greece’s economic recovery, according to documents reviewed by The Wall Street Journal.

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.

The main fund dropped 3.6% last year, far trailing the 5.7% rise for similar hedge funds tracked by HFR Inc. That followed an Eaglevale gain of 2.06% in 2013 and a loss of 1.96% in 2012, the documents show. It returned 6.24% this January, helped by bets on the U.S. dollar, said a person familiar with the situation, putting it in positive territory since its inception in 2012. . . . .

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.

“Our recent predictions regarding Greek politics have proved incorrect,” Mr. Mezvinsky and the other Eaglevale founders wrote to investors last week, after a radical leftist party won national elections in an upset of Europe’s political order. “We are reticent to render decisive predictions at this time.”

But Eaglevale’s poor investment decisions didn’t end in 2015. One of the fund’s investments, Eaglevale Hellenic Opportunity, lost 90% of its value and was subsequently shut down in mid 2016, according to The New York Times, and Breitbart reported:

Eaglevale picked up $13 million from the CalPERS public employee pension fund in April 2012 to invest it in distressed Greek bonds. At the same time, Goldman Sachs CEO Lloyd Blankfein and Chelsea Clinton’s former boss Marc Lasry both bought Greek bonds.

Despite all of the work by the U.S. State Department in favor of a bailout that would have been a home run for Greek bondholders, the German government opposed a blanket bail-out and Greek bonds crashed even lower in price. It is believed that CalPERS suffered a 100 percent loss on its investment.

Breitbart’s independent reporting does not have a 100% accuracy rating, but much of that article reports on the incestuous relationship between Goldman-Sachs and the Clinton family and is sourced through the ‘credentialed media.’

Zero Hedge reported:

As a reminder, 2013, Institutional Investor proclaimed Mezvinsky “a hedge fund rising star”

In late 2011, Marc Mezvinsky co-founded New York-based, macro-focused hedge fund firm Eaglevale Partners with Bennett Grau and Mark Mallon, two Goldman Sachs Group proprietary traders whom he’d gotten to know when they all worked at the bank. Best known as the husband of Chelsea Clinton, Mezvinsky, 35, who has a BA in religious studies and philosophy from Stanford University and an MA in politics, philosophy and economics from the University of Oxford, has been quietly building his finance career. Before launching his own firm, the longtime Clinton family friend was a partner and global macro portfolio manager at New York- and Rio de Janeiro-based investment house 3G Capital. Eaglevale manages more than $400 million.

Alas, he was anything but, and instead of having a real grasp of macroeconomic events, or how to – you know – hedge, he decided to dump millions in Greece just before the country entered a death spiral that culminated with its third bailout, capital controls, insolvent banks and a terminally crippled economy.

Meanwhile, things went from terrible to abysmal for both the clueless hedge fund manager and his LPs, and as the NYT reports, Hillary Clinton’s son-in-law is finally shutting down the Greece-focused fund, after losing nearly 90% of its value. Investors were told last month that Eaglevale Hellenic Opportunity would finally be put out of its misery and would shutter.

The Editor of The First Street Journal does not usually go in for conspiracy theories, but the idea that rational investors would plow $400 million — admittedly, not a large sum when the subject is Wall Street and investment funds — into a fund with a poor track record, and leave it there, in 2016, after the firm’s poor performance the previous year strikes me as rather unusual, unless there are non-economic reasons to do so. When I see that the fund is shutting down, and returning what remains of their money to investors, the month after Mr Mezvinsky’s mother-in-law unexpectedly lost the presidential election, the first thought that comes to my mind is that: there’s no more influence to buy by investing with Eaglevale.

Naturally, Nobel laureate and liberal sycophant Paul Krugman would say that the Clinton campaign was as pure as the wind-driven snow, blaming Russian hacking for Hillary Clinton’s loss, but here’s this one, from Politico — not exactly a right-wing group — two days before the election:

Chelsea’s husband allegedly used foundation ties to boost hedge fund

In a hacked email, ex-Clinton aide Doug Band claims Marc Mezvinsky traded on family ties to help his fund.

By Kenneth P. Vogel | 11/06/16 09:19 PM EST

Chelsea Clinton’s husband used his connections to the Clinton family and their charitable foundation to raise money for his hedge fund, according to an allegation by a longtime Clinton aide made public Sunday in hacked documents released by WikiLeaks.

Marc Mezvinsky extended invitations to a Clinton Foundation poker event to rich Clinton supporters he was courting as investors in his hedge fund, and he also relied on a billionaire foundation donor to raise money for the fund, according to the WikiLeaks documents. They also assert that he had his wife Chelsea Clinton make calls to set up meetings with potential investors who support her family’s political and charitable endeavors.

The documents — a memo and an email — were written in late 2011 and early 2012, respectively, by ex-Clinton aide Doug Band. They were sent to family confidants including John Podesta, who is now serving as Hillary Clinton’s presidential campaign chairman, and Cheryl Mills, who was Clinton’s State Department chief of staff.

They were hacked from Podesta’s Gmail account and made public Sunday in the latest batch of Podesta emails released by WikiLeaks.

