In the discussion thread: Obama to Propose Eliminating Fannie Mae, Freddie Mac [View all]
Response to Beacool (Reply #51)
Tue Aug 6, 2013, 06:26 PM
Divernan (12,474 posts)
55. I'm so glad you asked!
(1)Because some here promote the idea that she will go into politics also, so we need to take a close look at how she chooses to live her life.
(2) She has sought publicity, whether in exclusive interviews and glamour photo shoots for high end mags like Vanity Fair and Vogue or on this current highly photographed trip with her father.
But most significantly, because it's worth looking at where the money for this lavishly extravagant purchase came from. (And you're wrong if you think there are 30-something couples purchasing "far wealthier residences in Manhattan - but I'll get to that later.)
(3) The money to purchase this came from where? You say, not "public funds". I say that the vast wealth of this young couple stems from their jobs, their families or some combination thereof. And all of those link back to the connections made by their parents while holding public office, which offices were funded by we taxpayers. Marc's' jobs were at hedge fund 3G Capital & investment banking for Goldman Sachs. (Unlike many people fleeced by scams backed by Wall Street firms like Goldman Sachs, he likely did not use a balloon note to pay for the $4 million apt. he bought in 2008, or the more recent $10.5 Million place.)
Post Palo Alto,Chelsea opted to join a private international consulting firm, McKinsey and Company and then a hedge fund, specifically the Avenue Capital Group, big campaign donors for both her parents. These firms hire young people with connections - and this young couple definitely had blue chip family connections.
Marc's father was heir to a small supermarket chain fortune, but none of the 3 other in-laws were millionaires when they went into politics. They accumulated their wealth when they left office. (Marc's mother was a Congresswoman who is still talking about running for office again.) Marc's father, Edward, former congressman and head of Pennsylvania's Democratic party, lost millions and ended up penniless. He was convicted of fraud and served time in federal prison for shady business deals that had prosecutors calling him a "one-man crime wave." Prosecutors claimed that in 20 years of doing business between 1980 and 2000, every single deal he consummated displayed aspects of fraud. After his indictment in 2001, he pleaded guilty to 31 charges of bank fraud, mail fraud, and wire fraud. He tried to raise a defense of diminished capacity due to his suffering from bipolar disorder, but the judge disallowed it.
On Sept. 27,2002, he admitted that he bilked investors who handed over more than $10 million, including friends, law clients and even his late mother-in-law, and was sentenced to nearly 7 years in prison. Some tried to paint this as though he was the victim of scams. It started out that way, with him losing his own money - but then he kept doubling down and losing money of any one he could talk into "investing" with him. His rip-off of almost $10 million (ironic - there's that $10 million number agani!) got him seven years in ClubFed . He and his wife, Marc Mezvinsky's mother, eventually divorced. He reportedly is estranged from his son. http://congressionalbadboys.com/Mezvinsky.htm
Ed Mezvinsky got out of the federal lock-up in 2008. He remained on federal probation through 2011, and still owes $9.4 million in restitution to his victims. So safe to say the young couple got no financial help from him.
But getting back to parental connections stemming from holding elected offices, leading to very high paying first jobs, I'd call that "public funds" once removed.
I think one's choice of employment, especially when one is not faced with grabbing the first minimum wage job that comes along in order to survive, says a lot about one's character. And I think her recent move to pick up a master's in public health is a stragetgic move to improve her credentials for an eventual run for public office. She's not out working at some grotty public health office, "in the field" - she's doing occasional broadcasts for NBC. She is also teaching graduate level classes at Columbia - unprecedented for someone who does not have a Ph.D. to be teaching at the graduate level! Another boost to the resume and example of how she benefits from her parents' prestige/status.
"Hedge funds as they are now constituted were illegal from 1933 to 2000, as their type of activity was outlawed as it was considered as destabilizing speculation that helped cause the Great Depression. In the year 2000, Bill Clinton turned his back on 67 years of proven financial regulation and signed a bill legitimating speculation. Hillary was running for the U.S. Senate in the State of New York, Moloch's Big Town, and needed the big bucks from the free-booting financiers.
(Do we all recall former Goldman Sachs trading desk honcho Rahm Emmanul became President Obama's chief of staff, whilst his Supreme Court nominee, Elena Kagan, worked as a paid "adviser" to the financial power house? Goldman Sachs is what J.P. Morgan and the House of Morgan and Paul Mellon and the Mellon Bank were to Republican Administrations in previous years, the marionette master who pulls the strings.)
As predicted by naysayers, within seven years of Clinton legitimating financial speculation, hedge funds and other speculative financial schemes helped bring the U.S. economy back on its knees in the worse political catastrophe since the Great Depression.
Since it was Bill Clinton's "centrist" Democratic Leadership Council that sold the soul of the Democratic Party to Wall Street, it is fitting that Chelsea Clinton should be marrying the son of a convicted felon who works for the titan of Wall Street, a firm that engages in legal robbery. It recently got off easy from double dealing in the subprime mortgage market
It was recently revealed that Goldman Sachs, the poster child for Wall Street arrogance and cupidity, used some of its bail-out funds to finance overseas operations. Gobs of taxpayer-provided dollars were used to fund its bonus pools, making employees like Marc Mezvinsky very happy indeed. Wall Street perpetrated a massive fraud on America, made possible in part by Marc Mezvinsky's future father-in-law, but got away relatively scot-free, unlike his own father.
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I'm so glad you asked!
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