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Eric Cantor Sold For $3.4 Million: Former Head Republican Joins M&A Investment Bank As Vice Chairman

Tyler Durden's picture




 

Back in June, when the political career of Eric Cantor came to a sudden, stunning end at the hands of an unknown "tea-partier", we commented that the biggest losers from Cantor's ignoble fall from Congressional grace were his biggest donors. As showed back then, these were as follows:

 

Less than three months later, their loss is Cantor's gain, who after a long auction process has finally, and very expectedly, sold himself off to the highest bidder which as the WSJ reported overnight was none other than boutique M&A advisory firm, Moelis & Co. Per the WSJ, "Mr. Cantor, 51 years old, will be a vice chairman and board member at the firm, effective this week, he and Moelis founder Ken Moelis said in a joint interview on Monday.

 

At Moelis, Mr. Cantor will help the firm, which was formed in 2007 and has offices overseas, compete for business and advise corporate and investor clients on takeovers and other deals.

 

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."

That surely has to be tied for one of the funniest lines of the day.

The rest of the story is well-known, and was extensively covered here previously: "Mr. Cantor has long been seen as a liaison of sorts between the GOP and Wall Street, which also has been a big campaign contributor. Since 2012, he has raised nearly $1.4 million from financial firms and their employees, according to the Center for Responsive Politics, the most of any industry. Big donors to the former congressman include investment bank Goldman Sachs Group Inc. and private-equity firm Blackstone Group LP.

During his congressional tenure, Mr. Cantor cultivated close ties with the heads of several large companies, including in the financial sector.

 

Moelis & Co. is coming of age as more mergers-and-acquisitions business is migrating away from larger firms such as UBS AG, where Mr. Moelis was an executive, and toward a newer crop of smaller investment banks that pitch themselves as independent of the conflicts of interest that can arise at larger institutions competing in multiple lines of business.

 

Mr. Moelis took his firm public in April, and in a sign of investors' enthusiasm for the boutique model, its shares have risen nearly 40% since then, giving it a market value of nearly $2 billion.

 

Messrs. Moelis and Cantor, who have known each other for more than three years, began discussing the possibility of working together shortly before July Fourth, Mr. Cantor said. They were having brunch with their wives in Los Angeles and Mr. Moelis, also a Republican, was giving Mr. Cantor career advice when it occurred to him that the two should work together.

 

The talks intensified in late July, said Mr. Cantor, who noted that he held discussions about joining several other organizations—on Wall Street and off—though none as serious as those with Moelis.

 

Mr. Cantor, who will continue to live in Virginia, will open a new office for the firm in Washington, in addition to having an office at the company's headquarters in New York City. His compensation wasn't immediately known.

The final question - how much:

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.

And now sit back and wait as one after another Wall Street firm, primarily those which had invested millions in Cantor over the years, upgrades Moelis to "Strong Buy"

 

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Tue, 09/02/2014 - 08:11 | 5170462 AdvancingTime
AdvancingTime's picture

Mommas in America were discouraged in a song many years ago from letting their children grow up to be cowboys, it appears to have been a reasonable decision. Today after viewing the lifestyles associated with many career paths, politics and the route of so called "public service" seems to offer much potential.

A career in politics can grant you a lifestyle where you, and oftentimes your family will get to rub elbows with the ultra wealthy and the country's most powerful titans of business and industry. This career choice also has the benefit of sheltering you, and extending legal protection that covers you from the responsibilities of your actions.

Flying about in private planes politicians are rewarded with generous pensions and superior healthcare benefits far outside the reach of the average citizen. More on why you should just hold your nose and chose politics as a career in the article below.

http://brucewilds.blogspot.com/2013/01/encourage-your-children-to-become...

Tue, 09/02/2014 - 08:11 | 5170469 GetZeeGold
GetZeeGold's picture

 

 

Movin on up bitchez.....it's called getting payed.

Tue, 09/02/2014 - 08:19 | 5170476 Xibalba
Xibalba's picture

The USA is a Corporation, not a Democracy.   

Tue, 09/02/2014 - 08:31 | 5170494 GetZeeGold
GetZeeGold's picture

 

 

For you new ACA troll members.....the /sarc was implied up there.

Tue, 09/02/2014 - 08:57 | 5170576 COSMOS
COSMOS's picture

Kenneth Moelis began his career at Drexel Burnham Lambert in 1981 where he would ultimately serve as a managing director working for Michael Milken in the firm's Los Angeles office.

