Posted on 09/02/2014 6:55:52 AM PDT by SeekAndFind
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).
From the filing:
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.
So he'll have a base salary of $400,000 for this year and next. Add in $1.4 million in signing bonuses this year, and $1.6 million in incentive compensation next year, and Cantor is looking at a cool $3.4 million.
(Excerpt) Read more at businessinsider.com ...
Lucky for him to live in a free market economy isn’t it?
He is being paid for who he knows not what he knows.
Poor, poor Eric.
They are buying his Capitol hill contacts and inside information.
Cronyism is alive and well.
The Chamber of Commerce has Boehner bought and paid for, and they will get amnesty. The base of the Republican Party, i.e. the Tea Party, will make life so miserable for GOPe Congress critters that dozens will opt for Cantor-like private sector jobs rather than run for re-election.
RE: Poor, poor Eric.
I don’t mind being that poor :)
Add to that his Congressional pension and you have a case of terminal Potomac Fever. Bye, Eric.
Also known as influence peddling. He will be a lobbyist and schmoozer but never have to register as a lobbyist
Just another example how a fiat currency, debt and money printing run this country. Elites of both parties are aiming to take their cut from our financialized economy.
There are many people who were glad to see him lose his seat.
And now he has. What he does after he leaves Congress is strictly his own business.
I would not have expected him to work in a gas station.
Let them eat cake ...
We can all sleep better tonight knowing that Eric made a nice soft landing in the bosom of Wall Street.
THIS is why there is no opposition party.
Just wait until you see Boehner's package.
I really don’t care if he makes a living in finance or banking now that he’s out of Congress. The point was getting him out of Congress.
Sure, he will be a lobbyist now, but don’t forget that the NRA was the organization that invented lobbyists.
It’s fine with me. I don’t care.
Sen. Phil Gramm R-TX joined a Wall Street firm after he left Congress.
Didn’t hear a peep from anyone.
Definitely a one-percenter.
Wall Street? Free Market? Ha.
He can put his knowledge to work any way he chooses.
Who are we to tell a man where he can work?
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