After Representative Eric Cantor announced his resignation, having lost the Republican primary in June, the editorial board predicted that he would take a job on Wall Street. It was a safe bet.
As we wrote in early August: “From his first assignment on the Financial Services Committee, Mr. Cantor courted the
favor and the donations of Wall Street. He opposed raising the absurdly low income taxes for private-equity managers, and personally eliminated a requirement that hedge funds disclose how they gather market-sensitive
intelligence.”
Well, guess what: The former House majority leader is, in fact, going to Wall Street.
“Eric Cantor plans to join boutique investment bank Moelis & Co.,” The Wall Street Journal reported on Tuesday.
Mr. Cantor has no previous experience in high finance or investment banking. But the reason for his new job is clear: The Moelis founder Ken Moelis told The Journal that he was hiring Mr. Cantor in part for his ability to open doors — an admission that Mr. Cantor will now be paid to trade on the influence and friendships he developed as a House leader.
The Journal noted that “Mr. Cantor has long been seen as a liaison of sorts between the GOP and Wall Street.” So, basically, he’ll have the same job he always had, but he’ll make a lot more money.