Recently ousted former GOP House Majority leader Eric Cantor certainly landed on his feet after his quasi-shocking primary loss to David Brat in June. As expected, the welcoming door on Wall Street is wide open to somebody with his "credentials".
Late Monday night it was reported that former House Majority Leader Eric Cantor would take a job at investment bank Moelis.
The news has already prompted the predictable eye-rolling about the "revolving door." And to the Tea Partiers who ousted Cantor in a primary earlier this year, the news that he is going to Wall Street is vindication that he was never a populist like them.
But anyway, Moelis has put in a filing with the SEC, detailing his pay package (Via Erik Schatzker).
Tell him what he's won, Johnny!
Group LP has agreed to pay Mr. Cantor an annual base salary of $400,000. Group LP has also agreed to pay Mr. Cantor an initial cash amount of $400,000 and grant Mr. Cantor $1,000,000 in initial restricted stock units (“RSUs”), based on the average closing price of the Company’s common stock on the five trading days prior to his start date. The initial RSUs will generally vest in equal installments on each of the third, fourth and fifth anniversaries of his start date. For calendar year 2015, Group LP has agreed to pay Mr. Cantor minimum incentive compensation of $1,200,000 in cash and $400,000 in incentive RSUs, payable in equal quarterly installments. The incentive RSUs will generally have the same vesting schedule as incentive RSUs granted to Group LP’s other Managing Directors.
That adds up to a grand prize package worth $3.4 million, kids. Not bad for somebody who worked 120 days out of the year, huh? Plenty of scratch to tide him over should he be thinking about breaking back into politics. And let's face it, Cantor, like 99% of Republicans (and 80% of Democrats for that matter) is already employed by Wall Street, this just makes it official.
You didn't think he wasn't going to get a multi-million dollar lobbying job, did you? Much more on this from Esquire's Ben Collins:
One month ago, Eric Cantor was the highest ranking member of the House of Representatives. Now, Eric Cantor is one of those senior executives he railed against, who "created this mess" that is our broken economy and corrupt congress.
The only political entities Moelis & Company founder Ken Moelis has donated to in 2013 or 2014 are the National Republican Congressional Committee, Eric Cantor, or Eric Cantor’s creatively named PAC, ERICPAC.
Cantor is now out of office, but he was the highest ranking Republican in the House up until one month and one day ago. This is the rule, not the exception. There is nothing stopping it from happening again, as it is surely happening right this second.
And now he's literally working for one of his biggest campaign donors.
Stop and let that sink in for a second.