Chelsea Clinton joins New York hedge fund

NEW YORK (Reuters) - Former first daughter Chelsea Clinton has joined Avenue Capital Group, a $12 billion hedge fund manager whose founder has contributed to many Democratic Party campaigns, a person familiar with the matter said on Friday.

Clinton, 26, the only child of former President Bill Clinton and U.S. Sen. Hillary Rodham Clinton, has taken a post at the New York-based fund manager in an undisclosed capacity, the source said.

Clinton, who graduated from Stanford University in 2001 and studied philosophy at Oxford University, most recently worked at consultants McKinsey & Co. from 2003.

Avenue which focuses on distressed securities investing was co-founded by Marc Lasry. Morgan Stanley this week bought a minority stake in Avenue.

Well-known in hedge fund circles, Lasry has contributed to political campaigns for Hillary Clinton, Al Gore, Bill Bradley, John Kerry and other Democrats in recent years, federal election records show. However, Lasry has also contributed lesser amounts to campaigns for President George W. Bush, the records show.

Chelsea Clinton couldn't be reached for comment. A spokeswoman for Avenue said the company "does not comment on issues of company personnel."

It's not uncommon for student at top universities with liberal arts majors (particularly more rigorous ones) to be hired by consulting and investment banking firms. Such majors are assumed to teach good communication and critical thinking skills, which an intelligent person can then apply in any job.

I know less about hedge funds, but many prefer people with strong quantitative backgrounds, which would give the impression that her purpose may be more to help raise money from investors (given her family's connections) than to invest it (which is what hedge funds hire the smartest people available to do).

Clinton, 26, the only child of former President Bill Clinton and U.S. Sen. Hillary Rodham Clinton, has taken a post at the New York-based fund manager in an undisclosed capacity

Okay, Chelsea. We're paying you well into six figures for a purpose. Now, your responsibilities are this: You are to show up for work at 10am. If that is too early for you, we are completely flexible and you can show up for work whatever time you like, but for the record, lets say you have to show up at 10am. Now, you take the elevator up the the 34th floor where your office is. On your desk will be a yellow notepad. You personal secretary will be putting it there every morning. Now on that notepad, on a single sheet, you write the words "hedge funds". Then you tear off that sheet and hand it to your secretary on your way out of the office. And you clock out. You come back the next day and repeat the process, and you do that five days a week...hmmm? Whats that you say? You dont understand why we're paying you well into six figures just for that? Well, you must understand, you live in Manhattan, which is the most expensive place to live, and we believe in paying our workers a comfortable living wage. That's right, now go off and enjoy your all expense paid two week vacation. You've earned it! Say hi to your Father for me, and have your Mother remember me just in case she gets elected President!

Such majors are assumed to teach good communication and critical thinking skills,

"Assumed" is the key word here.

which an intelligent person can then apply in any job.

And then there's Chelsea with her Presidentially ambitious Mother and a company eager to get on her good side way ahead of time just in case.

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