Republicans Call Unions Greedy But Check Out Eric Cantor’s Huge Wall Street Payday

“Mr. Cantor will also be eligible to participate in Group LP’s employee benefit plans and arrangements, and will be reimbursed for the reasonable cost of a New York City apartment for his first 12 months and a hotel equivalent rate thereafter,” reads an SEC filing for former Virginia Republican Eric Cantor’s new Wall Street job at investment bank Moelis & Co. He will bring home $3.4 million just for being friendly to Wall Street.

Almost sounds like he’s in a super good union, but no. Cantor’s in a club. Clubs are better than unions, because rich, white (mostly but not all) Republicans belong to clubs, and these clubs are designed to make things easier for other rich, white Republicans.

Cantor has gotten his hands on a $1.4 million signing bonus, according to FT (via Business Insider). Read on per Erik Schatzker:

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.

Unvested initial RSUs and unvested incentive RSUs will be forfeited if Group LP terminates Mr. Cantor for cause or if Mr. Cantor terminates his employment other than (i) for good reason or (ii) after the second anniversary of the grant date, to take a full-time elected or appointed position in federal government, state government, or a national political party.

Republicans say unions and workers are greedy if they want healthcare or a pension. But it’s the norm for wealthy Republicans to be offered a New York apartment with all of the perks, in addition to 3.4 million dollars just for knowing people and turning a blind eye to certain practices, while viciously encouraging further deregulation. Speaking of which, this investment bank was started at the beginning of the Bush market crash in 2007. Looks like they’re doing okay.

Meanwhile, Mr. Cantor’s buddies are very busy ignoring jobs, sneering at the idea of a minimum wage for workers, and refusing to pass long term unemployment benefits and saying no to fully funding the VA as studies show is necessary.

Eric Cantor gets millions from the same people who crashed the economy while American workers struggle to survive. This is what happens when Koch bought members of the House cash in.

13 Replies to “Republicans Call Unions Greedy But Check Out Eric Cantor’s Huge Wall Street Payday”

  1. The nerve they have to call unions ‘greedy’ because they want to have health insurance or a pension and then this scumbag gets a $1.4 million dollar signing bonus (In other words, they’re giving this loser more money then most NFL players are getting).

    Also, why is he doing this? Just fade away Cantor. Please… the less you are seen, the better.

  2. Who cares, we know he was a Koch boy so they took care of him. That is to let others know how good they will be to you is you sell out to them. It encourages others to stay on the Koch boys team.I really don’t care if they shove a whole truck load of Brawny paper towels up his butt. I am just so glad he is out of Washington.

  3. And I’m sure he achieved this all by himself.. Built this all by himself.. No voter or staff member made this possible.. You think he might take them or owe them for this.. Not according to repug strategy ..This just sprang out of the ground and nothing could have made it possible..
    yea right …. how many people lost everything because of this teabag troll

  4. Not only that, he paid for all the roads he ever drove on, built his own running water system and sewage, and has trash cans that eat everything so no garbage collector ever takes his stuff.

  5. If I were inclined to generalizations based on particular cases, I would be anti-Semitic where Mr. Cantor is concerned. Obviously, he takes his pay-to-play politics into private life: the bank that hired him is returning a favor. Don’t forget, he wrote and supported bills in the House that had no chance of passage in the Senate and were designed to obstruct measures designed to help the poor and the working man, to make it appear that the representatives were earning their pay and doing something useful, and generally made sure that the president could not get legislation passed simply because Obama is black. This, too, was pay back: for Jesse Jackson calling New York City “hymie town.”

  6. This would all be fine with me if the top taxes rates were 70 percent, like they should be and hopefully will be AGAIN. Cantor, the perennial winner of the Douche of the Congress trophy, spent his years in congress on his knees in front of Wall Street bankers, its just pay off time for saving them from paying taxes while bankrupting the country.

  7. No one would expect anything different from the uber-rich, greedy, self-serving teapubliKKKlans who don’t give a damn about anyone but themselves.
    Eric Cantor voted against raising the minimum wage, extending unemployment insurance, and equal pay for equal work. May he never enjoy his $800,000 yearly paycheck or $2.8 million bonus.

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