Chelsea Clinton's Husband Suffers Massive Hedge Fund Loss On Greek Investment

Tyler Durden's picture

Despite having Goldman Sachs CEO Lloyd Blankfein as an investor and being Bill and Hillary Clinton's son-in-law, Marc Mezvinsky (and two former colleagues from Goldman Sachs who manage Eaglevale Partners hedge fund) 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. By 'incorrect' Chelsea Clinton's husband means the Eaglevale fund focused on Greece lost a stunning 48% last year and, as The Wall Street Journal reports, is impacting the overall returns of the roughly $400 million fund which has spent 27 of its 34 months in operation below its "high-water mark."



In 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.

But, as The Wall Street Journal reports, things are not working out so 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.


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.




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.




Eaglevale is a relatively small player in the hedge-fund world... But its moves have been closely followed, investors said, partly because of Mr. Mezvinsky’s family connection. Ahead of the firm’s launch, Goldman Sachs hosted group sessions for prospective investors that drew standing-room-only crowds. The investment bank is one of the firm’s prime brokers, which help hedge funds execute trades and introduce them to potential backers.


Goldman Chief Executive Lloyd Blankfein is an investor in Eaglevale’s main fund, people familiar with the matter said.


Since its founding, Eaglevale has spent 27 of its 34 months in operation below its “high-water mark,” a term that describes whether a Day One investor is in the black.

*  *  *

And in conclusion, why the fund will likely see massive redemptions now... the ten words no one wants to hear from their hedge fund manager - no matter who his in-laws are:

“We are reticent to render decisive predictions at this time.”

*  *  *

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NYPoke's picture

Looks like she will get her chance to care about money now.

Dadburnitpa's picture

No way that could have happened.  He's one of the "best and brightest".  His education credentials say:  "Hey look at me... I never even took a math course!"

TruxtonSpangler's picture

What does Chelsea's father Web Hubbel think of this?

onewayticket2's picture

Mezvinsky's father had an equally keen ability to make funds disappear.

SickDollar's picture

Well Wel Well , I guess the gods of Greece are well alive after all

long live the Justice of Zeus 

TeamDepends's picture

That is one terrifying photograph.

nmewn's picture

Can you imagine what the kid will look like? ;-)

Newsboy's picture

Hedge fund losses on Greece are what the "solution" to this parasitic draw on citizens and economy will be made of (partly, anyway).

nmewn's picture

Knowing the Clinton's, they'll sell the baby trying to make up for the losses.

SuperRay's picture

She looks like she's trying really hard not to cry.  You know, childbirth causes regression when all the suppresed emotions that got stirred up when she discovered her father is a total perv and her mother is a lesbian wannabe resurface and get expressed. That of course assumes she has some semblance of a soul left after being raised by those two power-mad lying piece of shit assholes.

J S Bach's picture

The sweet American family from hell.

Is the kid's name "Damien" by chance?

giovanni_f's picture

Ad "sweet American family".

This group photo is an impressive document of what America stands - ever stood - for: Honest people enjoying the fruits of their hard work. And thinking that that witch-faced scarecrow in the second row was deadbroke not a so long time ago.

P.S. How many liters of botox had to be injected into to faces of B&H for this shot? Or just photoshop?

General Decline's picture

They have done a rather nice job of hiding it's tail in the swaddling blanket. 

Manthong's picture

Where did they misplace the chromasone?

Oh, wait a minute.. I think see algore's chakra on the left in that family photo.

Never One Roach's picture

Losing OPM is really not too painful. I suspect he'll still take his generous fees and commissions and simply tell his poorer investors, "Sorry, it was a bad judgement call. Lets move on and look forward now."

Four chan's picture

power mad carpet bagging sons of bitches.

Manthong's picture


The Peter Principle Poster Family.

PrayingMantis's picture



... >>> @JSBach: "The sweet American family from hell." ... this must be the definitive link ... >>> ...

neidermeyer's picture

The only reason Hillary didn't abort Chelsea like her prior pregnancies was that Bill thought he needed a traditional family photo op for an Arkansas gubenatorial run... The whole family is like a cross between the Kardashians and "Absolutely Fabulous" ,,, Hillary and Webster ,, Vince dead in the park , cattle futures (!) , crooked land deals...

