Department of No Surprises: Eric Cantor, former Republican House majority leader, is joining a Wall Street company, where he will be paid a minimum of $1.6 million in 2015, plus a million-dollar signing bonus. He will be “competing for business and advising corporate and investor clients on takeovers and other deals,” according to The Wall Street Journal.
Cantor has no investment-banking or capital-markets experience, but he was the chairman of the Wall Street caucus in the House. In guaranteeing him $3.8 million in the future his new company is buying access, influence, and unfair advantage. He will be cashing in on favors he did for House members to fight everything from tax policy on carried interest and derivative regulation to capital rules. He will try to ensure that the Commodity Futures Trading Commission is never properly funded, and that the biggest deregulation bill since the repeal of Glass-Steagall, amusingly called the ‘Jobs Act,’ is put in place. He will be one of the people who ensure that Wall Street is not policed and that regulators are harassed and are prevented from doing their jobs.
Corruption in financial services and Congress has now reached such blatant proportions that the Lords of the Universe don’t even try to hide it. I suppose it is superfluous to point out that this is anti-Epicurean in every possible way, destroys faith in the American political and economic system and will one day have to be swept away. The problem is that a huge proportion of the people actually support it. They mostly, but not exclusively, live in the red states. This adds a further level of complexity to the outcome of the War between the States, Part Two. But don’t worry – it’s all totally Constitutional. That’s a blessing.