One more proof there's too much 'money' sloshing around


New Gig Has Chelsea
Hedging Into Big Money

By Ben Smith
New York Daily News
Friday, November 3, 2006

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 Clinton 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 re-election campaign.

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