The son of Irish immigrants, Patrick Joseph Kennedy was elected to the Massachusetts state legislature in 1884. Since then, anyone who has blood relation to P.J. Kennedy has seemed destined for success in politics, public service, and business. Over the years, a Kennedy has been a president, attorney general, senator, congressman, ambassador, and just about any other powerful political position you can think of. The Kennedys laid the groundwork for modern politicians to ensure their offspring found success in the world without having to shed blood, sweat, or tears. From the Clintons to the Bushes, to obscure representatives to mayors from states and cities the average American could not find on a map, politicians are cashing in on their power and bequeathing the spoils to their brats.
Chelsea Cashes Clinton Check
Since 2011, Chelsea Clinton has received $9 million in compensation for serving on the board of IAC/InterActiveCorp, a media and internet investment company. According to a Barron’s report, Clinton is paid an annual $50,000 retainer and $250,000 in restricted IAC stock, which has risen nearly 200% since 2017, lifting the value of her shares to $8.95 million. IAC possesses an ownership stake in more than 150 successful web properties, such as Angie’s List, Home Advisor, Tinder, and Vimeo.
In March 2017, Clinton was also named to the board of Expedia Group. This position typically pays an annual salary of $250,000.
What do these two companies have in common? They are controlled by Barry Diller. He is a business and television billionaire mogul who is a friend of Hillary Clinton, a financial contributor to the Democratic Party, and critic of President Donald Trump – Diller never left the U.S. despite promising to emigrate if Trump were elected.
In 2013 and 2014, Clinton was given an annual salary of $600,000 as a special correspondent for NBC News. Does anyone really remember any important segment of hers? Probably not.
What other politician’s kid has gotten rich on his or her name?
The tale of former Vice President Joe Biden’s youngest son, Hunter, has been well documented. To summarize, he was hired by Ukrainian oil and natural gas firm Burisma Holdings in April 2014 and was paid $166,000 a month without any experience or expertise in the sector. Prior to this lucrative position, Hunter had gone through many jobs in finance and in government after graduating from Yale Law School.
As Liberty Nation’s Sarah Cowgill notes, if you turn on The View you see Meghan McCain and Abby Huntsman. The former is the daughter of a late senator and presidential candidate and the latter is the child of a diplomat and former governor. McCain worked for Fox News and Huntsman was employed by NBC News. Other kids of famous politicians have graced television news screens, including Chris Cuomo, Maria Shriver, and Jenna Bush Hager.
Ivanka Trump and her husband, Jared Kushner, have senior positions inside the White House. It is more than likely that former President Barack Obama’s kids will be extended profitable job offers once they graduate from college; perhaps even a run at public office one day. It is a never-ending cycle.
While these arrangements are well-known examples of nepotism, it is the lesser-known instances that show just how seriously the system is rigged in politicians’ favor. It certainly is not illegal for the child of a politician to land a high-paying gig, but it does raise an eyebrow when so very many politicians’ kids have jobs that most people would dream of. Senator Mitt Romney’s (R-UT) son, Tagg, worked for the Los Angeles Dodgers’ marketing department for crying out loud!
Senator Ron Wyden’s (D-OR) son, Adam, launched a hedge fund after graduating from his Columbia University MBA program. This was a successful venture thanks to the contacts he likely made by interning at D.E. Shaw, a $19 billion hedge fund run by David Shaw, a famous supporter of Sen. Wyden. Bloomberg reported that “not many college kids get to intern on a D.E. Shaw portfolio for the summer.”
When Senator Joe Manchin (D-WV) was working at the state legislature, his daughter, Heather, was hunting for a job. Manchin met Milan Pushkar, the head of pharmaceuticals giant Mylan Inc., at a West Virginia University basketball game. Soon after, she was given an entry-level position typing labels and is now the CEO. Today, Heather is one of Fortune’s 50 Most Powerful Women in Business without an MBA. Did Pushkar get anything in return? Well, Mylan had benefitted from millions of dollars worth of corporate tax breaks.
Former Treasury Secretary Robert Rubin’s son, James, graduated from Harvard and Yale and worked for a major New York law firm. Afterward, he was given public policy positions inside Bill Clinton’s Federal Communications Commission (FCC) and then held several investment and private equity jobs, including at JPMorgan Chase.
Many kids become lobbyists. Others work at well-connected law firms. Some start their own companies and are provided a Rolodex made of gold. Anytime you investigate the families of these elected officials, you find six degrees of separation; someone is married to a person who is related to a famous diplomat who received his appointment by donating millions to a presidential campaign. These are examples of quid pro quo that the legacy media choose to ignore, likely because they are complicit.
Politicians, Profits, and Progenies
It pays to be the son or daughter of a high-profile politician. Companies are learning that investing in employment opportunities for children of top officials returns a handsome profit. Even if they possess little to no experience, the name value alone is enough to spark investor interest and build brand awareness – maybe even some pay-to-play, baby. If you are a venture capitalist or a professional trader and you learn that Kramerica Industries has the son of a former vice president or the daughter of an ex-secretary of state on the board of governors, you will be far more likely to park your money in that firm. Forget building human capital; being the child of a politician is a valuable commodity.
Read more from Andrew Moran.