Eric Cantor Cashes in for $3.4 Million With New Gig at Investment Bank
Once Eric Cantor lost his primary, the question became not whether he would cash in, but when, how, and for how much. Now we have answers. The former House majority leader will become a vice chairman, managing director, and member of the board of directors at "boutique investment bank" Moelis & Co. According to an SEC filing:
... 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.
The money won't be the only thing making Cantor feel right at home; the founder of Moelis & Co. was a max-out donor to his campaign, and he'll get to continue to work in the city he clearly considers home—even if, technically, he lives nearly two hours away near Richmond, Virginia. David Waldman nails Cantor's new office arrangement:
So basically, no surprises here. Cantor gets to keep working in the same city, getting a new set of fancy titles and a big pile of money. Exactly what we knew would happen the moment he lost, because that's what formerly powerful members of Congress, especially but not only the Republicans, do.