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 ...
You still don’t get it.
You shouldn’t talk down to people here as if you the only one that observes they are free to choose what they do in ‘the private sector’. People here know that and are smarter than you think.
What you are missing and where you are going offtrack is it thinking people are judging what someone has chosen to do in the private sector. They’d are not judging this.
What people are doing is CONFIRMING a prior judgment that was done at the polls. Cantor has already been judged. People had their suspicions about his motives. Now it is ‘confirmed’ that he was in it for himself. Now if you’ll believe people should not judge the motives of their elected reprentatives, then you’ve both a problem.
This is similar to a congregation that rids itself of a minister who is rumored to be homosexual. After the minister is put out, if said minister joins the LGBT Alliance and is seen with a homosexual partner, then it is ‘confirmed’ to the members of the congregation that there previous judgment was valid.
What a slime like all the rest.
Note to self. Android smartphone keyboard and suggested spellings and sentence compounds are unpredictable. I am typing from a handheld and can’t control well the fillins and bad grammar. Need to look past obvious errors to get the gist of the message.
No. I don’t get it. Cantor was defeated for re-election. I get that. Cantor had lost touch with his constituents. I get that. Cantor was on the wrong side of the immigration issue. I get that.
The LGBT/minister comparison I think was a bit of a stretch that I don’t get. If we’re going to make comparisons, let’s at least stick with similar situations. I brought up the comparison with Sen. Phil Gramm. Someone else brought up the comparison with Gov. John Kasich. Which are reasonable comparisons.
I have no issues with Cantor finding a new job and supporting his wife and children. No issue with him making serious money. No issue with him joining Moelis. If there really is an issue with him joining that firm, please explain it to me so that I can get it.
As chairman of the Senate Banking Committee from 1995 through 2000, Gramm was Washington's most prominent and outspoken champion of financial deregulation. He played a leading role in writing and pushing through Congress the 1999 repeal of the Depression-era Glass-Steagall Act, which separated commercial banks from Wall Street. He also inserted a key provision into the 2000 Commodity Futures Modernization Act that exempted over-the-counter derivatives like credit-default swaps from regulation by the Commodity Futures Trading Commission.
What a nice guy. /s
I do not believe the repeal of the Glass-Steagall Act had anything to do with anything. I thought it was dumb Depression era law to begin with.
What triggered the subprime mortgage meltdown was the creation of government run organizations such as Fannie and Freddie coupled with the passage of truly insane legislation such as the Community Reinvestment Act which active encouraged financial institutions to make mortgages available to low income people without the usual requirements of checking employment history, credit worthiness, as well as putting down a significant down payment and having collateral.
What Cantor is doing is perfectly legal. It is also perfectly corrupt.
By corrupt I refer to soiling of republican principles. The Framers inserted some deterrents to self-aggrandizement through government in the constitution. Alas, it is the nature of things when our federal republic first degraded (1913) into a democratic republic, and recently into open tyranny.
The best bet for young people to attain stable salary and good benefits is with government, especially the national government. It is a horrible reality in our once federal and Free Republic.
How is going to work for Moelis corrupt?
Why do you think it is best for young people to work for the national government?
Who is going to pay their salaries?
Now I REALLY do hope Cantor makes a lot in the private sector!
Congress is owned. Eric is just taking what he already bought.
Don’t call it “bribery” though.
I don’t see this as an issue any longer. For me it is a matter of fact that Cantor has shown now that his representation was not for the better for the ordinary middle class working person but instead for his own betterment. He of course ,as noted, is not the only such person in the USA government, local and fed , who views government as the deep well of supply/opportunity for bigger and better life styles. However, being an overseas vet of WWII and having a had a good and honest, not rich, life I would like to see the Nation’s politicians get back to being publicly oriented servants as the Founders intended.
Yes, I agree with most of that.
And I do believe our Founders intended also intended public service in elected office to be a very temporary situation for citizen legislators, not a lifelong career.
For those who strongly disliked Eric Cantor and his politics, they should be delighted that he has decided to turn to a private sector career instead of returning to politics anytime soon.
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