Eric Cantor Lands A Job On Wall Street
Not surprisingly, the former House Majority Leader, who resigned from Congress last month, has landed on his feet:
Former House Majority Leader Eric Cantor is joining the Wall Street firm Moelis & Co., the firm announced on Tuesday.
“Eric has proven himself to be a pro-business advocate and one who will enhance our boardroom discussions with CEOs and senior management as we help them navigate their most important strategic decisions,” the firm’s founder, Ken Moelis said in a statement.
Cantor is signing on with the boutique investment bank as a vice chairman and managing director, the company said. He will also be elected to its board of directors.
Cantor is expected to receive a pay package of $3.4 million in his new role, Business Insider reported, citing a Securities and Exchange Commission
The firm said Cantor will “provide strategic counsel to the firm’s corporate and institutional clients on key issues. He will play a leading role in client development and advise clients on strategic matters.”
“When I considered options for the next chapter of my career, I knew I wanted to join a firm with a great entrepreneurial spirit that focused on its clients,” Cantor said.
Cantor unexpectedly lost the GOP primary for his Virginia congressional seat in June. He resigned from Congress last month.
Cantor will continue to live in Virginia and open an office for the investment bank in Washington, The Wall Street Journal reported. He will also have an office in New York.
Talks between Cantor and Moelis about the former lawmaker joining the firm began “shortly before July Fourth” over brunch in Los Angeles, and grew by the end of the month, the paper said.
It was just about a month later, at the beginning of August, that Cantor announced that he would be leaving office early, and let’s just say that it’s not too big a surprise that he ended up with a job like this.
Whew! That’s a load off my mind. I was really worried about that poor poor Mr. Cantor. I could not imagine how desperate he must have been feeling faced as he was with trying to survive on unemployment benefits, struggling to feed his family and provide a roof over their heads. AMERICA!!! The Land of Opportunity! This just proves once again that if you work hard and play by the rules there is no limit to how far you can go!
Well, I guess Wall Street has a compassionate Three Strikes Program. Cantor twice willingly leveraged Republican demands against a possible default on federal debt securities and they’re taking him in. Hmmm … you don’t suppose that Wall Street really doesn’t care about this, because, after all, they get paid whether federal securities increase in value or go into the tank?
I hope no one is surprised by this! I’m sure he had the job lined up when he resigned.
A guy with absolutely no banking experience gets a 7 figure job as a banker.
That’s all you need to know about how our Government is rigged against the people and for the 1%.
@C. Clavin: It’s sad that the highest and best use for an ex-congressman is to work for a lightly regulated utility – a non-productive finance company – instead of say for someone or some industry that actually produces something worthwhile.
@rudderpedals:
The end result of Supply-Side Economics is the elimination of production.
Demand is no longer required….and capital no longer produces.
It only accumulates.
@C. Clavin: That’s like the parasite consuming the entire host.
@C. Clavin:
I wonder if it will ever occur the dunderheads who mostly populate this comments section that the government they love and advocate for so much every day is exactly what creates the conditions for a Cantor and his “skills” to be valuable.
Look in the mirror, people.
@Ron Beasley: Before he resigned. I suspect it is why he left before his term was up.