Chelsea Clinton has so far been content to take only no-show, high-paying jobs (such as lucrative board memberships), but her husband will finally be setting his alarm clock each evening as he returns to the workforce.
Failed investment banker Marc Mezvinsky has — for reasons that must be completely unrelated to his famous in laws — been offered the vice chairmanship of Social Capital, a venture capital firm that seeks, humbly, “to advance humanity by solving the world’s hardest problems,” using rich people’s money.
Social Capital’s founder noted that Mezvinsky — who will be charged with pulling out his rolodex and making connections with foreign countries and potential investors — has “a common touch”.
“I have seen firsthand his ability to think strategically and engage equally well with both CEOs and engineers,” says Chamath Palihapitiya, Mezvinsky’s new boss. “He has a common touch which is rare for someone with such deep experiences and relationships in politics, finance and philanthropy.”
Evidence of Mezvinsky’s “common touch” must include his education at Harvard, his advantageous marriage, his starter job at Goldman Sachs and his vacations with Diane Von Furstenburg and Barry Diller on Italy’s exclusive Island of Sardinia. He was also known for abruptly quitting his hedge fund job in 2011 and absconding for an extended ski vacation in (also) exclusive Jackson Hole, Wyoming, leaving Chelsea back in New York.
Politics come naturally to Mezvinsky, who’s the son of two former Philadelphia politicians (one of whom embezzled millions from his friends and family in a Ponzi scheme).
“The loneliest Clinton“, incidentally, has been out of work since last year, after he was forced to shut down his previous investment company, Eaglevale Partners. The fund lost 90% of its value when Mezvinsky bought doomed Greek bank stocks and government debt.
Hopefully, he’s more effective at Social Capital where he’ll be helping to launch the firm’s “philanthropic” venture capital arm. But Social Capital should probably be worried: they’re playing with more than $600 million in investment, and its unlikely those donors will be happy if Mezvinsky wastes their money on crumbling global economies.
Social Capital and Mezvinsky have not released compensation information, but it’s unlikely Mezvinsky has accepted any job for less than six figures. After all, his wife makes that sitting in on a single board meeting for Expedia.