Eric Cantor in Saving Capitalism, by Robert Reich

On Corporations: Fought for Great Recession bailout of Wall Street

Former Republican House majority leader Eric Cantor was for many years one of Wall Street's strongest advocates in Congress. As a member of the House Financial Services Committee charged with overseeing Wall Street, he fought for the bailout of the Street, to retain the Street's tax advantages and subsidies, and to water down the Dodd-Frank financial reform legislation. In September 2014 just two weeks after resigning from the House, Cantor joined the Wall Street investment bank of Moelis and Company, as a vice chairman and managing director, starting with a $400,000 base salary, $400,000 initial cash bonus, and $1 million in stock. Cantor would run the firm's Washington office, presumably opening doors and keeping the congressional largesse flowing. Cantor explained, "I have known Ken [the bank's CEO] for some time and followed the growth and success of his firm." Exactly. They had been doing business together for years. Source: Saving Capitalism, by Robert Reich, p. 41-2 May 3, 2016

The above quotations are from Saving Capitalism For the Many, Not the Few by Robert B. Reich. Click here for other excerpts from Saving Capitalism For the Many, Not the Few by Robert B. Reich. Click here for other excerpts by Eric Cantor. Click here for a profile of Eric Cantor.
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Page last updated: May 03, 2021