SubscribeChelsea’s ‘Distressed Debt’ Hedge Fund Co.
As we know from media reports, Chelsea Clinton works for the “Avenue Capital Group — a New York hedge fund run by Clinton friends.”
Oddly enough, our watchdog media has been very quiet about the nature of this “hedge fund,” which it turns out specializes in the “distressed debt market.”
From their website:
Chelsea Clinton greets guests at the Kalihi Palama Health Center clinic, Friday, Feb. 15, 2008. in Honolulu as she campaigns for her mother, Hillary Rodham Clinton.
Avenue Capital Group - Firm
Avenue Capital Group was founded in 1995 by Marc Lasry and Sonia E. Gardner. Pioneers in the distressed debt market, Mr. Lasry and Ms. Gardner have successfully invested in the public and private debt and equity securities of distressed companies across a variety of industries for over two decades.
Prior to founding Avenue, Mr. Lasry and Ms. Gardner founded Amroc Investments, LLC. Amroc began in 1989 as a $100 million distressed debt investment partnership organized by Mr. Lasry and Ms. Gardner in association with the Robert M. Bass Group, Inc.
Headquartered in New York, with offices in London, Luxembourg, Munich, and eight offices throughout Asia, the firm manages assets valued at approximately $20.1 billion as of December 31, 2007. Avenue draws on the skills and experience of approximately 350 employees and its Partners, Marc Lasry and Sonia E. Gardner, who have spent virtually their entire careers in the field of distressed investments.
In case you are wondering, here is a description of distressed debt (or securities), courtesy of Wikipedia:
Distressed securities
Distressed securities are securities of companies or a nation’s central bank that are either already in default, under bankruptcy protection, or in distress and heading toward such a condition. When it comes to fixed income, these types of securities are below investment grade, and can include corporate credit as well as emerging market government fixed income…
When companies enter a period of financial distress, the original holders often sell the debt or equity securities of the issuer to a new set of buyers. In recent years, private investment partnerships such as hedge funds have been the largest buyers of distressed securities. Other buyers include brokerage firms, mutual funds, private equity firms, and specialized debt funds (such as collateralized loan obligations) are also active buyers.
Investors in distressed securities often try to influence the process by which the issuer restructures its debt, narrows its focus, or implements a plan to turn around its operations. Investors may also invest new capital into a distressed company in the form of debt or equity…
Investors in distressed securities typically must make an assessment not only of the issuer’s ability to improve its operations but also whether the restructuring process (which frequently requires court supervision) might benefit one class of securities more than another.
So Avenue Capital profits from downturns in the economy and foreclosures and bankruptcies.
Consequently, it is no surprise that Hillary and her mom (and her father) have been so busy trying to talk us into a recession when we are not in one. They have a vested interest.
(And of course it is the mantra of our the Democrat party and its minions in the media whenever there is an election coming up and Republicans control the White House.)
