Eric Cantor Accepts New Job, Uniting Wall Street With Washington
Throughout his political career, former House Majority Leader Eric Cantor was closely tied to Wall Street bankers.
Cantor helped the financial industry in Congress, and Wall Street executives returned the favor by flocking to his many fundraisers for Republican candidates.
The former Majority leader raised over $3 million from donors tied to the financial industry during his career according to the Center for Responsive Politics.
Now Cantor is uniting his two worlds by accepting a job with Moelis & Co. with plans to open a Washington office, and he will be paid handsomely to do it. Business Insider reports his initial compensation will be $3.4 million.
Since losing his primary election in June in a shocking upset, Cantor has been looking for new opportunities in the business world. After Rep. Kevin McCarthy was elected to replace Cantor as House Majority Leader, Cantor resigned his congressional seat in August, rather than finish his term in Congress.
According to the Wall Street Journal, Moelis hired Cantor for his "judgment and experience.”
"I have no need for a political figurehead," he said. "What I want is a partner."
Cantor’s new position will be as a vice chairman and a board member of the financial firm.