I see the problem. He bet that things would get better for people. No wonder he didn’t fit in at Goldman Sachs.
I don’t really see why this is a big deal. It’s a hedge fund. High risk, high reward… the dude made a bet, a bunch of people financed his bet even knowing it was a Longshot and people got burned, including him. Doesn’t this happen a lot to hedge funds?
This is how these things ‘work’ though, no? - high risk/high reward?
However, I, for one, am shocked (shocked!) that there’s a Clinton/Goldman Sachs connection.
Not that grandma and grandpa Clinton wouldn’t help out or that Chelsea doesn’t stand to inherit a fortune, but otherwise, it’s not surprising that Hillary’s grandchild’s future might depend on wall street vampiracy.
From the post:
“Mezvinsky’s investors had remarkable confidence in him”
“Mezvinsky’s investors had remarkable confidence in his mother in law”
...wagering that the country's investors would force it to make deeper cuts to finance payments on the debts.
He bet that things would get better for investors, and most likely worse for Greeks.
(Mezvinsky will have earned $250,000/year to manage the fund, assuming he had the standard 2% hedge fund deal)
If Cory’s right, he did not get burned, and it would be highly unusual in the hedge fund “market” for him to have actually risked his own assets.
A non-story. Would anyone be reporting on this, if it wasn’t Chelsea Clinton’s husband?
The daughter of the woman in whom all of our remaining hopes of reining in Wall Street reside?
Sure, but people are happier without roads and schools and retirement. Investors, on the other hand, get sad if they don’t get their vig. And you don’t want them to be sad, do you?
Yes. You were unsure who Chelsea Clinton was?
Gold Man Sacks.
that is all.
Exactly. This is a dog bites man story. Or rather, maybe it’s notable that someone well connected was not in some way bailed out. This is how the market should work. It’s only when people lose their money that they will be more careful with it in the future.
Hillary Clinton’s daughter’s husband’s barber’s nephew’s son yelled at a dog once.
Does anyone still have hope that will happen?
She might reign in Wall Street.
Hillary? I don’t see that happening. But who knows? I guess stranger things have happened.
wagering that the country’s investors would force it to make deeper cuts to finance payments on the debts.
So he (and investors) were betting that destructive austerity policies would continue even though they have wreaked a ton of damage to Greek citizens. Well fuck them. Failure of the fund is karmic payback.
That being said, there definitely seems there was some monkey business going on with regards to investors being able to pull their money out or what was being represented as the purpose and actions of the fund.