Wednesday, February 4, 2015

Son in law of Bill Clinton loses hundreds of millions betting on toxic assets

As the financial world turns its head away from Russia for awhile to look once again at the revolving debt door that is Greece, one interesting fund manager has now made the same mistakes as the former CEO of MF Global John Corzine did a few years back by betting on Greek toxic debt and paying the price for the risk folly.  On Feb. 3 it was announced that Marc Mezvinsky, the husband of Chelsea Clinton and son-in-law of former President Bill Clinton, lost around 48% of the $400 million hedge fund he managed with Eaglevale Partners.  In addition, the fund was co-managed by two Goldman Sachs bankers who like their parent employer, have a long track record of risky speculations that lose a lot of money for their clients.

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