Marc Mezvinsky quietly shut down his hedge fund Eaglevale Partners back in December.
Bloomberg reports that Mr. Chelsea Clinton and his partners are now working to return money to investors, including Goldman Sachs CEO Lloyd C. Blankfein.
The decision to shutter the fund came just a few weeks after Mezvinsky’s mother-in-law Hillary lost the election to president Donald Trump.
Mezvinsky has kept a low profile ever since Hillary’s loss in the election, but was photographed by DailyMail.com heading out for a weekday jog in the middle of the afternoon last week.
He and his wife are now both without a full-time job.
It was revealed last May that Mezvinsky suffered a huge loss after trying to bet on the revival of the Greek economy, forcing him to shut down one of his hedge funds.
He and his partners, former Goldman Sachs colleagues Bennett Grau and Mark Mallon, raised $25million from investors to buy up bank stocks and debt from the struggling nation.
That fund however has lost 90 percent of its value, investors with direct knowledge of the situation told The New York Times, and was closed.
Eaglevale Partners was started in 2011 by Mezvinsky and his partners, with their former boss, Goldman Sachs CEO Lloyd C. Blankfein, one of the first investors.
Another is leading financier, Marc Lasry, co-founder of $13 billion hedge fund Avenue Capital, where Chelsea worked after graduating from Stanford.
‘I gave them money because I thought they would make me money,’ Mr Lasry told The Times last year, after investing $1 million in Eaglevale and urging a relative to do the same.
Mezvinsky was long gone from his job at Goldman in October 2013 when his mother-in-law Hillary was paid to give a speech to executives at the company during a technology conference in Arizona.
She was reportedly paid $225,000 for that appearance.
Mezvinsky and his partners had written to clients in 2014 to declare confidence in their ‘Hellenic Opportunity’ fund, predicting that Greece was on the path to a ‘sustainable recovery’.
By that point they had collected $25 million but stopped taking money by the end of that year when it became clear the country’s economy would collapse without a massive Eurozone bailout.
The Wall Street Journal reported in February 2015 that Eaglevalle said in a letter to investors that year that they had been ‘incorrect’ to bet on Greece and that is why the company had lost money two of the three years prior.
The main fund dropped 3.6% in 2014, fained just 2.06% in 2013 and lost 1.96% in 2012.
But good news for the people working at the hedge fund, as most funds collect management fees meaning money comes in even if funds lose money.
The failure is a huge personal blow to Mezvinsky, who is also the son of political figures, albeit less well known that his wife’s famed parents.
His father, Edward Mezvinsky, represented Iowa’s 1st congressional district in the U.S. House of Representatives for two terms in the 1970s and his mother, Marjorie Margolies, represented Pennsylvania from 1993 to 1995.
Ed Mezvinsky pleaded guilty to 31 charges of felony fraud in 2001 and spent five years in federal prison after he admitted scamming his friends and family out of $10 million in a Ponzi scheme.
His son met Chelsea Clinton at a political retreat when the pair were children and they became lifelong friends. They became romantically involved after her 2005 split from ex-boyfriend Ian Klaus, when Mezvinsky became ‘a shoulder to lean on’, according to Chelsea’s chief of staff, Bari Lurie.
The pair married in July 2010 and two years later Chelsea revealed their desire to start a family, with Mezvinsky telling Vogue his wife was ‘the yin to my yang’.
They welcomed their first child, Charlotte, in 2014, and announced last December that Chelsea was pregnant again with their second son Aidan.
Shortly after starting Eagleville, Mezvinsky and Chelsea moved into a $10million New York City apartment opposite Madison Square Park.
The four-bedroom, 5,000-square-foot apartment is one of only four residences in the building, which despite the low occupancy rate still has a full-time doorman.
The apartment, whose hallways stretch a full city block, also has two dishwashers, two washer and dryers, dressing rooms with double-sided vanity mirrors, and two massive walk-in closets.
The bedrooms meanwhile face right into Vera Wang’s bridal design studio, who designed Cheslea’s dress for her wedding day.
Famous neighbors in the building include NASCAR driver Jeff Gordon and jennifer Lopez, who paid $22million for the two-floor penthouse.
The apartment’s current value is closer to $15million.
Read more: http://www.dailymail.co.uk/news/article-4204316/Chelsea-Clinton-s-husband-shut-hedge-fund.html#ixzz4Y99CFcti
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Local laundry closes…
‘Ed Mezvinsky pleaded guilty to 31 charges of felony fraud in 2001 and spent five years in federal prison after he admitted scamming his friends and family out of $10 million in a Ponzi scheme’…………family of criminals….where is CPS to ‘save’ Chelsea’s children