You see, Andrew Sorkin explains, there’s nothing wrong with hiring the idiot son of a Chinese supercrat, or of a Greenwich hedge fund king. It’s just good business. On top of that, many of these hires aren’t idiots at all, (indeed the case) but highly talented acorns which don’t fall far from the genius tree. Hiring the children of the rich and connected is just the way it is. It doesn’t constitute a bribe or anything like that. No way. Society just needs to make peace with the fact that some people will get hired because of their parents and others, well, won’t.
There is a good bit of truth to what Mr. Sorkin argues. It is true that many of the children of the powerful are highly qualified. They have often gone to the best schools. Often they have excelled in their own right as excellence is often what is expected of the daughters and sons of the successful. I have known a number of very talented people in the business world who also happened to have very successful and/or very wealthy parents.
But Sorkin goes out of his way to ingratiate himself with the people he wants to interview. Basically he says that so long as a hire isn’t napping under his or her desk during the trading day it just makes sense to hire the privileged. This is entirely ethical. If the kid however is doing absolutely nothing, well then this is a bribe.
However if he or she can make coffee and do a couple of bond trades, then there’s nothing unseemly.
The best part of the article is this bit though, where the author tries to make the case that Chelsea Clinton only got the jobs she did because she was qualified. That her parents are who they are helped, but Ms. Clinton is “intelligent” in her own right.
I’m sure she’s “intelligent” but come on Sorkin.
(From The New York Times)
The same goes for the prime example of this issue in the United States: Chelsea Clinton. Ms. Clinton worked at the consulting firm McKinsey & Company after college and later at Avenue Capital, a hedge fund founded by a big Clinton fund-raiser, Marc Lasry. But Ms. Clinton, a Stanford graduate who is considered intelligent by virtually everyone who has spent time with her, had as genuine a claim on those jobs as anyone else graduating the year she did.