It seems the revolving door between Wall Street and Washington has spun once again.
United States investment Bank Moelis & Co. announced Tuesday that it has hired Former Virginia Republican Congressman and House Majority Leader Eric Cantor, who will work as a vice chairman and managing director and be elected to its board.
Cantor will provide strategic advice for corporate and institutional clients. Talks of his pending arrival launched prior to the Jul. 4 weekend and ramped up towards the end of the month. Cantor will continue to reside in Virginia and create an office for the investment bank in Washington.
It is estimated that Cantor will receive a salary package of $3.4 million. The company lauded Cantor for his hard work of reducing taxes and removing bureaucratic red tape.
“Eric has proven himself to be a pro-business advocate and one who will enhance our boardroom discussions with CEOs and senior management as we help them navigate their most important strategic decisions,” Moelis CEO Ken Moelis said in a statement.
Has Cantor been an advocate of lower taxes and limited government? Hardly. Since being elected to office in 2000, Cantor has supported raising the debt ceiling on several occasions and advocated for the Troubled Asset Relief Program (TARP). He also supported the authorization of the war in Iraq and to spend billions of dollars to rebuild schools in Iraq. That’s just a tip of the iceberg.
Of course, the Wall Street community has to say this considering that Cantor was a big recipient of funds from the private equity and investment industry.
Cantor was defeated in June during the Republican Primary by college economics professor David Brat.
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