Former House Majority Eric Cantor has come in for a soft landing after his epic Republican primary defeat. The longtime Virginia lawmaker is joining a Wall Street investment bank as vice-chairman and managing director, The Washington Post reports.
The firm, Moelis & Co., said Cantor will be based in the New York office of the global company and will soon open an office in Washington. Moelis, with 500 employees, is known as fast-growing 'boutique' firm that advises companies and investors on mergers, acquisitions and risk.
It will use Cantor, 51, to help it compete for business, according to the Wall Street Journal, which broke the story. He will also advise corporate clients on takeovers and "other deals," the Journal reported.
It's certainly a change of career plans for Cantor, albeit it lucrative one, presumably. Cantor enjoyed a meteoric rise through the House Republican leadership. Once President Barack Obama was in office Cantor became a leading opposition voice to the administration's policies. Cantor was thought to be on-track to succeed John Boehner as the next House speaker.
That all changed when Cantor unexpectedly lost his primary in the Richmond-area district he represented. Little-known economic professor Dave Brat, running a populist insurgent campaign, exploited Cantor's long absences from the district - though it's only about 70 miles from Washington, D.C., and generally painted the incumbent as out-of-touch.
Cantor stepped down as majority leader at the end of July, and left Congress early, on Aug. 18. His next job opportunity, with Moelis & Co., came along quickly, the Post notes. In a statement issued by the company early this morning, Cantor said: "The new model of independent banks offering conflict free advice, in a smaller more intimate environment, was a place where I knew my skills could help clients succeed."