View Full Version : This should be illegal
Eric Cantor joins wall street investment bank.
(http://www.npr.org/blogs/itsallpolitics/2014/09/02/345142098/eric-cantor-joins-wall-street-investment-bank?utm_medium=RSS)
Former House Majority Leader Eric Cantor this week begins working at the boutique investment bank Moelis & Co.
Cantor will serve as vice chairman and managing director, and will also be elected to the firm's board of directors.
Cantor, 51, and firm founder Ken Moelis announced the decision in a joint interview Monday.
A statement on the Moelis website (http://www.moelis.com/News/SitePages/news-feed-details.aspx?feedId=248) said, "Cantor will provide strategic counsel to the firm's corporate and institutional clients on key issues. He will play a leading role in client development and advise clients on strategic matters."
Cantor does not have a Wall Street background but was considered a friend of Wall Street while he served in Congress.
Cantor, who will continue to live in Virginia, will open a new office for the firm in Washington, D.C., in addition to having an office at the company's headquarters in New York City, according to The Wall Street Journal (http://online.wsj.com/articles/eric-cantor-to-join-wall-street-investment-bank-1409630638).
Cantor, defeated in his bid for reelection, will now use his connections in Washington to gain favorable policies for this firm. Wanna talk about crony capitalism? This is it. The founding fathers feared having a financial elite that was too closely connected with the political elite for a reason, thus deciding not to place the new nation's capital in New York (there was also a pretty influential background deal between Madison and Hamilton influencing the Potomac location).
Cigar
09-02-2014, 09:06 PM
https://farm4.staticflickr.com/3867/15122548352_4b03307b4d_o.jpg
But he's a real expert on Poverty :grin:
sachem
09-02-2014, 09:10 PM
Eric Cantor joins wall street investment bank.
(http://www.npr.org/blogs/itsallpolitics/2014/09/02/345142098/eric-cantor-joins-wall-street-investment-bank?utm_medium=RSS)
Cantor, defeated in his bid for reelection, will now use his connections in Washington to gain favorable policies for this firm. Wanna talk about crony capitalism? This is it. The founding fathers feared having a financial elite that was too closely connected with the political elite for a reason, thus deciding not to place the new nation's capital in New York (there was also a pretty influential background deal between Madison and Hamilton influencing the Potomac location).IMO this is why most folks go into politics. A reward somewhere down the road.
The Xl
09-02-2014, 09:14 PM
What a wonderful country we have become.
momsapplepie
09-02-2014, 09:16 PM
Not surprising. It's no different than a used up football player becoming car salesmen. They leave political office and go into big law firms on wall street.
Not surprising. It's no different than a used up football player becoming car salesmen. They leave political office and go into big law firms on wall street.
It's not surprising, no. It's extremely sad though. It's (part of) why I hate our political system. I don't believe anything short of an amendment would fix this. Personally, I'd rather increase the Congressional salary/pension than have folks like Cantor use their political influence to gain favors for a private firm.
momsapplepie
09-02-2014, 09:26 PM
It's not any different than what they do as a politician. Look at Feinstein who steered no bid contracts to her husband's company, Pelosi who steered funding and permits towards her own RE holdings, or Reid, who steered solar companies towards his land. It's all the same game.
texan
09-02-2014, 10:03 PM
Everyone uses their connections and leverages their experience to gain employment.
Weird Thread.
Everyone uses their connections and leverages their experience to gain employment.
Weird Thread.
Is that how a nation should be governed?
The Xl
09-02-2014, 10:59 PM
Everyone uses their connections and leverages their experience to gain employment.
Weird Thread.
Big difference when we're talking about private industry and government. This shit effects policy on a massive scale, you can't even compare it.
texan
09-02-2014, 11:10 PM
It is all business. Good Gosh!
Once you are in goverment your career ends? YOU cannot work anymore pal!!!!
Ridiculous.....
PolWatch
09-02-2014, 11:19 PM
Even with with no experience in the financial field, they seem glad to pay him very well...of course, influence peddling seems to pay well. Anyone want to watch how many repub friends of Cantor will be voting for special laws to benefit these folks?
According to a filing with the SEC noted by Business Insider (http://www.businessinsider.com/details-of-eric-cantor-pay-package-2014-9), Moelis will pay Cantor $400,000 in base salary this year and next, with a bonus of $400,000 in 2014 plus $1,000,000 in restricted stock units
It is all business. Good Gosh!
Once you are in goverment your career ends? YOU cannot work anymore pal!!!!
Ridiculous.....