StychoKiller's picture

Meh, at least "Absolutely Fabulous!" was hilarious! :>D

ebworthen's picture

The kid made money losing other people's money and says "sorry".

He'll fit right in with the Clinton Clan and "Uncle Jon" Corzine.

Element's picture

I'm sure he was mortified ... Greek debt! ... whocouldaknowed?

Four chan's picture

fucking disgusting "family". 

SoDamnMad's picture


Damn you. You forgot Bengazi !!!!!

angel_of_joy's picture

So, Chelsea married a moron. Shouldn't be such a surprise in her family... Besides, what sort of name is Chelsea anyway ? I know of no other woman bearing such a name; however, there is a city in England (and its corresponding soccer team in the Premiere League) going by the same appellative...

Osmium's picture

Chelsea Handler, who by her own admission likes porking.

Chelsea Peretti.

JLee2027's picture

High maintenance feminist slut. Uses men. Interesting for about 5 minutes until you realize it's deranged. 

Anasteus's picture

Hurt by the belief Greece's economy will see a quick rebound?

Indeed the most effective strategy how to lose everything. Chelsea's husband fetched up at the end of the greater fool line becoming the greatest fool on the block.

He should rather have started with a demo version.

Grumbleduke's picture

They must have taken his last shirt, and he had to rush to buy a new sweater for the photo-op. Clearly they hadn't the time to remove the price tag from the right arm.

What a bunch of exceptionalists!

theliberalliberal's picture

here you go teamdepends


wish i could post direct....

Antifaschistische's picture

god of Greece?

Well...I'll bet Marc and his goon partners will still take home tens of millions this year.  The "and it's gone" script only applies to investors.

czarangelus's picture

Actually this looks more like the work of Nemesis, a goddess who doesn't get enough play in our society (but soon shall)

bilbert's picture

Oy Vey!!

According to Wiki:  Beginning in the early 1990s Mezvinsky fell prey to a wide variety of 419 scams. According to a federal prosecutor, Mezvinsky was conned by "just about every different kind of African-based scam we’ve ever seen."


That's like Bush being amazed by a common Bar-code scanner at a grocery store - Mez thought that because HE was close to wealth and power, the 19 yr old Nigerians - I mean the deposed Nigerian Royalty - thought they might trust him with their millions.

Having not a pot to piss in at that time - was the only reason I didn't fall prey to their wiley ways........



Ghordius's picture

I love/hate that South Park episode, intensely. It somehow tells an important part of story while obfuscating it at the same time

"A really smart decision, young man! We can put that check in a money market mutual fund and then reinvest the earnings in a foreign currency account compounding interest and… it’s gone "

when the FED went down with rates, the ECB lagged in it's response. The difference was small, but enough for gargantuan streams of US savings to be repackaged into certificates of deposits (CDs) which then fed money market accounts and went into all kind of insane, overleveraged exposures to foreign currency (FX) schemes involving all kinds of hare-brained ideas about european sovereigns

"Hot Money", speculation squared, bets on bets on bets. Even now, lots of people are still nursing some pet hates in the FX arena because they still have some pet bets going on

casino financialism in it's purest form

Felix da Kat's picture

Let there now be no doubt as to whose interests a president Hillary will abide. Wall Street now owns the entire family, though the lying rhetoric says otherwise.

StychoKiller's picture

Looks like someone at Eaglevale should be reading Zerohedge! :>D

rbg81's picture

Why?  Bill will just make a few phone calls and everything will be hunky-dory again.  

Can't wait for Chelsea to run for Congress or the Senate.  And she will win--cause it's NEW YORK.

SickDollar's picture

yes cuz he is part of the lucky sperm club


Budd aka Sidewinder's picture

Nothing lucky about what that sperm had to swim through

gimme-gimme-gimme's picture

It's no problem. Now he can go from raping his hedge fund clients and whip out his religion degree and start raping little boys in a new Church gig instead. Maybe skim off the collection plate in the process.

After a few years when people get smart to his shenanigans he can just go back into the financial sector..

walküre's picture

Didn't know the Clintons had interracial relations?

MsCreant's picture

Clinton is supposed to be the first black president so...

BolshevikPartyPlanningCommitee's picture
BolshevikPartyPlanningCommitee (not verified) MsCreant Feb 4, 2015 3:24 AM

Eisenhower's mother was black and his father was jewish.  A typical mixed mongrel...