November 8, 2006
Chelsea Clinton Gets Job at New York City Hedge Fund
According to an article published by The New York Daily News, Chelsea Clinton will begin working for Avenue Capital Group, a New York City hedge fund that has donated significantly to her mother's re-election campaign fund.
It seems that Chelsea's life will never be 100% her own, as long as mom and dad are involved in the political arena. I'm sure that much of what Chelsea does (and is forbidden to do) is dependent on "grooming" and "cues" from her parents. Even down to the job she takes.
On another note, I wonder what Avenue Capital's position is on the increasing clamor for hedge fund regulation. I'm sure having close ties to a powerful political family certainly helps matters.
Former and perhaps, future First Daughter Chelsea Clinton is getting a new job - and probably a big raise. Clinton is taking a post at the Avenue Capital Group, a hedge fund run by supporters of her mother, according to a person familiar with the company's decision.
The 26-year-old Chelsea has been a consultant at McKinsey and Co., and the move to the hottest sector of finance would almost certainly mean a raise. Annual bonuses for junior hedge fund staffers can exceed the entire salaries of consultants of Clinton's vintage, which run in the $100,000 to $150,000 range.
Her move will also embed the Clintons' family fortunes even deeper in the booming, controversial and lightly regulated hedge fund industry. The funds, which pool the money of wealthy investors, are battling to maintain freedom from the government scrutiny attached to more pedestrian money managers. Bill Clinton reportedly stands to make tens of millions of dollars as an adviser to hedge funds managed by Ron Burkle's Yucaipa Cos.
Avenue Capital claims $12 billion under management. The firm specializes in buying the bonds and stock of troubled companies at a discount and selling them at a profit when the businesses recover. The fund's founders, Marc Lasry and Sonia Gardner, are major Democratic Party donors who have contributed the maximum to Hillary Clinton's reelection campaign.
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4 Comments »
November 8, 2006
Harm :
Consultant, eh? I wonder what they consult her on?
Not that I want to be harder on HER than other 'family connections'.
"Ms Clinton? Surely your mom isn't FOR increased regulation of
our little family here? Maybe
you could check at dinner tonight….."
EconEdge :
I'd say hiring Chelsea Clinton was more of a political move for Avenue Capital than a genuine desire to employ someone who could significantly contribute to the hedge fund. I can think of more qualified people to hire at a hedge fund than Chelsea.
February 20, 2008
Rick Cain :
Who HASN'T gotten a job through insider contacts or references?
The bitter folks on here seem to think that only Republicans are allowed to make money apparently. No big defender of Democrats (Ron Paul Fan…) but I would have a hard time turning down a $150,000/yr job, being the free market capitalist I am.
EconEdge :
Hi Rick. I'm a Ron Paul fan myself - and you're right…most employees would have a hard time turning down a $150K job. The point being made, however, is that Chelsea is being used for political ends—she is merely a pawn in someone else's game.
What's interesting is not that Chelsea landed a job through "insider contacts" (which is fairly common), but rather that the move was political and probably tied to the increasing clamor for hedge fund regulation, and/or Hillary Clinton's election campaign.