I don't believe that a former Congressman should be able to waltz right into Wall Street, offering his political ties as a way for the firm to cheat their way to the top. If that's ridiculous then I would rather be ridiculed than defend the status quo.
Eric Cantor joins wall street investment bank.
(http://www.npr.org/blogs/itsallpolitics/2014/09/02/345142098/eric-cantor-joins-wall-street-investment-bank?utm_medium=RSS)
Cantor, defeated in his bid for reelection, will now use his connections in Washington to gain favorable policies for this firm. Wanna talk about crony capitalism? This is it. The founding fathers feared having a financial elite that was too closely connected with the political elite for a reason, thus deciding not to place the new nation's capital in New York (there was also a pretty influential background deal between Madison and Hamilton influencing the Potomac location).
When a man is defeated for politics, it seems as if you say you want him banished. Where would you banish him given you resent him earning an honest living?
Let me say a word about lobbyists.
We all have lobbyists in DC. Yes, you may not know of it, but you do have lobbyists there.
I recall when we in organized real estate lobbied for the public in DC. We do it to this day.
Here is at least one example.
You were [] close to losing your home mortgage deduction when i was a director of the CA association of Realtor's. I read the law proposed sometime around 1988. You were a hair from losing a tax deduction used by millions of Americans to afford a home.
We busted our butts for all of you. We defeated that take away.
I don't believe that a former Congressman should be able to waltz right into Wall Street, offering his political ties as a way for the firm to cheat their way to the top. If that's ridiculous then I would rather be ridiculed than defend the status quo.
i see, become a congressman and suffer the death penalty of never working again. Great idea.
Even with with no experience in the financial field, they seem glad to pay him very well...of course, influence peddling seems to pay well. Anyone want to watch how many repub friends of Cantor will be voting for special laws to benefit these folks?
According to a filing with the SEC noted by Business Insider (http://www.businessinsider.com/details-of-eric-cantor-pay-package-2014-9), Moelis will pay Cantor $400,000 in base salary this year and next, with a bonus of $400,000 in 2014 plus $1,000,000 in restricted stock units
That is nothing compared to what Bill and Hillary gets. I mean nothing.
Even Oprah Winfrey rakes in 450 billion per year. Dr. Phil makes so much more than Cantor.
Big difference when we're talking about private industry and government. This shit effects policy on a massive scale, you can't even compare it.
Talk about exaggerations. Thanks for that one.
It's not surprising, no. It's extremely sad though. It's (part of) why I hate our political system. I don't believe anything short of an amendment would fix this. Personally, I'd rather increase the Congressional salary/pension than have folks like Cantor use their political influence to gain favors for a private firm.
Cantor won't be able to lobby for something like two years.
Somebody, please quote the law to all of us.
MOELIS & COMPANY (http://www.moelis.com/) > OUR FIRM (http://www.moelis.com/our-firm) > OVERVIEW
OVERVIEW
Moelis & Company is a leading global independent investment bank that provides innovative strategic advice and solutions to a diverse client base, including corporations, governments and financial sponsors.
We offer a better wayto support our clients by providing uncompromised advice and world-class solutions that create lasting relationships.
Our diverse team of experienced and talented professionals shares a singular focus on our clients and our people. We measure our performance not by short-term results but by the long-term success of our clients.
Download Fact Sheet (PDF) (http://www.moelis.com/our-firm/SiteAssets/Moelis%20One-Page%20Overview.pdf)
http://www.moelis.com/our-firm/SitePages/Overview.aspx
Green Arrow
09-03-2014, 12:43 AM
i see, become a congressman and suffer the death penalty of never working again. Great idea.
A Congressman's only option is to work for Wall Street or never work again? He can't pick up a mop and do my job, go into teaching, construction, become a chef, take up welding?
Green Arrow
09-03-2014, 12:44 AM
Oh, and I agree with you, KC .
A Congressman's only option is to work for Wall Street or never work again? He can't pick up a mop and do my job, go into teaching, construction, become a chef, take up welding?
What about what Bill and Hillary did then?
Green Arrow
09-03-2014, 01:21 AM
What about what Bill and Hillary did then?
What, getting paid to give speeches and forming their own foundation? Sure, Cantor can do that too.
Peter1469
09-03-2014, 05:02 AM
I think the problem is at the other end- the influence that special interests have on Washington. Now if it could be shown that Cantor gave political favors so he would have a job..., that already is illegal. However, I don't think that Cantor thought that he was ever going to lose.
Green Arrow
09-03-2014, 05:29 AM
I think the problem is at the other end- the influence that special interests have on Washington. Now if it could be shown that Cantor gave political favors so he would have a job..., that already is illegal. However, I don't think that Cantor thought that he was ever going to lose.
