Hightailing it out of the United States House of Representatives after losing his reelection effort in the Republican Party primary is paying off well for uber war advocate and former House Majority Leader Eric Cantor (R-VA). With four months remaining in the House term he left early, Cantor is already literally raking in his Wall Street millions.
The New York Times reports the lucrative figures of Cantor’s new job at a “Wall Street boutique investment bank”:
Mr. Cantor will be joining Moelis & Company as vice chairman and a director on its board, the firm said on Tuesday. He is expected to serve as a senior adviser to the firm’s clients on strategic matters.
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.
As David Stockman explained upon Cantor’s primary defeat, Cantor has already done so much for “Wall Street.” Here is one example:
The fraught moment came on October 3, 2008 when [Eric Cantor] helped Hank Paulson, the Goldman Sachs plenipotentiary then occupying the 3rd floor of the Treasury Building, force the House GOP rank-and-file into a catastrophic retreat. That is, after properly rebuking the White House demand to bail-out the Wall Street gambling houses by voting “no” on the first TARP consideration, House Republicans were forced into a shameful about face on the second vote.
The politically-connected portions of the financial industry know their current friends in Washington are watching how things work out for this former friend in Washington. So far so good for Cantor.
