The ex-House majority leader will join Moelis & Co., making more than $1 million per year
Tea party groups that helped to defeat him say his move justifies their concerns
Cantor raised more than $3 million from investment banks throughout his career
Former House Majority Leader Eric Cantor’s new gig on Wall Street will line his pockets, to the tune of more than $1 million per year. And for those who played an instrumental role in his defeat in Virginia’s primaries, the justification of their concerns about the former congressman is quite fulfilling.
Kevin Broughton, communications director of the Tea Party Patriots Citizens Fund, said, “many analysts accused Eric Cantor of paying more attention to Wall Street than to the people of Virginia’s 7th District. He certainly didn’t waste any time validating that theory.”
Cantor, who was the No. 2 Republican in the House, lost his primary this year to unknown college professor David Brat. Part of the reason was voters thought he was disconnected from his Richmond, Virginia, district by focusing instead on his duties as a fundraiser and national leader for the Republican Party. He left Congress early, resigning his seat last month.
Since 1999, the seven-term congressman had raised more than $3 million from the investment industry. And in his last campaign, the industry was his largest contributor, donating $785,000, according to the Center for Responsive Politics.
For disaffected conservatives, especially among the tea party, which came to life early in the Obama administration and took on a populist message, Cantor’s move to a boutique investment bank, Moelis & Co., as a vice chairman and board member is proof that their concerns were spot on.
In a statement, Cantor said, “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.”
CNNMoney’s Charles Riley contributed to this report.