The problem is that Cantor has many connections on Capitol Hill, on both sides of the aisle. Now that he is becoming a lobbyist for Wall Street, he can call in those connections and owed favors.
Matty
09-03-2014, 05:39 AM
It isn't illegal is it? Then he has every right to do it.
Green Arrow
09-03-2014, 05:52 AM
It isn't illegal is it? Then he has every right to do it.
That doesn't mean it's right or should be legal.
Libhater
09-03-2014, 06:03 AM
That doesn't mean it's right or should be legal.
What it means is that leftists will remain envious of any Conservative Capitalist regardless of what de does or where he is. Do you have as much disregard for a Hilabeast as she knocks down $150K for giving a propagandized speech in front of a bunch of mind numbed college leftists?
Green Arrow
09-03-2014, 06:21 AM
What it means is that leftists will remain envious of any Conservative Capitalist regardless of what de does or where he is. Do you have as much disregard for a Hilabeast as she knocks down $150K for giving a propagandized speech in front of a bunch of mind numbed college leftists?
Making money for giving a speech is 100% the free market in action. I wish she'd shut up and go away, but getting paid to give speeches is nowhere near the level of a powerful former member of Congress becoming a lobbyist. It happens in both parties.
It isn't illegal is it? Then he has every right to do it.
legally or morally?
I think the problem is at the other end- the influence that special interests have on Washington. Now if it could be shown that Cantor gave political favors so he would have a job..., that already is illegal. However, I don't think that Cantor thought that he was ever going to lose.
Even if he hasn't already used his political connections to further the firms private interests doesn't prohibit him from doing so in the future.
Matty
09-03-2014, 06:43 AM
legally or morally?
Both, he has every right to do it. It is the system in DC. Obama promised to end it but of course he did not. So why demonize Cantor?
donttread
09-03-2014, 06:52 AM
https://farm4.staticflickr.com/3867/15122548352_4b03307b4d_o.jpg
But he's a real expert on Poverty :grin:
This is why most federal regulatory agencies are a joke. If he didn't get a job as a lobbyist the sec would probably hire him
Both, he has every right to do it. It is the system in DC. Obama promised to end it but of course he did not. So why demonize Cantor?
Because he is taking part in an evil system that co-opts the US government for short term financial goals. He should be scorned just like Jon Corzine and others before him. It's a bipartisan shitstorm.
nathanbforrest45
09-03-2014, 06:59 AM
Please please please don't call this "crony capitalism" Crony capitalism is a socialist phrase designed to demonize true capitalism. Call this what it really is, fascism.
Green Arrow
09-03-2014, 07:12 AM
Please please please don't call this "crony capitalism" Crony capitalism is a socialist phrase designed to demonize true capitalism. Call this what it really is, fascism.
That's absurd. I've heard the term almost exclusively used by Republicans.
Please please please don't call this "crony capitalism" Crony capitalism is a socialist phrase designed to demonize true capitalism. Call this what it really is, fascism.
Explain what you mean by calling it "Fascism."
zelmo1234
09-03-2014, 08:03 AM
https://farm4.staticflickr.com/3867/15122548352_4b03307b4d_o.jpg
But he's a real expert on Poverty :grin:
So lets get this straight,
From 2000 to 2008 when the economy sucked after 911 and just before Bush left office, It was GWB's fault and he was an idiot
Now from 2001 to the Present when the economy really sucks it is Cantors fault?
Got it! But it seems that you are running cover for someone? Who could that be!
Green Arrow
09-03-2014, 08:07 AM
So lets get this straight,
From 2000 to 2008 when the economy sucked after 911 and just before Bush left office, It was GWB's fault and he was an idiot
Now from 2001 to the Present when the economy really sucks it is Cantors fault?
Got it! But it seems that you are running cover for someone? Who could that be!
Where did he say that?
zelmo1234
09-03-2014, 08:13 AM
A Congressman's only option is to work for Wall Street or never work again? He can't pick up a mop and do my job, go into teaching, construction, become a chef, take up welding?
I have NO problem with them taking any job! HOWEVER; I believe there should be a one term ban to lobby!
So for a Congress Peron 2 years Senator 6, Presidents and VP's get Board positions and do nothing they don't ever have to worry
zelmo1234
09-03-2014, 08:14 AM
What, getting paid to give speeches and forming their own foundation? Sure, Cantor can do that too.
So what you are saying is the sitting Sec of State has less influence than an X Congress person?
