Eric Cantor Is Now A Wall Street Investment Banker With An Annual Salary Of $2 Million

After losing, by a large margin, his House seat in a surprising and stunning defeat, former Majority Leader Eric Cantor is headed for greener pastures. 

Not that anyone was worried about Eric Cantor when he lost his seat in Congress to Tea Party Republican and political novice Dave Brat, but America can now rest assured that the Cantor family of Virginia won’t be going hungry.

Cantor will be getting a $1.4 million sign on bonus and a guaranteed minimum $2 million annual salary at his new job, the Financial Times reports. The company is valued at $2 billion.

“Moelis & Company Announces the Appointment of Eric Cantor as Vice Chairman and Member of the Board of Directors,” the press release reads. Yes, the Wall Street investment bank will be opening a Washington, D.C. office, seemingly for him.

The Wall Street Journal reports that “Mr. Moelis said he is hiring Mr. Cantor for his ‘judgment and experience’ and ability to open doors—and not just for help navigating regulatory and political waters in Washington.”

Still, expertise in such matters is likely to be valuable given how heavily they can weigh on the minds of corporate executives contemplating deals.

“I have no need for a political figurehead,” Mr. Moelis said. “What I want is a partner.”

Response to the news was swift and mocking.

“You get it, everybody?,” The Atlantic Wire asked. “This has nothing to do with Cantor’s access.”

 

Eric Cantor’s new boss, Ken Moelis, was a protege of Michael Milken at DBL. Milken was indicted on 98 counts of racketeering and fraud.

— Christina Wilkie (@christinawilkie) September 2, 2014

Eric Cantor got a $1.4 million sign-on bonus, just like you did when you took your job http://t.co/TJF1RAtpga

— Evan McMurry (@evanmcmurry) September 2, 2014

So Eric Cantor’s constituents were right when they concluded he was a creature of Wall Street?

— emptywheel (@emptywheel) September 2, 2014

We know he’s qualified: “Cantor does not have a Wall St. background but was considered a friend of Wall St. while in Congress.” #MorningJoe

— J. Mark Soveign (@MarkSoveign) September 2, 2014

The founder of Moelis & Co, Eric Cantor’s new firm, maxed out to him this cycle: pic.twitter.com/NMumD2FRdc

— Adam Smith (@asmith83) September 2, 2014

 

Image, top by Talk Radio News Service/Geoff Holtzman via Flickr

Insert by Gerald R. Ford School of Public Policy, University of Michigan, via Flickr