By the way, lest anyone think it is an exaggeration to say Avenue Capital is run by friends of the Clintons, here are some of their political contributions as listed by the Federal Election Commission:
Individual Contributions Arranged By Type, Giver, Then Recipient
Contributions to Political Committees
BALSAM, SHERI
MERRICK, NY 11566
AVENUE CAPITAL GROUP/CFOCLINTON, HILLARY RODHAM
VIA HILLARY CLINTON FOR PRESIDENT03/06/2007
2300.00
27930580246BARANELLO, ALANE
MANHASSET, NY 11030
AVENUE CAPITAL GROUP/HUMAN RESOURCLINTON, HILLARY RODHAM
VIA HILLARY CLINTON FOR PRESIDENT04/10/2007
500.00
27990273758BURNAZIAN, STEPHEN E
NEW YORK, NY 10022
AVENUE CAPITAL GROUP/ANALYSTCLINTON, HILLARY RODHAM
VIA HILLARY CLINTON FOR PRESIDENT06/18/2007
500.00
2799027424006/30/2007
500.00
27990274241D’ADDARIO, RICHARD C
WESTPORT, CT 06880
AVENUE CAPITAL GROUP/SENIOR PORTFCLINTON, HILLARY RODHAM
VIA FRIENDS OF HILLARY11/29/2005
1000.00
26020090520ERIC, ROSS
WESTPORT, CT 06880
AVENUE CAPITAL GROUP/ATTORNEYCLINTON, HILLARY RODHAM
VIA HILLARY CLINTON FOR PRESIDENT04/09/2007
500.00
27990275142GARDNER, SONIA
NEW YORK, NY 10024
AVENUE CAPITAL GROUP/EXECUTIVEDEMOCRATIC SENATORIAL CAMPAIGN COMMITTEE
09/21/2005
25000.00
2502048073406/30/2007
25000.00
27020281866GELLERT, EDWARD
HARRISON, NY 10528
AVENUE CAPITAL GROUP/SENIOR PORTFCLINTON, HILLARY RODHAM
VIA HILLARY CLINTON FOR PRESIDENT04/13/2007
1000.00
27990275533GREENBARG, TODD
NEW YORK, NY 10023
AVENUE CAPITAL GROUP/MANAGING DIRCLINTON, HILLARY RODHAM
VIA HILLARY CLINTON FOR PRESIDENT04/10/2007
500.00
27990275743GROSSMAN, BRUCE
ARMONK, NY 10504
AVENUE CAPITAL GROUPCLINTON, HILLARY RODHAM
VIA HILLARY CLINTON FOR PRESIDENT03/14/2007
2300.00
2793058187403/14/2007
2300.00
27930581873LAM, GIGI
NEW YORK, NY 10280
AVENUE CAPITAL GROUP/VP FINANCE &CLINTON, HILLARY RODHAM
VIA HILLARY CLINTON FOR PRESIDENT04/09/2007
300.00
27990276761LASRY, MARC
NEW YORK, NY 10021
AVENUE CAPITAL GROUP/FOUNDER/MANA01/11/2007
5000.00
27990432620LASRY, MARC
NEW YORK, NY 10021
AVENUE CAPITAL GROUP/MANAGING DIRDEMOCRATIC SENATORIAL CAMPAIGN COMMITTEE
06/27/2007
28500.00
27020281764
LASRY, MARC
NEW YORK, NY 10022
AVENUE CAPITAL GROUPDEMOCRATIC SENATORIAL CAMPAIGN COMMITTEE
08/31/2005
10000.00
25020370520
LEVINE, SHERI
NEW YORK, NY 10023
AVENUE CAPITAL GROUP/FINANCIAL ANCLINTON, HILLARY RODHAM
VIA HILLARY CLINTON FOR PRESIDENT04/12/2007
500.00
27990276923MARONEY, PETER JR
NEW YORK, NY 10022
AVENUE CAPITAL GROUP/ASSOCIATEDEMOCRATIC SENATORIAL CAMPAIGN COMMITTEE
05/23/2006
1000.00
26020363194RAYMOND, JESSICA M
NEW YORK, NY 10022
AVENUE CAPITAL GROUP/INVESTMENT ACLINTON, HILLARY RODHAM
VIA FRIENDS OF HILLARY11/29/2005
1000.00
26020091959WIJERATHNA, NISH
STATEN ISLAND, NY 10301
AVENUE CAPITAL GROUP/ENGINNERCLINTON, HILLARY RODHAM
VIA HILLARY CLINTON FOR PRESIDENT04/09/2007
250.00
27990280466WOLFMAN, ALEXANDER D
NEW YORK, NY 10038
AVENUE CAPITAL GROUP/DIRECTOR BUSCLINTON, HILLARY RODHAM
VIA HILLARY CLINTON FOR PRESIDENT03/02/2007
2300.00
2793058518303/02/2007
2300.00
27930585182WOLFMAN, ALEXANDER D
NEW YORK, NY 10038
AVENUE CAPITAL GROUP/DIRECTOR, BUCLINTON, HILLARY RODHAM
VIA FRIENDS OF HILLARY11/29/2005
1000.00
26020092643
All told the Avenue Capital partners contributed at least $246,500 to Democrats in just the last few years. So it is only fitting that they should be remunerated by having the Clintons try to tank the economy.
Still, shouldn’t Chelsea’s yearly six figure gift salary from Avenue Capital be listed as a campaign contribution as well?
