Posted by on May 31, 2016 1:19 pm
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Categories: BREAKING NEWS Economy Money News Political News Top Headlines

Goldman Sachs will interminably, thanks to Matt Taibbi at Rolling Stone, conjure up images of “a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.” The vampire squid has now popped up in the middle of a potential new scandal involving the Clintons, while uproar over its payment of $675,000 to Hillary Clinton personally for three speeches is still simmering. Clinton, a presidential candidate, has thus far refused to release the transcripts of those speeches, despite numerous editorials calling on her to do so.

On May 10, the New York Times gently dropped a bombshell on the hedge fund investing world of New York’s one-percenters. Hillary and Bill Clinton’s son-in-law, Marc Mezvinsky, who married their only child, Chelsea, in an opulent 2010 wedding, was shuttering the Eaglevale Hellenic Opportunity Fund after it had lost 90 percent of its value. That is a staggering loss for a hedge fund, which is, as its name implies, supposed to have hedges in place to prevent that kind of loss.

The fund with the steep losses is part of a larger hedge fund firm run by Mezvinsky and two former colleagues at Goldman Sachs, Bennett Grau and Mark Mallon. The idea that a hedge fund should wait until it had only 10 percent of its clients’ assets remaining before shutting down is causing angst in billionaire circles, as are many other details surrounding this hedge fund. According to a 2015 article in the Wall Street Journal, the same fund had already lost 48 percent in 2014 – raising the question as to why it wasn’t shuttered then, when clients could have gotten a sizeable amount of their principal returned.

Mezvinsky is not the top dog at the hedge fund, Eaglevale Partners LP, according toonline data. That spot goes to Bennett Grau, who is listed as the Founding Partner, Chief Investment Officer, and Chief Risk Officer. Those designations make a lot of sense to veterans on Wall Street, since Grau is clearly the senior member of the team.

Grau’s former tenure at Goldman Sachs spans 30 years, from 1981 to 2011 – a period during which he worked with Goldman’s now Chairman and CEO, Lloyd Blankfein, who started his career in the same trading area as Grau, the J. Aron & Co. subsidiary that Goldman bought in 1981.  Both Blankfein and Grau were considered experts in foreign exchange and currency trading, with Grau heading up the J. Aron Foreign Exchange Trading Group beginning in 1977.

Read more: Goldman Sachs Financed Hillary Clinton’s Son-in-Law to Make Bullish Greek Bets After It Structured Unseemly Greek Debt Deals that Hobbled that Country

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The article, "Shady Deal: Goldman Sachs, Hillary Clinton’s Son-in-Law & the Greek Economy ", was syndicated from and first appeared at: http://rinf.com/alt-news/politics/shady-deal-goldman-sachs-hillary-clintons-son-in-law-the-greek-economy/.

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