Figures filth works for filth.  That is why Cantor joined the FILTH team.

Tue, 09/02/2014 - 09:02 | 5170590 COSMOS
COSMOS's picture

This is what one rat wrote about his boss

Joe B. March 20, 2007 · 3:38 pm

Letting Ken Moelis leave will go down as one of the biggest mistakes made by UBS. He is a visionary who knows exactly how much risk is enough on a given deal. I wish him the best and will follow him anywhere he goes!!

Yeah DUH, visionary and knows how much risk is enough on a given deal, no kidding you little shyster, when the game is rigged by your buddies the vision is always clear mofo, and of course you know exactly what the risk is.  But they always like to make themselves seem like they have the special talent to understand the markets.

Fuckin POSs

Tue, 09/02/2014 - 09:07 | 5170604 negative rates
negative rates's picture

They paid for him, and they got him.

Tue, 09/02/2014 - 09:21 | 5170644 sodbuster
sodbuster's picture

We(the US) have the best government that money can buy!!!!!

Tue, 09/02/2014 - 09:23 | 5170647 TahoeBilly2012
TahoeBilly2012's picture

Industry > Pro Israel     they don't even hide it it's an industry

Tue, 09/02/2014 - 08:59 | 5170584 Chupacabra-322
Chupacabra-322's picture

It's a Criminal UNITED STATES, CORP. INC, fruading The American People by "posing" as a functional Government of the people, for the people & by the people when it reality it's a Charted Criminal Copopration out of the state of Delaware.

In regard to Criminal Cantor, its a revolving door with theses Sociopthic / Psycopathic Pure Evil Scum Fucks.

Thier secret is out & their day of reckoning is fast approaching them.

Tue, 09/02/2014 - 10:35 | 5170964 JRobby
JRobby's picture

Facist Oligarchy

Tue, 09/02/2014 - 08:24 | 5170484 MeMongo
MeMongo's picture

Cantor = Tribe Member = Connected!

Wow it must be nice to be " Special "

Tue, 09/02/2014 - 08:48 | 5170548 Moe Howard
Moe Howard's picture

Israel lost it's number 1 representative in Congress.

 

I wonder, will he still be leading annual broads and booze tours of Israel for Congressmen?

Tue, 09/02/2014 - 09:04 | 5170597 MeMongo
MeMongo's picture

The " tours " will probably resume, but be renamed something like... Trolling for kidneys.......or Aliyah for all! Just don't expect Roger Waters to be asked to participate. Bringing down the apartheid wall simply won't be considered(:-(

Tue, 09/02/2014 - 11:28 | 5171204 Johnny Moscow
Johnny Moscow's picture

they still have something like 20% of all senators plus hordes of others throughout the upper government ranks so I woulnd't feel too sorry for them! 

Tue, 09/02/2014 - 09:03 | 5170593 marathonman
marathonman's picture

The tribe protects its own.

Tue, 09/02/2014 - 09:12 | 5170615 Dapper Dan
Dapper Dan's picture

and club member...........Fraternal Lodge #53

http://www.nndb.com/org/426/000041303/

that club has many senators, congressman, mayors and governors.

Tue, 09/02/2014 - 13:32 | 5171818 NESD
NESD's picture

Cantor is not that special.  Hilary Clinton can make $4.3 million in one month giving speeches.  It is chump change for her. Now that is someone special.

Tue, 09/02/2014 - 08:59 | 5170583 Harbanger
Harbanger's picture

"Back in June, when the political career of Eric Cantor came to a sudden, stunning end at the hands of an unknown "tea-partier""

This proves that they can be voted out of office, they are not invincible, they just have more money and the establishment on their side..  The TP method of targeting and voting out the Neocons can work but it takes work.  If only more people joined their cause, we may have a chance at some real change.

Tue, 09/02/2014 - 11:17 | 5171155 boattrash
boattrash's picture

Harbanger, maybe I'm just old and jaded, but the way I see it, Cantor now will have all the tools/dollars to BUY the man that replaced him. (Legally, at that, thanks to SCOTUS).

Tue, 09/02/2014 - 11:00 | 5171079 rubiconsolutions
rubiconsolutions's picture

Every politician is simply one of these.