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10 Responses to “Chelsea’s ‘Distressed Debt’ Hedge Fund Co.”
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February 15th, 2008 at 12:48 pm
Glorified slum lords — preying on the weak, those who can’t pay their bills, cut-throats of the worst order. Basically, the same folks Hillary’s been complaining about all these years.
February 15th, 2008 at 1:04 pm
Apparently Chelsea is a little Soros wannabe.
Imagine the money she can make with mom backing her investments with tax money. Invest in stressed mortgage lenders and then the federal government bails them out. Oh, and then ship the profits off to the Caimans and avoid paying the taxes that you and I have to.
My friends, we have thieves guarding the purse.
February 15th, 2008 at 1:20 pm
Compare/contrast Mitt Romney’s VC activities, which gave entrepreneurs opportunities to build businesses, created jobs, developed markets, etc., and Chucky Clinton’s vulture capitalist fund that basically takes over distressed loans, imposes usury interest rates akin to pay day loans, threaten legal action, foreclose, then sell off the collateral to exact their pound of flesh.
February 15th, 2008 at 5:05 pm
“AH,HAHAHAHAHAHAHAHAHAHAHAHAHA!”
“Thank U Mr. SG for bringon this up!!” “You see, what my friends & daughter do at AveNU Capital is doing, is they’re giving credit to people who the current administration don’t think deserve it.”
“That’s Right - U KNOW what I’M TALKIN’ a - BOUT! What they do is they provide home borrowers with loans that they can never, ever pay back.”
“And since my daughter is fiscally responsible like her mother, what they do is charge outrageous ballooning interest.”
“Sure, it IS TRUE, that when these people, who we helped by giving them loans when the Bush administration’s Wall Street buddies wouldn’t, WE TAKE THEIR HOUSE & THEIR POSSESSIONS.”
“But, when I become President I will, uh, the first thing I will do, ummm (hey, what did I say this morning was the first thing I’d do?! Damn It. How am I supposed to remember!?). The first thing I will do is make sure that anybody who looses their homes & is totally wiped out will get FREE HEALTH CARE. And, a place to stay just like what we currently have for Medicaid & the VA but only extended to more Americans who are going to need it.”
Thank you Mrs. Clinton.
February 15th, 2008 at 6:16 pm
Just in case Mr. Clinton feels left out, I’ve attached this link to a look at where he’s headed in his future.
http://www.youtube.com/watch?v.....re=related
And, let’s not forget. This is a special weekend. This week we celebrate a special birthday !
Monica Lewinsky turns 34.
Can you believe it ? Why, it seems like only yesterday she was crawling around the White House on her hands and knees, and putting everything in her mouth. They grow up so fast, don’t they?
February 16th, 2008 at 2:54 am
Once again, amazing work there, SG.
So let’s see, Chelsea works for a a hedge fund that only makes money if people are going into bankruptcy and foreclosure.
What looks to be a large number of the board has donated generously to her Mom’s campaign.
Imagine the headlines had this been the child of a Republican working for such a fund.
:The NYT headline would read “GOP Presidential Campaign Funded by Foreclosure Crisis.”
February 16th, 2008 at 10:41 am
Mom taught her the lessons of the benefits of the structure of the Whitewater deals well. Just like a football coach she has learned to keep running the same successful play until somebody figures out how to stop it.
February 16th, 2008 at 10:58 am
Oh sweet irony - I know folks on the verge of losing their house that can’t wait to vote for Hillary - “we’ll have a wonderful new president” - “She’s so smart.” ya gotta love it!
February 16th, 2008 at 12:40 pm
“on the verge of losing their house that can’t wait to vote for Hillary” I’d bet most of those on the verge will vote Democrat. How raising taxes will help any homeowner has never been explained to me. How surrendering to our enemies helps America has never been explained to me either. But both will be done by the Democrats and quickly.
February 16th, 2008 at 1:42 pm
“on the verge of losing their house that can’t wait to vote for Hillary”
Maybe she can give them one of those deals where they don’t get the title to their property until after the last payment–until then the payments are considered rent and if they don’t make a prompt payment they simply get thrown out and she keeps any equity they thought they might have. Technically that wouldn’t be a foreclosure so the foreclosure rate would be lower.