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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsEric Cantor Named VP Of Wall St. Investment Bank
So it sounds like his life won't change much! Which is a big part of the problem in Washington, isn't it? Either way, people like Cantor are working for Wall Street:
Former House Majority Leader Eric Cantor (R-VA), who resigned last month after losing renomination to an underfunded college professor, spent much of his 13-plus years in the U.S. Congress advancing the agenda of Wall Street investment firms. This week, heannounced that he will be joining a Wall Street investment bank as its new vice chairman.
Cantor will be joining Moelis & Co., the investment bank said, to provide strategic counsel to the Firms corporate and institutional clients on key issues, to play a leading role in client development, and to advise clients on strategic matters. The announcement press release praised Cantor as a leading voice on the economy and job creation, who worked in Congress to lower taxes, eliminate excessive regulation, strengthen small businesses, and encourage entrepreneurship. The deal reportedly includes a $1.4 million signing bonus and at least a $2 million annual compensation package.In practical terms, this meant his voting record frequently mirrored Wall Streets interests. David Stockman, himself a former Republican Congressman who served as director of Ronald Reagans Office of Management and Budget, described Cantor as Bagman For Wall Street.
He voted for the Troubled Asset Relief Program in 2008, which bailed out the sector after the collapse of the subprime mortgage market. He forcefully opposed the Dodd-Frank Wall Street Reform and Consumer Protection Act, warning that the wave of new regulatory agencies and regulations threatens to smother business activity and restrict the flow of credit. After becoming majority leader in 2011, he vowed to stop the barreling train of Dodd-Frank implementation and pushed for a legislative changes to de-fang the law.
Cantor will be joining Moelis & Co., the investment bank said, to provide strategic counsel to the Firms corporate and institutional clients on key issues, to play a leading role in client development, and to advise clients on strategic matters. The announcement press release praised Cantor as a leading voice on the economy and job creation, who worked in Congress to lower taxes, eliminate excessive regulation, strengthen small businesses, and encourage entrepreneurship. The deal reportedly includes a $1.4 million signing bonus and at least a $2 million annual compensation package.In practical terms, this meant his voting record frequently mirrored Wall Streets interests. David Stockman, himself a former Republican Congressman who served as director of Ronald Reagans Office of Management and Budget, described Cantor as Bagman For Wall Street.
He voted for the Troubled Asset Relief Program in 2008, which bailed out the sector after the collapse of the subprime mortgage market. He forcefully opposed the Dodd-Frank Wall Street Reform and Consumer Protection Act, warning that the wave of new regulatory agencies and regulations threatens to smother business activity and restrict the flow of credit. After becoming majority leader in 2011, he vowed to stop the barreling train of Dodd-Frank implementation and pushed for a legislative changes to de-fang the law.
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Eric Cantor Named VP Of Wall St. Investment Bank (Original Post)
Unknown Beatle
Sep 2014
OP
kysrsoze
(6,023 posts)1. Shocking! I thought he would have run off and joined the Peace Corps or something altruistic
drray23
(7,637 posts)2. and his qualifications for that are?
Pretty much nil. He has a law degree and a master in real estate development. Of course, nobody is fooled by the fact they are buying his list of contacts and his ability to corrupt , ermm lobby congress to Wall Street's advantage.
What ever happened to that law about not being able to lobby for a year after you leave congress ? Is it still in full force?
SammyWinstonJack
(44,130 posts)3. Ugh!
leading voice on the economy and job creation, who worked in Congress to lower taxes, eliminate excessive regulation, strengthen small business, and encourage entrepreneurship.