Tue, 09/02/2014 - 08:08 | 5170463 Bemused Observer
Bemused Observer's picture

"sold himself off to the highest bidder"

I'll have you all know that I was the second highest bidder. I offered him a job as a houseboy...free room and board in exchange for errand-running, cat litter duty, and laundry...plus a little spending money each week. But I guess he opted for the other guy's offer...

Oh well, no hard feelings there Eric. And if it doesn't work out, feel free to call. The job's still open...

Tue, 09/02/2014 - 08:56 | 5170571 willwork4food
willwork4food's picture

I wouldn't let this pos change the cat liter, let alone letting him in the house.

Tue, 09/02/2014 - 11:18 | 5171157 HK21E
HK21E's picture

He won't be changing the cat litter - he will be taking the place of it.

Tue, 09/02/2014 - 11:22 | 5171176 boattrash
boattrash's picture

Bemused, what a demeaning job offer. I offered him a short-term job in Ballistics Testing.

Tue, 09/02/2014 - 13:10 | 5171697 Bemused Observer
Bemused Observer's picture

Well, I get the pleasure of watching him scoop cat shit day after day after day. You only get to turn him into a red mist once...:-)

Tue, 09/02/2014 - 08:11 | 5170467 observer007
observer007's picture

is your pic there?

Talk of the day:

List of all celeb leaked pictures Jennifer..

 http://homment.com/celbrities

Tue, 09/02/2014 - 08:12 | 5170471 GetZeeGold
GetZeeGold's picture

 

 

It's not the talk of my day.

Tue, 09/02/2014 - 09:37 | 5170702 Bunghole
Bunghole's picture

Nobody cares d'bag.

I suggest you head back to TMZ

Tue, 09/02/2014 - 10:49 | 5171037 jballz
jballz's picture

Speak for yur self dudes. I enjoyed those pics.

No idea who she is though.

Tue, 09/02/2014 - 08:11 | 5170470 Brazen Heist
Brazen Heist's picture

Ahh the revolving door between Wall Street and CONgress....legendary.

Tue, 09/02/2014 - 08:15 | 5170473 Seize Mars
Seize Mars's picture

Yes, he is a member.

Tue, 09/02/2014 - 08:31 | 5170497 mrdenis
mrdenis's picture

I still have my jacket ....members only 

Tue, 09/02/2014 - 08:48 | 5170544 optimator
optimator's picture

money changer/insider information handler.  (Short resume, or title on business card).

Tue, 09/02/2014 - 08:19 | 5170474 Rakshas
Rakshas's picture

OT but slightly related..... Obama suggest not Boo Voting ....... ummmmmmm ............ 

Tue, 09/02/2014 - 08:21 | 5170479 More_sellers_th...
More_sellers_than_buyers's picture

public servants my ass

Tue, 09/02/2014 - 08:53 | 5170566 willwork4food
willwork4food's picture

Yes, I prefer the term "Public savant parasites".

Tue, 09/02/2014 - 08:22 | 5170480 ToNYC
ToNYC's picture

Eric Cantor continues Mole-ing the DC Infrastructure from Human Taxpayers to the Superhuman Corporations. Nothing to see here.

Tue, 09/02/2014 - 08:23 | 5170482 Winston Churchill
Winston Churchill's picture

I have more respect for a $10 crack whore.

At least she provides a "public service" worth having.

Tue, 09/02/2014 - 08:27 | 5170489 CHX
CHX's picture

At l(e)ast showing his true colors.

Tue, 09/02/2014 - 08:30 | 5170492 db51
db51's picture

Fuck you Cantor you Corrupt Piece of human debris.   Burn in hell asshole.

Tue, 09/02/2014 - 08:33 | 5170499 GetZeeGold
GetZeeGold's picture

 

 

Please stop with the glowing praise....it's just gonna go to his head.

Tue, 09/02/2014 - 09:11 | 5170611 COSMOS
COSMOS's picture

I am sure as a Cantor he will be heard singing his praise in HELL as Satan's squire boy

Tue, 09/02/2014 - 08:33 | 5170501 oklaboy
oklaboy's picture

suprise suprise

Tue, 09/02/2014 - 08:38 | 5170506 Son of Loki
Son of Loki's picture

"Corporations are peeples too," Chief Justice Roberts said. He also wrote Obamacare is a Tax Bill, not a health care bill.

 

Who could a knowed?

Tue, 09/02/2014 - 08:37 | 5170507 Bumbu Sauce
Bumbu Sauce's picture

The Prometheus Deception

Tue, 09/02/2014 - 08:39 | 5170513 Keltner Channel Surf
Keltner Channel Surf's picture

Moving from cut-throat dorks who spend money to cut-throat dorks who make money (?)  

