Eric Cantor is rewarded by Wall Street cronies: Ex-House leader lands a cushy new job at an investment bank

Don’t you shed a tear for Eric Cantor. The recently defeated and now retired ex-House Majority Leader has, as predicted, landed what sounds like a pretty sweet gig working for Moelis & Company, a Wall Street investment firm:

“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. 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 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.

The Center for Responsive Politics shows that Moelis was a financial supporter of Cantor’s campaign as well as his political action committee, Every Republican is Crucial (ERIC) PAC. Cantor, a supporter of the Wall Street bailout, will make a healthy sum in his new career, according to The New York Times:

Moelis & Company will pay Mr. Cantor a base salary of $400,000, along with an additional cash payout of $400,000 and $1 million in restricted stock that will vest over five years.

Next year, the investment bank will give him a minimum incentive payout of $1.2 million in cash and $400,000 in restricted stock.

While many Republicans lamented Cantor’s June primary defeat at the hands of an underfunded and unknown challenger, Dave Brat, he’s going to do pretty well for himself in the private sector, becoming the latest ex-member to use his stature to help his new employer navigate the murky waters of Congress.

Something to remember, however, is that Cantor, pegged as a “pro-business” Republican, isn’t always interested in what’s good for taxpayers. Sure, there may be some common interests, including fewer taxes and less regulation, but Cantor is no longer constrained by his constituents and activists. He’s now working for Wall Street, at least he’s just honest about it now.

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