# Prof. David Yermack on Eric Cantor's new position as Vice Chairman of Moelis

1 Faculty News September 4, 2014 ![Financial Times logo](/sites/default/files/styles/246w/public/assets/images/uat_025699.jpg?itok=5SpaxEbn)>

Excerpt from [Financial Times](http://www.ft.com/intl/cms/s/0/32ae9ace-3414-11e4-b81c-00144feabdc0.html?siteedition=intl#axzz3CRooQByZ) -- "'Most firms don’t have a vice-chairman,' says Professor [David Yermack](http://www.stern.nyu.edu/faculty/bio/david-yermack) of the New York University Stern School of Business. 'They are fixers, who can lunch with important clients or regulators. But they have no operating responsibilities.'"

[Read more](http://www.ft.com/intl/cms/s/0/32ae9ace-3414-11e4-b81c-00144feabdc0.html?siteedition=intl#axzz3CRooQByZ)