“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.
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.
Ms. Jones is the co-founder/ editor-in-chief of PoliticusUSA and a member of the White House press pool.
Sarah hosts Politicus News and co-hosts Politicus Radio. Her analysis has been featured on several national radio, television news programs and talk shows, and print outlets including Stateside with David Shuster, as well as The Washington Post, The Atlantic Wire, CNN, MSNBC, The Week, The Hollywood Reporter, and more.
Sarah is a member of the Society of Professional Journalists.