December 05, 2006
Are We The Only People Who Do Not Work for Hedge Funds?
Posted by Christine Hurt

So, say you went to Stanford and are a smartie.  Your parents both attended law school at Yale and, at least when they were younger, practiced law.  They then went into politics and public service.  After graduation, you follow in your father's footsteps and become a Rhodes scholar, then return to the U.S.  You could just be a party girl, but that's not for you.  You want a career.  A real career.  Should you go to law school?  No way.  You go to work for a hedge fund.

Chelsea Clinton, 26, now works for a hedge fund, Avenue Capital Group.  After beginning her career as a consultant at McKinsey, she will now (according to People magazine) "easily double her six-figure starting pay at her old job" and travel less.  Her boyfriend is an investment banker at Goldman Sachs.  The new power couple?

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Comments (54)

1. Posted by jake on December 5, 2006 @ 21:09 | Permalink

I honestly miss the point of this post. Is it that daughters of former Presidents tend to do well in the employment marketplace? Should any rational person even care?


2. Posted by Christine on December 5, 2006 @ 21:31 | Permalink

No earthshattering point, and definitely not a nepotism point. Lately there has been much attention paid to the phenomenon of hedge funds attracting top talent from mutal funds, then investment banks. My former research assistant just took a job at a hedge fund. The perhaps ill-articulated point was the "everybody's doing it" point.


3. Posted by Bill on December 7, 2006 @ 13:33 | Permalink

Hedge funds are so yesterday (and McKinsey?! How staid can one be?) If Chelsea were truly hip to the zeitgeist she'd have gone to work in private equity.


4. Posted by Mr L on December 7, 2006 @ 13:42 | Permalink

No earthshattering point, and definitely not a nepotism point.

Really? Nothing particularly interesting about this particular young woman pulling down six figs straight out of college with degrees in history and international relations? Nothing interesting about the firm in question being based in the state where her mother is a powerful Senator? Nothing interesting about her being hired away with at least a 100% pay increase by a large hedge fund controlled by a powerful Democratic party contributor? Really? Nothing?

She must be the best International Relations major ever.


5. Posted by j on December 7, 2006 @ 13:50 | Permalink

What is Amy Carter doing these days?

To Mr. L: The hedge fund company surely gains something by having her on their payroll. Being able to have Chelsea Clinton ("Let me introduce you to Ms. Clinton...Chelsea Clinton.") sit in a meeting would certainly give them some kind of added, I dunno...status of some sort. Make them memorable at the least. You might be right, though.


6. Posted by Mine on December 7, 2006 @ 13:55 | Permalink

I'd love to know if she gives more to charity than Al Gore.


7. Posted by aj lynch on December 7, 2006 @ 14:03 | Permalink

Yes I find this interesting that the MSM downplayed Chelsea's lucrative career path. On the other hand, the MSM and the libs never pass up an opportunity to trash the Bush twins who both taught in downtrodden elementary schools.


8. Posted by Zach on December 7, 2006 @ 14:04 | Permalink

I went to Stanford at the same time as Chelsea. She didn't major in IR (I did though) as an undergrad. Nor was she a Rhodes Scholar. She went to Oxford for a masters in IR, but that's totally different. It's pretty easy to get accepted to a grad program at Oxford because it costs so much and they use the money to subsidize British undergrads.


9. Posted by MC on December 7, 2006 @ 14:08 | Permalink

The Bush twins did not "teach" in downtrodden elementary schools. They were affiliated with an education program, but never taught. One of them did manage to get her purse stolen while nursing a drink in that downtrodden region, but i'm not thinking that will get her a hedge fund job. She could go shopping with Britney and Paris though, which would not be a suprise to anyone.


10. Posted by Oxgrad on December 7, 2006 @ 14:11 | Permalink

"It's pretty easy to get accepted to a grad program at Oxford."

Ha ha. I guess that's why I didn't see you there.

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