Must've had a stellar career consultant.

Tue, 09/02/2014 - 08:42 | 5170520 therover
therover's picture

SCUM BAG

Tue, 09/02/2014 - 08:42 | 5170522 Son of Captain Nemo
Son of Captain Nemo's picture

How Perfect!

Tue, 09/02/2014 - 08:42 | 5170524 optimator
optimator's picture

What would you guys say to me if I was fighting tooth and nail for a hundred and fifty thousand dollar job when I could just walk into a 3.5 million dollar job?

Tue, 09/02/2014 - 09:36 | 5170580 Son of Captain Nemo
Son of Captain Nemo's picture

What would you guys say to me if I was fighting tooth and nail for a hundred and fifty thousand dollar job when I could just walk into a 3.5 million dollar job?

Even though the Corporation I'll be working for is insolvent and continues to hemorrhage both clients and employees and I have no clue and don't care how it's managed...

Fixed it!

Tue, 09/02/2014 - 08:45 | 5170532 Chippewa Partners
Chippewa Partners's picture

Surely Ken could have rounded up an old Drexel Burnham pal or two to help the cause who just might know something about doing deals.

Eric is in over his head.   So are we.

Tue, 09/02/2014 - 08:45 | 5170534 Grinder74
Grinder74's picture

Can we get a pic of Cantor's wife?  Is she doable?

Tue, 09/02/2014 - 08:57 | 5170577 Moe Howard
Moe Howard's picture

Not to me. Here she is on a gay marriage site.

 

http://www.towleroad.com/2012/01/eric-cantors-wife-supports-marriage-equ...

Tue, 09/02/2014 - 09:15 | 5170628 MeMongo
MeMongo's picture

Diana Fine....Cantor.

What a fine charitable Jewish human being... gave up her career in investment funds....whodatunkthat? to create a savings plan (ponzi sceme) more likely...for all the disenfranchised jewish college students around the world! I must ask, is it just because these people are sooo intelligent/chosen?

Tue, 09/02/2014 - 09:27 | 5170663 Laddie
Laddie's picture

Generally speaking even with all the plastic surgery they get I'll pass, as one of the top rabbis in Israel said earlier this year:
STAY AWAY FROM OUR BEAUTIFUL JEWISH WOMEN!!!

Yet why is it that after the Jewish male makes his two Jewish children he is off in pursuit of "shiksahs" as they call our White women.

Tue, 09/02/2014 - 09:55 | 5170786 COSMOS
COSMOS's picture

Cause they want some demure attractive feminine women and not chicks with bigger balls than them.

Tue, 09/02/2014 - 08:47 | 5170541 the not so migh...
the not so mighty maximiza's picture

what a slutty whore he is.

Tue, 09/02/2014 - 08:58 | 5170582 willwork4food
willwork4food's picture

At least a slutty whore actually gives you something of value.

Tue, 09/02/2014 - 08:49 | 5170551 ken
ken's picture

Joins the market manipulators, to more efficiently transfer public funds to himself? It's hard work, it's God's work, but someone has to do it.

 

Tue, 09/02/2014 - 08:49 | 5170553 22winmag
22winmag's picture

Speaking of tea partiers, let's see how many of them vote to fund the next bombing campaign.

Tue, 09/02/2014 - 09:06 | 5170591 GetZeeGold
GetZeeGold's picture

 

 

It's all you baby.

 

I didn't see anyone saying much of anything about the Tea Party. Although I'm aware they can't stand Cantor.....and they're pretty pleased he's gone.

Tue, 09/02/2014 - 12:59 | 5171641 Clowns on Acid
Clowns on Acid's picture

Speaking of dooshbags....how are you?

Tue, 09/02/2014 - 08:50 | 5170558 CitizenPete
CitizenPete's picture

Slimey POS

Tue, 09/02/2014 - 09:06 | 5170599 venturen
venturen's picture

That is a fraction of what Tim Geinthner sold out for...Eric couldn't you get a better price. Heck I think Obama pool guy sold out for more than this...I know his personal chef makes more than this!

Tue, 09/02/2014 - 09:11 | 5170612 BeetleBailey
BeetleBailey's picture

I took a wicked shit this morning...smelled EXACTLY...like Cantor.

