REVOLVING DOOR UPDATE: Eric Cantor Joins Wall Street Bank.

Former House Majority Leader Eric Cantor (R-Va.) has joined the global investment bank Moelis & Co. as vice chairman and managing director, the company announced Tuesday.

Cantor, who resigned from Congress during the August recess after losing his primary in June, will also be elected to the company’s board of directors.

Cantor will focus on client development and providing strategic advice.

Initially, Cantor will be given $1.4 million in cash and stocks. He will receive a base salary of $400,000 per year, according to a filing with the Securities and Exchange Commission.

On top of that, Cantor will receive $1.6 million in incentive cash and stocks in 2015.

The contract allows Cantor to leave the company after two years without a pay penalty to “take a full-time elected or appointed position in federal government, state government, or a national party.”

Just another argument for my revolving-door surtax.