Eric Cantor goes to Wall Street
Former House Majority Leader Eric Cantor is taking his talents to Wall Street, joining boutique investment bank Moelis & Co. as a vice chairman and board member.
Cantor's move into the private sector was widely anticipated following his June electoral defeat at the hands of an unknown economics professor -- one of the biggest political upsets in recent memory.
Cantor then chose to resign from his position in the leadership rather than finish his term. The 7-term congressman's decision set off speculation about his next gig -- be it at a bank, lobby shop or law firm.
Moelis said that Cantor will work out of New York and a new office opening in D.C.
Since the firm went public in April, shares have risen by almost 40%. Moelis advises on mergers, acquisitions and risk.
'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.
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As a lawyer and former member of the House Financial Services Committee, Cantor has always found significant support on Wall Street.
During his most recent congressional campaign, Cantor raised $785,000 from the investment industry -- more than any other sector, according to the Center for Responsive Politics. His top single donor was Blackstone Group .
Cantor's move to Wall Street is likely to inflame critics of the so-called revolving door in Washington. They say politicians are too often trading public service duties for lucrative private sector jobs.
Tom Davis, a former Virginia congressman, recently told the New York Times Magazine that Cantor was in a prime position.
'I think it would be easy for him to become Eric Cantor Inc. and make a few million dollars a year,' Davis said.
First Published: September 2, 2014: 2:41 AM ET
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