Listen To You Tell Me Texas Friday 5/13/16
Does the name Marc Mezvinsky ring a bell? No? I’ll confess, it didn’t ring a bell with me either.
But we know of him. He’s married to Chelsea Clinton, daughter of Bill and Hillary. He’s a hedge fund manager. Or at least he was.
However, as the New York Times reports, the Eaglevale Hellenic Opportunity Fund, an investment fund he established along with two former colleagues from Goldman Sachs, is shutting down after having lost 90 percent of its value.
The Eaglevale Hellenic Opportunity Fund was created to capitalize on the idea that the Greek economy was poised for a rebound and that strategically placed investments in Greece would pay off handsomely.
Pouring good capital into a bankrupt welfare state. What could go wrong?
Just about everything, apparently.
This is not to demean a high-risk investment fund that went broke. That such funds exist is a testament to capitalism. There have been similar funds invested in propositions with similarly high levels of risk that have paid off handsomely.
That some wealthy people invested money and lost it isn’t the story.
The story is that losing a boatload of investment capital will not adversely affect Marc and Chelsea one little bit. They will still live in their $10 million Manhattan apartment and still get around on private jets. Chelsea will still get $600,000 a year jobs doing essentially nothing – such as the one she had at NBC from 2011 to 2014.
That’s because in all likelihood, those that invested in the fund didn’t really expect to ever see their money again. They invested money with Hillary’s son-in-law in order to bank a favor with Hillary.
If you still need an explanation for Donald Trump’s apparently unstoppable rise, look no further than this story. If your business or my business loses millions of dollars, we likely have to sell our homes. We ride in coach – assuming we take a trip by air at all. People stop taking our phone calls.
But with the right connections – particularly liberal connections – failure carries exactly no consequence.
If it turns out that you don’t get to keep your health plan, those who told you otherwise get to joke about it.
If an IRS official gets caught behaving unethically – if not illegally – she gets to avoid prosecution and retire on a six figure pension.
And if the head of a cabinet-level department lies repeatedly, mishandles government secrets, and violates federal law and policy regarding official communications, she gets to have a shot at becoming president.
Millions of middle class Americans that have seen their financial circumstances deteriorate year-by-year for a decade have had it with well-connected elites. The people who obey the law, file and pay their taxes on time and who only get to keep their jobs if they perform well doing them, are sick of the consequence-free zone inside the Washington, D.C. beltway.
Billionaire that he is, Trump doesn’t look or sound like an unaccountable Acela Corridor snob.
And that’s why he’s winning.