Posts Tagged ‘Eric Cantor’

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The current investigation of insider trading related to Medicare rates is a reminder of this little gem: the person who stripped the 2012 Stop Trading on Congressional Knowledge Act of any restrictions on so-called political intelligence firms was none other than the former House majority leader Eric Cantor.

Eric Cantor, the former House majority leader, who after losing his Republican primary race this summer in Virginia joined the Wall Street investment bank Moelis & Company, where he will earn at least $3.4 million over the next two years, according to regulatory filings, for what observers in Washington say could well involve providing political intelligence for the firm’s clients.

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According to Jia Lynn Yang, Eric Cantor was defeated by Tea Party challenger David Brat because of his support for “crony capitalism.”

“If you’re in big business, Eric’s been very good to you, and he gets a lot of donations because of that, right?” Brat said at a local meeting of Republicans in Virginia, according to Politico. “Very powerful. Very good at fundraising because he favors big business. But when you’re favoring artificially big business, someone’s paying the tab for that. Someone’s paying the price for that, and guess who that is? You.”

While everyone is focused on Brat’s critique of Cantor’s immigration stance, that attack came in the broader context of the increasingly potent “crony capitalism” theme. Brat went after Cantor specifically for his support of strengthening the H1B visa program, a policy especially favored by tech companies such as Facebook since it allows them to hire more engineers from overseas. Critics have said that the program allows firms to seek cheaper labor to maximize profits and puts foreign workers ahead of Americans.