A feature of oligarchy is the dynastic ascension of new leaders, children who rise to positions of power and wealth simply by the luck of birth. We welcome Chelsea Clinton to the club.
Earning $445 Per Second at NBC
Unlike most well-to-do young people who, after a decent education, take a series of unpaid internships and entry-level positions to begin working their way up some corporate ladder, Chelsea jumped more than a few rungs. Despite never having attended journalism school or otherwise having worked in the field, Chelsea was hired by NBC News to do feel-good stories as part of their “Making a Difference” series. Though the starting salary for such positions is already a chunky $100,000-200,000, Chelsea is being paid $600,000 a year for the same work.
Or less work. Here is a list of Chelsea’s recent NBC stories:
— June 10, NBC Nightly News, on diabetes.
— June 10, Today show, on a car accident in New Jersey.
— June 5, NBC Nightly News, General Motors safety scandal.
— June 4, Today show, missing Malaysia Airlines Flight 370.
— June 4, NBC Nightly News, about people pointing lasers at aircraft.
— June 3, NBC Nightly News, food-borne illnesses.
— June 2, Interviewed the Geico gecko, an animated character who sells insurance.
All told, in her almost three-year tenure at NBC, Chelsea has worked on all of 14 stories.
Business Insider calculated since starting work in November 2011, Chelsea earned about $26,724 for each minute she appeared on air, or $445 per second. As in one-two-three = $1335, there’s your month’s rent.
NBC has an eye for talent, at least the talent of children of important politicians. In 2009, it hired George W. Bush’s daughter Jenna to serve as a correspondent on the Today” show. In 2011, it hired Senator John McCain’s daughter Meghan as a contributor on MSNBC.
More Chelsea $$$$$$$$
But back to Chelsea. She told the New York Times in 2011 when hired by NBC she intended to donate most of the money she earned to the Clinton Foundation. In addition to her gig at NBC, Chelsea also serves Vice Chair of the recently renamed “Bill, Hillary and Chelsea Clinton Foundation,” where she was “a major force in steering her parents’ charitable work” in the final years of her mother’s time at the State Department.
Chelsea also benefits from a job as a board member for Barry Diller’s IAC/InteractiveCorp. Salary for Chelsea: $300,000. The board position also pays an annual retainer of $50,000 and a $250,000 grant of restricted stock.
Chelsea, though she only graduated with a master’s degree in 2010, started teaching graduate level classes two years later at Columbia University’s School of Public Health. Her exact salary is unknown. However, the average salary for a Columbia lecturer is $51,671.
Chelsea holds another academic post, salary unknown, as assistant vice provost for the Global Network University at New York University.
Chelsea has also presented an award to her mother at Diane Von Furstenberg’s International Women’s Day event and hosted her father’s 65th birthday at a Hollywood benefit for the Bill, Hillary and Chelsea Clinton Foundation with guests Lady Gaga and Bono.
Chelsea’s personal fortune is estimated at $15 million, most earned as a consultant at McKinsey & Company and by working for Avenue Capital Investment Group as a hedge fund manager. Chelsea and her husband live in a $10.5 million condominium in Manhattan.
Chelsea is only 34 years old and has already accomplished so much. What a bright future lies ahead! America is still a country where any child can grow up to someday become president.