At the time Band wrote them, Mezvinsky, who had been an investment banker at Goldman Sachs, was working with two partners to raise capital to launch a hedge fund of their own called Eaglevale Partners. The word among rich Clinton backers on Wall Street was that the family would look favorably on investments in Eaglevale, a major Manhattan investor told POLITICO.

That sentiment seems to be corroborated by the newly released WikiLeaks, which could provide fodder for critics, including Clinton’s Republican rival Donald Trump, who argue that the Clintons have used their charitable foundation to try to enrich themselves.

I’m sorry, but this whole thing just plain stinks. I don’t know if Donald Trump will turn out to be a good president or not, but we ought to thank the Lord every day that Mrs Clinton lost the election. She’s a crook, and her whole family are crooks. And it seems that the investors in Eaglevale thought so as well; that’s why they invested in a failing fund, and that’s why they want out now that it won’t pay off politically.
Cross-posted on RedState.

One Comment

  1. Any review of the shameful corporate-captured news media coverage of the year and a half long Presidential Primaries and Campaign season with all televised debates restricted to the Duopoly cartel candidates will have to include the way the Outlaw In-Laws of the Clinton and Trump families were excluded from analysis, questioning and coverage.

    So easy now for Journalism or Mass Comm students to simply use online search engines to track how few U.S. News Media Corporations pursued either Mezvinsky’s Eaglevale Partners Hedge Fund or Jared Kushner’s inherited Real Estate Empire and his purchase of the Upper East Side-targeted NY OBSERVER.

    Even as our Madame Secretary of State was entangled in setting policy on the prospects of the fund and even as the unregulated fund itself prospected for clients from the non-profit “humanitarian” Clinton Foundation. Right through the former Senator from Wall Street’s late campaign pledge as Presidential front-runner to crack down on Hedge Funds to steal back some of reformer Bernie Sanders’ thunder.

    You won’t find a single televised debate question or televised interview that asked Ms. Clinton about these issues because only scrutiny from the Right Wing as funded by the Koch Brothers campaign spending could reach Ms. Clinton, no questioning from the Left analysis was permitted. Bernie Sanders showed no interest in the family entanglements of the House of Clinton. The body politic learned little to nothing about Eaglevale Partners business model or what Hedge Funds are.

    Likewise for President Trump’s outlaw In-Law and most constant campaign navigator and White Rage monetizer, his prominent Jewish Philanthropic son-in-law Jared Kushner. Our Diaspora Jewish organizations chose to remain silent and not criticize the monetization and stoking of White Rage even when it was increasing anti-Jewish attacks because Jared Kushner was viewed as being a potential bonanza for Israeli expansion prospects.

    Also, because there has been so little education (and I benefited from a primary school, summer camp and high school Jewish education that I value but later realized had blind spots) about the tragic outcomes of the small wealthy community of Italian Jews who supported the Fascist ascension under Mussolini in Italy that at first seemed like it would insulate those wealthy Jews from the policies on view in fellow Fascist Axis states of Franco’s Spain and Hitler’s Germany (also the Cult of Personality or deference to Uncle Joe Stalin that replaced any ideological communism with the passing of Lenin).

    For more background on the unique Italian Fascist milieu search online ETTORE OVAZZA and MUSSOLINI MISTRESS MADAME SARFATTI. Israel’s remaining indie newspaper HAARETZ has reviewed the latter’s biography in their English language edition.

    These are often cold hard calculations made by the Jewish Diaspora leadership, if often overcome by the institutional corruption of those benefiting from Wall Street’s Corporate Caliphate conquest of democratic institutions. MARKET FORCES left unregulated or guided in the PUBLIC INTEREST DEFAULT into PRIVILEGING PRIVATE INTERESTS. All who were raised with ideological collectivist Zionism have watched like a car wreck in slow motion the MAGASH HAKESEF\THE SILVER PLATTER Syndrome (see Episodes 1, 2 & 3 now with English subtitles on YOU TUBE).…

    Journalists and whistle blowers and even academics at prestigious Israeli institutions analyze and illustrate how a national economy ranked as among the wealthiest and grouped within the West rather than the Middle East has 1 in 3 children living below the Poverty Line.

    What Transparency International but not too many corporate-captured news broadcasters see as “Systemic Corruption” within the financial class of a nation (Israel) that went within 30 years from being rated alongside Sweden for social equity and is now rated among 3rd World family-run SMALL GOVERNMENT dictatorships in Africa and Asia (increasingly the U.S.)

    The alarmed Australian Jewish Diaspora formed the New Israel Fund that has paid for ENGLISH language sub-titles to the 2015 investigative TV documentary series called MAGASH HAKESEF\THE SILVER PLATTER for Episodes 1, 2 and 3 that not only relate to Israel’s democratic devolution into a Financial Feudal Oligarchy but with no tuition charged can teach the macro-economic NEW WORLD ORDER what is behind the Global ERADICATION OF MIDDLE\WORKING CLASS and the stratification of the 1% Lording It Over the 99.9%. You won’t get the news about the welfare of 99.9% of Israel’s people from AIPAC or the Haim Saban wholly owned DLC\DNC of the U.S.’s alleged opposition political party.

    Have a refreshing beverage and a pad and pen to take notes. You won’t get this kind of education even at the most expensive Ivy League business schools! At least not without incurring some serious student debt overhang…

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