Chelsea gets one-percenter income for a few board meetings a year
The Ruling Class takes care of its progeny. Chelsea Clinton, whose job experience includes a number of short-lived gigs at prestigious and lucrative employers (NBC News, McKinsey & Co, for example) has found yet another very, very part-time job. Richard Morgan reports for the New York Post:
Mama Hillary Clinton didn’t make it to the White House, and hubby Marc Mezvinsky has just shuttered his hedge fund.
What’s a girl to do?
Expedia answered that question for Chelsea Clinton Friday by appointing her to its board.
The online travel giant had to increase the number of its directors from 13 to 14 in order to accommodate Clinton, according to securities filings.
But with 54 percent of its voting shares, Expedia’s chairman — billionaire Barry Diller — has the clout to do it.
Diller has already provided Chelsea with another board gig:
Diller was simply reprising the role he played in appointing Clinton to the board of IAC Interactive four years ago, where he was and still is chairman.
That first board seat generated “$299,936 compensation — $50,000 cash and $249,936 in stock” -- which is a substantial multiple of the yearly household income in the United States. On top of that, Chelsea now will nearly double that, receiving from Diller’s other board: “$295,000, consisting of a $45,000 cash retainer and $250,000 in trade-restricted stock.”
Just under 600 grand puts Chelsea and husband Mark in the top one percent. All for a few meetings a year and (maybe) a little prep time. The board has managed all along to do without Chelsea’s insights (based on what? Her rides on Air Force One?), so I doubt very much if she will be cranking out spreadsheets analyzing the proposed budgets from management. Does she even know how to make a spreadsheet?
What will Elizabeth Warren say about this one-percenter deal? (Trick question: nothing.)
I have booked a lot of travel on Expedia, in the past. No more. I am not launching a boycott, but I just can’t feel any love for a company that behaves this way toward the Clinton Family. Unlike Ivanka Trump's businessses, which she founded and runs, Chelsea is attaching herself to a business she has had nothing to do with, based on her family name, not on her accomplishments.
Here are some alternatives to Expedia:
It will be interesting to see what, if any, impact this decision on consumer preferences.