Sunday 24th September, 2017
21.8
68 ℉ | 89 ℉Washington
ex-republican-leader-cantor-grabs-34-mn-salary-job-at-investment-bank
WASHINGTON - The former House majority leader Eric Cantor may have lost his primary to a tea party challenger but the ex Republican has landed a job at investment bank Moelis and Co with a hefty pay package of $3.4 million.

This is more his Tea Party-backed opponent spent to beat him in a Republican primary in June. The salary he will draw at the investment banking firm is a huge jump from his $193,400 salary as the US House majority leader.

After serving in Congress since 2001 and rising to his party's second-highest position, Cantor lost the Republican primary in his congressional district near Richmond, Virginia, in June, to a Tea Party-backed newcomer, David Brat, a college economics professor.

Brat is said to have spent less than $400,000 on his primary challenge to Cantor.

Cantor, 51, had pledged to serve out his term yet changed his mind and quit Congress effective Aug 18.

"When I considered options for the next chapter of my career, I knew I wanted to join a firm with a great entrepreneurial spirit that focused on its clients," Cantor said in a statement from Moelis.

He said that he believes he can help clients succeed in "the new model of independent banks offering conflict-free advice".

Cantor will be the company's vice chairman and managing director, according to the statement

Ken Moelis, chairman and chief executive officer of Moelis and Co., said in the company release, "Eric's judgment and tremendous experience will expand the capabilities our team brings to clients around the world as he has unique expertise in assessing complex situations and crafting innovative solutions."

It won't be the first payment Cantor has received from Moelis -- the firm's chairman gave $2,600 to his campaign in April, reports Bloomberg Businessweek.

At Moelis, Cantor will help the firm, which was formed in 2007 and has offices overseas, compete for business and advise corporate and investor clients on takeovers and other deals, according to Wall Street Journal.

Moelis may say Cantor has merits beyond his political connections, but the Journal noted that Cantor "has long been seen as a liaison of sorts between the GOP and Wall Street" and that he raised "nearly $1.4 million from financial firms and their employees" between 2012 and 2014.

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