CHELSEA CLINTON’S HUBBY FLUBS BADLY – OUT OF A JOB
$25 million hedge fund loses 90% of value in bad bet on Greece
Son-in-law Marc Mezvinsky is hitting the bricks following the monumental failure of his hedge-fund company, Eaglevale Partners.
The fund was quietly closed down in December, and now Mezvinsky and his partners are busy returning what money remains to investors. The group raised $25 million, reports Britain’s Daily Mail and Bloomberg News, but the fund lost 90 percent of its value investing in bank stocks and debt from Greece.
Eaglevale clients were given a glowing report of the company’s Helenic Opportunity Fund in 2014, with Mezvinsky predicting Greece would soon be exiting its crisis on the way to “sustainable recovery.” But, by year’s end, it was apparent the Greek economy was set to crumble without a massive bailout from the Eurozone.
While the Clinton connection failed to save Eaglevale, it may have helped entice some of its biggest investors to bet on Greece. Among the big Wall Street names presumably losing significant money with Mezvinsky are Goldman Sachs CEO Lloyd C. Blankfein and Marc Lasry, co-founder of $13 billion hedge fund Avenue Capital, where Chelsea Clinton worked after graduating from Stanford.
“I gave them money because I thought they would make me money,” Lasry said last year. He told the London Times he had invested $1 million in Eaglevale and urged a relative to do the same.
Mezvinsky is no stranger to the perils of financial mismanagement. His father, Former Iowa Rep. Edward Mezvinsky, pleaded guilty to felony fraud in 2001 and served five years in federal prison for a $10 million Ponzi scheme that scammed friends and family.
It’s not immediately known how the setback will effect Mezvinsky and wife Chelsea’s lifestyle. The pair, married in 2010, purchased a 5,000-square-foot New York City apartment for $10 million shortly after Eaglevale was launched. Thanks to appreciation, its current value is estimated to be closer to $15 million.
The Clinton Foundation has been forced to change gears following Hillary’s loss to Trump in November. On Monday, the foundation announced that it was pulling out of Haiti, where it has been sharply criticized by locals for profiting from the 2010 earthquake while doing little to aid the island nation’s recovery. Last month, the foundation announced to its employees that it would be ending the Clinton Global Initiative, another controversial program.
Hillary may be down but not necessarily out. She is reportedly planning to write a book featuring a compilation of personal essays, “inspired by the hundreds of quotations she has been collecting for decades,” reported Associated Press.
“These are the words I live by,” Clinton said in a press release from her publisher, Simon & Schuster.
“These quotes have helped me celebrate the good times, laugh at the absurd times, persevere during the hard times and deepen my appreciation of all life has to offer,” she said.
In 2003, Simon & Schuster paid her an $8 million advance for her book “Living History.”
She has also renewed her relationship with the Harry Walker Agency where she previously commanded $200,000 or more for her speeches, in a move to test the waters for a comeback, reports the New York Post.