Skip to main content

Eaglevale Partners

Eaglevale Partners, a hedge fund founded by three veterans of Goldman Sachs, acknowledged in a recent letter to its investors that it has made "incorrect" calls on Greece, and Eaglevale's main fund has taken hits as a consequence. A smaller fund within the firm's stable, one aimed specifically at Greek opportunities, has taken something more than a mere 'hit.' It has taken a clobbering, losing half its value last year.

This would not be news, outside of the hedge fund world anyway, except that one of the three founders of Eaglevale is Marc Mezvinsky, the husband of Chelsea Clinton, and thus the son-in-law of a formidable power couple. His partners are Bennett Grau (whose previous experience is in the commodities trading world chiefly) and Mark Mallon.

One of the investors in the dedicated Greek fund is Marc Lasry, a billionaire who has been a donor to Clinton family political campaigns.

I haven't said anything new here. The facts I've just stated have been well reported already in any number of outlets. But it inspires in me the need to comment. I am very glad that nobody yet has suggested a bail-out of Eaglevale. Things have gotten so bad that one almost reflexively expects that such a well-connected operation, small as its numbers are, would be deemed too big to fail, too essential to fail, too familial to fail, or something! The evidence thus far is that if Eaglevale doesn't up its game, it will be allowed to fail.

That isn't really banner celebratory news, but it's something.

Oh, and a happy valentines day to all loving couples out there. Including Chelsea and Marc.

I suppose her income as a late-night talk show host helps with household expenses, Oh, sorry, wrong Chelsea.

Comments

Popular posts from this blog

England as a Raft?

In a lecture delivered in 1880, William James asked rhetorically, "Would England ... be the drifting raft she is now in European affairs if a Frederic the Great had inherited her throne instead of a Victoria, and if Messrs Bentham, Mill, Cobden, and Bright had all been born in Prussia?"

Beneath that, in a collection of such lectures later published under James' direction, was placed the footnote, "The reader will remember when this was written."

The suggestion of the bit about Bentham, Mill, etc. is that the utilitarians as a school helped render England ineffective as a European power, a drifting raft.

The footnote was added in 1897. So either James is suggesting that the baleful influence of Bentham, Mill etc wore off in the meantime or that he had over-estimated it.

Let's unpack this a bit.  What was happening in the period before 1880 that made England seem a drifting raft in European affairs, to a friendly though foreign observer (to the older brother…

Cancer Breakthrough

Hopeful news in recent days about an old and dear desideratum: a cure for cancer. Or at least for a cancer, and a nasty one at that.

The news comes about because investors in GlaxoSmithKline are greedy for profits, and has already inspired a bit of deregulation to boot. 

The FDA has paved the road for a speedy review of a new BCMA drug for multiple myeloma, essentially cancer of the bone marrow. This means that the US govt has removed some of the hurdles that would otherwise (by decision of the same govt) face a company trying to proceed with these trials expeditiously. 

This has been done because the Phase I clinical trial results have been very promising. The report I've seen indicates that details of these results will be shared with the world on Dec. 11 at the annual meeting of the American Society of Hematology. 

The European Medicines Agency has also given priority treatment to the drug in question. 

GSK's website identifies the drug at issue as "GSK2857916," althou…

Francesco Orsi

I thought briefly that I had found a contemporary philosopher whose views on ethics and meta-ethics checked all four key boxes. An ally all down the line.

The four, as regular readers of this blog may remember, are: cognitivism, intuitionism, consequentialism, pluralism. These represent the views that, respectively: some ethical judgments constitute knowledge; one important source for this knowledge consists of quasi-sensory non-inferential primary recognitions ("intuitions"); the right is logically dependent upon the good; and there exists an irreducible plurality of good.

Francesco Orsi seemed to believe all of these propositions. Here's his website and a link to one relevant paper:

https://sites.google.com/site/francescoorsi1/

https://jhaponline.org/jhap/article/view/3

What was better: Orsi is a young man. Born in 1980. A damned child! Has no memories of the age of disco!

So I emailed him asking if I was right that he believed all of those things. His answer: three out of …