Today brings the utterly unsurprising news that Eric Cantor is headed to Wall Street.
The ousted House majority leader and longtime friend of the financial industry is joining Moelis & Company as a vice-chairman. His paycheck? At least $1.6 million in 2015, plus a million-dollar signing bonus. His duties? To “compete for business and advise corporate and investor clients on takeovers and other deals,” according to The Wall Street Journal. But I get the feeling that won’t be all Cantor will be doing, given his relationships on the Hill and total lack of investment-banking experience.
But how does influence-peddling work in 2014? What do these politicians really do when they end up on Wall Street? To shed some light on those questions, I spoke this morning with Dennis Kelleher. He’s a former corporate lawyer and longtime Senate staffer who now heads the nonprofit Better Markets, the banking lobby’s lonely public-interest opposition in Washington.
This post was published at NY Mag