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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