By Pilar Martinez,
Money and Investing Writer
Eric Cantor, known for his prestige work and divine connection to success working in the House of Representatives, announces his call to Wall Street.
As a backstory to his career, he was the former House Majority Leader and a Republican House Representative for one of Virginia’s Districts. Cantor ran to be re-elected for his work with Virginia and the Republican Party, but was defeated by an economics professor.
Cantor then decided it would be in his best interest to resign from his position after his defeat in his re-election to serve in the Republican Party (CNN). The public was greatly disappointed but understood the reaction by Cantor to the embarrassing loss.
Although his resignation as congressmen after many terms of experience left the public in a weary state in order to predict his next actions, he has now found his new position to prosper.
After Cantor’s resignation, he proudly accepted his new position as Vice Chairman at Moelis & Co. This investment bank, affiliated with Wall Street is a private bank but will be able to grow with the wisdom and knowledge Cantor has experienced in his past position in congress (CNN).
He was able to make hundreds of thousands of dollars while he ran his campaign for re-election despite his losses. His compensation as new Vice Chairman of the investment bank has increased exponentially from his position as House Majority Leader. He will be working in New York City and also at a new office in Washington D.C.
It just so happens that the trend of politicians moving from public work to private is becoming more popular. Cantor has been supported by Wall Street over the course of his career and is now going to work side by side with them (CNN). He was open to new ideas in order to move forward in the next chapter of his life closing the one in lieu of the Congressional Republican Party.
There are two different approaches or reactions to Eric Cantor’s appearance in Wall Street. Based on a CNN opinion article, it is said that the usual sequence of a public figure moving to Wall Street is that the individual tries to shortcut success faster than deserved at the cost of his or her constituent’s sake (Krumholz).
It is believed that those who end up on Wall Street are out for their own money and would sacrifice almost anything if the dollar is worth it. It is a fear, but not a guarantee that this cycle will be continued by politicians.
On the other hand, although Cantor has not had experience in the investment bank market, it is possible that his experience in congress will allow him to show Wall Street a better side of politicians than the public usually see.
Nonetheless, only time will tell the true outcome of Cantor’s appearance on Wall Street, in the hopes of turning around the stereotype too many people have of the politicians’ impact in a private setting.
A version of this article appeared in the Tuesday, Sept. 9 print edition.
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