Eric Cantor Gets Three Million Reasons to Go to Wall Street

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According to Business Insider, Cantor will be receiving a pay package in the upwards of $3 million:

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.

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Just weeks after being rejected by voters, former House Majority Leader Eric Cantor has reportedly landed a job at the investment firm Moelis & Co. Cantor will join the investment bank as a "vice chairman and board member at the firm, effective this week," according to the Wall Street Journal

The hire was announced on Labor Day joint interview with Cantor and Moelis & Co. founder Ken Moelis. Unsurprisingly, there was not a ton of diversity in the tone of the responses to Cantor's new gig:

Moelis seemed to be aware of how people would respond to the news and perhaps took the investment-banker-doth-protest-too-much tack in explaining exactly why he chose Cantor for the job.

Mr. Moelis said he is hiring Mr. Cantor for his "judgment and experience" and ability to open doors—and not just for help navigating regulatory and political waters in Washington. Still, expertise in such matters is likely to be valuable given how heavily they can weigh on the minds of corporate executives contemplating deals.

"I have no need for a political figurehead," Mr. Moelis said. "What I want is a partner."

You get it, everybody? This has nothing to do with Cantor's access.

Cantor will be heading the new Washington office of the firm.

This article is from the archive of our partner The Wire.