Eric Cantor Gets Three Million Reasons to Go to Wall Street

[DonViejo]

Update

According to Business Insider, Cantor will be receiving a pay package in the upwards of $3 million:

So he'll have a base salary of $400,000 for this year and next. Add in $1.4 million in signing bonuses this year, and $1.6 million in incentive compensation next year, and Cantor is looking at a cool $3.4 million.

Original Post

Just weeks after being rejected by voters, former House Majority Leader Eric Cantor has reportedly landed a job at the investment firm Moelis & Co. Cantor will join the investment bank as a "vice chairman and board member at the firm, effective this week," according to the Wall Street Journal.

The hire was announced on Labor Day joint interview with Cantor and Moelis & Co. founder Ken Moelis. Unsurprisingly, there was not a ton of diversity in the tone of the responses to Cantor's new gig:

more
http://www.thewire.com/politics/2014/09/eric-cantor-to-land-on-his-feet-after-all-join-wall-street-investment-bank/379444/

[yeoman6987]

1. Nice gig

Most people who are fired are hopeful they just get another chance somewhere else most likely at much lower pay. I guess the 1%ers really do have it made. The rest of us get the leftover scraps.

[DonViejo]

3. He will undoubtedly be making less...

money on Wall Street than he did as a Congressman but, hey, who's counting?

[JaneyVee]

2. Didn't he bet against America?

[octoberlib]

4. According to Robert Reich he'll be running the firm's Washington office.

Last edited Tue Sep 2, 2014, 02:56 PM - Edit history (1)

Gotta keep that Congressional largesse flowing.



Not surprisingly, Cantor will run the firm’s Washington office, opening doors and keeping the congressional largesse flowing. Cantor explained, “I have known Ken [the bank’s CEO] for some time and … followed the growth and success of his firm.” Exactly. They’ve been doing business together for years. The well-worn path from Washington to Wall Street has rarely been as clear, nor the entrenched culture of mutual behind-kissing.

If congressional ethics is not a complete oxymoron, the rule should be (at the very least) that no member of Congress who has served on a committee overseeing an industry be permitted to take a job in that industry for at least five years after leaving Congress. You agree?

https://www.facebook.com/RBReich

[DFW]

5. OK, I wanna know: is ANYBODY surprised by this?

I thought not.

[spanone]

6. these days congress is a stepping stone to the big bucks...this shit should be illegal

[Mass]

7. Unfortunately far from being the only one or the highest sell out amount (including Dems)

This said, the clause about being able to leave the firm without penalties for taking a political job is very telling of his intentions. In the meantime, he is getting the money.

http://thehill.com/policy/216357-cantor-joins-investment-bank

The contract allows Cantor to leave the company after two years without a pay penalty to "take a full-time elected or appointed position in federal government, state government, or a national party."

Of course, we need real reform, but so many pols benefit from the revolving door that it will be difficult.

[DonViejo]

8. Interesting, huh?....

September, 2014 + 2 years = September, 2016.

Counting chickens before they hatch?

[Mass]

9. Cabinet position, RNC chair, or VA Governor seem to be the possibilities.

Anyway, he certainly intends to keep his options open when it comes to politics.

[DonViejo]

11. Exactly. Or, maybe he's so deluded he thinks he can buy his

way into a GOP Veep slot

[Octafish]

10. This really is a meritocracy.

After 13 Years Of Fighting For Wall Street, Eric Cantor Will Make Millions At An Investment Bank

http://thinkprogress.org/politics/2014/09/02/3477786/eric-cantor-wall-street/

Another American Success Story, like Horatio Hornblower.

[B Calm]

13. +1 The people who use to vote for him must be soooo proud!

[MrMickeysMom]

12. It's times like this that I miss Swamp Rat and his photoshop

Oh… just THINK of what he could DO with a portrait of Eric Canter now!!!

[Bill USA]

14. The TP darling went to there because it's such a hot-bed of populism....

"yeah, I'm a tea party style populist... you know what I mean!"