Maybe Marc Mezvinsky once fantasized that his mother-in-law would get elected President so she could start whispering sweet nothings into the ear of Angela Merkel and make Yanis Varoufakis' dreams come true...but, alas, Marc Mezvinsky fantasizes no more:
It was a hedge fund portfolio pitched by Hillary Clinton’s son-in-law, Marc Mezvinsky, as an opportunity to bet on a Greek economic revival.
Now, two years later, the Greece-focused fund is shutting down, after losing nearly 90 percent of its value, according to two investors with direct knowledge of the matter who spoke on the condition of anonymity.
Investors were told last month that the fund would close. The fund, Eaglevale Hellenic Opportunity, had raised $25 million from investors to buy Greek bank stocks and government debt.
Considering that Greece is desperate enough to start taking debt management advice from Donald Trump, it makes sense that Mevzinsky got hammered on his bet, but it's gotta suck even worse to see your nightmarish returns leak in the press. And it's a turn of the screw to have it happen while your mother-in-law runs fro President and many in your industry are gathered together in Las Vegas to laugh at your behind your back.
In fairness to Mezvinsky, Eaglevale is down about one percent this year putting it well within the mean of the industry. But Mezvinsky isn't just any money manager and his losses in Greece are going to hurt a lot more if his in-laws take over The White House and he runs into Alexis Tsipras at a state dinner.