I, for one, could not be happier for Eric Cantor and if there were advice to be had on the most opportune career path, I could think of only two individuals from which I would seek it, Jamie Dimon and Lloyd Blankfein. Former Congressman Cantor chose Mr Dimon and I am sure that will suffice for a path to wealth beyond his wildest dreams of avarice!
Eric Cantor sat in his Washington office in June after one of the biggest upsets in congressional history, getting encouragement from JPMorgan Chase & Co.’s Jamie Dimon, head of the largest U.S. bank.
Dimon talked about being fired from another bank by his mentor before rebounding to an even better seat, according to two people who were there. He reassured the Virginia Republican that his career would be just fine, too.
He was right. Cantor, 51, started this month as a managing director and vice chairman of New York-based investment bank Moelis & Co. (MC), where he’ll earn more than $3.4 million by the end of next year. With former White House officials and a Tea Party spokesman calling Cantor a sellout, half a dozen people close to him described his new Wall Street life as an extension of his principles rather than a betrayal of them. They cite a fascination with finance that goes back years before he became House majority leader, a conviction that bankers drive the economy and an enthusiasm for helping them do it better.
Well, since we already know that money corrupts and power corrupts but when combined it is an orgy of corruption……
Drug, Device Companies Paid $3.5 Billion to U.S. Doctors – Bloomberg
U.S. doctors and teaching hospitals were paid $3.5 billion by drug and device makers over five months in 2013, according to the first comprehensive disclosure of the companies’ financial ties to the medical professionals that prescribe and use their products.
The disclosures by the U.S. government cover 4.4 million payments to about 550,000 doctors and 1,360 teaching hospitals from August to December 2013. The companies had to provide the information as part of the 2010 Patient Protection and Affordable Care Act, or Obamacare.
While doctors are allowed to prescribe any treatment they think will help a patient, makers of drugs and medical devices are allowed to market products only for uses the Food and Drug Administration has reviewed and approved. In some cases, companies have used their financial links to the medical community to get around that limitation, according to critics.