Green Arrow
09-03-2014, 08:19 AM
So what you are saying is the sitting Sec of State has less influence than an X Congress person?
No, I'm not saying that. What I am saying is that a powerful ex-Congressman has more influence working as a lobbyist than the former Secretary of State has giving speeches.
PolWatch
09-03-2014, 08:22 AM
giving speeches is not quite the same as backroom wheeling & dealing. The salary he is now making is proof they expect far more than just management of the company returns. Since behavior like this is bi-partisan, let's see how people react when a dem does the same thing...as they will. I'm sure not one of the repubs here will complain when they waltz into a job similar to Cantor.
If there was no problem with influence peddling, the time limits suggested by Zel would have been enacted long ago. They haven't because none of the politicians want to lose the $$$ when its their turn.
giving speeches is not quite the same as backroom wheeling & dealing. The salary he is now making is proof they expect far more than just management of the company returns. Since behavior like this is bi-partisan, let's see how people react when a dem does the same thing...as they will. I'm sure not one of the repubs here will complain when they waltz into a job similar to Cantor.
If there was no problem with influence peddling, the time limits suggested by Zel would have been enacted long ago. They haven't because none of the politicians want to lose the $$$ when its their turn.
If the man had a financial background I would be more sympathetic to those who cry that he should be able to work. He doesn't. If he were just there to do honest work then why doesn't he go work in a law firm? No, he's there to grant political favors.
Chris
09-03-2014, 01:32 PM
Everyone uses their connections and leverages their experience to gain employment.
Weird Thread.
True but the suspicion is, rather than serve the people he represented, he used his political position for personal gain.
Not sure how you regulate this, how you even prove it.
Common Sense
09-03-2014, 01:52 PM
People who can't seem to see the conflict of interest addressed in the OP have their heads so far up their asses they should be seeing daylight.
texan
09-03-2014, 02:13 PM
I looked up his qualifications:
1. House Ways & Means
2. House Financial Services Committee
3. A TARP architect
3. Corporate Insurance & Banking Committee
4. JD Degree William & Mary
5. Masters Columbia
6. BA at George Washington
I would say he has teh qualifications for Wallstreet.
nic34
09-03-2014, 02:17 PM
Is that how a nation should be governed?
Somefolks here don't think this nation should be governed at all.
Peter1469
09-03-2014, 04:35 PM
The problem is that Cantor has many connections on Capitol Hill, on both sides of the aisle. Now that he is becoming a lobbyist for Wall Street, he can call in those connections and owed favors.
That is a problem. I should go hang out at the original Capital Grill- I bet that I would see him there a lot.
The Xl
09-03-2014, 04:41 PM
i see, become a congressman and suffer the death penalty of never working again. Great idea.
You don't think a politician jumping into a massive special interest position isn't a conflict of interest?
I swear, some of you are beyond daft.
The Xl
09-03-2014, 04:47 PM
Talk about exaggerations. Thanks for that one.
Yes, of course, banks have no influence on the government.
Talk about naive....
Chris
09-03-2014, 04:49 PM
Somefolks here don't think this nation should be governed at all.
And some folks think it should be government, the state, not by government but the people, society, instead. There's a difference.
Somefolks here don't think this nation should be governed at all.
That would preferable to having it governed by plutocrats, big firms and private interests.
nic34
09-03-2014, 05:41 PM
What it means is that leftists will remain envious of any Conservative Capitalist regardless of what de does or where he is. Do you have as much disregard for a Hilabeast as she knocks down $150K for giving a propagandized speech in front of a bunch of mind numbed college leftists?
If they are so "mind numbed"..... why would you care?
nic34
09-03-2014, 05:46 PM
That is nothing compared to what Bill and Hillary gets. I mean nothing.
Even Oprah Winfrey rakes in 450 billion per year. Dr. Phil makes so much more than Cantor.
Do you know the difference between billion and million?
http://en.wikipedia.org/wiki/Oprah_Winfrey
Libhater
09-03-2014, 07:12 PM
If they are so "mind numbed"..... why would you care?
Pay attention, this isn't about me caring or not caring about mind numbed liberal students, rather, its about addressing the obvious slam of Cantor by the OP, and my question to see if the OP had the same concern over the Hilabeast's taking in some $150K per speech. Just trying to get the leftist OP to be fair and balanced, that's all.
What it means is that leftists will remain envious of any Conservative Capitalist regardless of what de does or where he is. Do you have as much disregard for a Hilabeast as she knocks down $150K for giving a propagandized speech in front of a bunch of mind numbed college leftists?
Free market capitalists don't use the government to help some firms over others. That's redistribution of wealth, buddy.
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