FUCK YOU ERIC YOU PRICK!

Tue, 09/02/2014 - 09:15 | 5170625 Laddie
Laddie's picture

One of Mr Cantor's congressional successes was getting a law passed, surprisingly EASY btw, exempting Israel from any end to foreign aid, in other words the USSA may END foreign aid, but not for our brave little ally.

Our "Brave Little Ally" Israel:
The USS Liberty shows how POWERFUL the Jewish lobby is:
http://www.ussliberty.org/index2.html

Also vital is reading James Ennes' book "Assault on the Liberty"

He was officer on the bridge when the attack started.

Cost to American Taxpayer THREE TRILLION DOLLARS:
http://www.wrmea.org/wrmea-archives/251-washington-report-archives-2000-...

Tue, 09/02/2014 - 09:46 | 5170744 401K of Dooom
401K of Dooom's picture

Could you tell us the name and number of this law?  I wold like to look up this law for myself.

Tue, 09/02/2014 - 10:47 | 5171023 JRobby
JRobby's picture

Step 1. Buy a computer

Step 2. Purchase an internet connection

Step 3. Select a browser

 

Tue, 09/02/2014 - 09:26 | 5170658 Seasmoke
Seasmoke's picture

Good. Now ISIS will know where to find him. 

Tue, 09/02/2014 - 09:32 | 5170676 Grimaldus
Grimaldus's picture

Eric Cantor, another shining example of big government progressive policy in action. A successful student of the Jon Corzine school of progressive government criminality.

It really is time to start arresting the progressive felons infesting the FEDGOV. Just because Cantor got out doesn't mean he will escape arrest either.

Grimaldus

 

Tue, 09/02/2014 - 10:34 | 5170960 Emergency Ward
Emergency Ward's picture

And he's a cheap slut to boot.  (yeah, but all that under-the-table lucre is what did it.)

Tue, 09/02/2014 - 09:37 | 5170708 esum
esum's picture

so who says being a cock sucking whore doesn't pay

shit eating politician become shit eating wall street scumbag

what a shocker

but really the best is the ex cia folks at carlyle..... and ex nsa at some other joint...

snowden didnt know how to play the game... 

 

Tue, 09/02/2014 - 10:33 | 5170951 jballz
jballz's picture

Actually snowden didn't work for the gov. He worked for Booz Allen which is a wholly owned subsidiary of Carlyle group. You dont have to be ex anything to work for them, they own the intel apparatus and pass lesser classified into to the gov as they deem fit. I think snowden knew exactly how to play the game. He chose not to is all.

Tue, 09/02/2014 - 09:56 | 5170792 Ban KKiller
Ban KKiller's picture

Stooge sold. 

Tue, 09/02/2014 - 10:27 | 5170927 jballz
jballz's picture

Surprised he passed the mandatory drug test.

Oh wait no those are for the welfare bums. LOL.

Fucker.

Tue, 09/02/2014 - 10:41 | 5170948 Chuck Knoblauch
Chuck Knoblauch's picture

He couldn't make it as a lawyer?

Not USSC material?

Tue, 09/02/2014 - 10:45 | 5171011 JRobby
JRobby's picture

VOTE THEM ALL OUT

Tue, 09/02/2014 - 10:53 | 5171055 paint it red ca...
paint it red call it hell's picture

Damn thats a relief. I was concerned they could not  find a job rewarding enough for cantor's services yet suitable to his limited tallents. Being well paid for knowing who can be bribed and for how much is just what was needed for a career move.

Tue, 09/02/2014 - 11:22 | 5171174 HK21E
HK21E's picture

I would guess that Cantor's ability to take his teeth out and breathe through his ears was a resume enhancer.

Tue, 09/02/2014 - 11:22 | 5171169 Rikky
Rikky's picture

scum.  just the latest in a long line going through the revolving door of corptocracy.  the only chance we have of saving our nation is to end the carreer of politican and go back to how we used to do things when this country was founded.  serve part time for a limited period and go back to wherever it is you came from, get money out of elections and level the playing field, make lobbying a capital offense.

Tue, 09/02/2014 - 12:53 | 5171618 SmittyinLA
SmittyinLA's picture

Of course he's working for a bank, he's a liquidation expert

Tue, 09/02/2014 - 13:41 | 5171873 PGR88
PGR88's picture

douchebag!

Tue, 09/02/2014 - 14:16 | 5172076 atomp
atomp's picture

POS

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