Eric Cantor, the former Virginia Republican congressman and House majority leader, is starting a new job on Wall Street. Cantor will join Moelis & Company as vice chairman and managing director. He is also expected to be elected to the Moelis board of directors, the firm said in a press release Tuesday.
"Let's look at Cantor's resume. Let's look at all his investment-banking experience. Let's look at his capital-markets experience. He has none. He has no experience or skills that would qualify him to be even an intern at a fifth-tier firm in the financial industry. I mean, come on! I love the spin. They're pushing back this morning. They're saying, 'This is really different! This isn't like everybody else.' "But Wall Street always goes with the sure bet and the well-worn path. They're paying him a guaranteed -- you've got to love Wall Street, you guarantee money because you can't fail on Wall Street -- they're guaranteeing him $3.8 million. You don't guarantee someone $3.8 million because you're training him to be an investment banker."