A "corporate fag" is a former politician or political staffer -- state or federal -- who leaves high office (elected or hired) to join a private interest group seeking financial gain that undermines the public interest. He or she does this in order to enrich him/herself by influencing current elected officials, often against the public interests they once claimed to serve. A "corporate fag" is especially adept at channeling money to current elected officials in order to buy influence.
Big "corporate fag," Richard Armey, who along with Newt Gingrich, wrote the Contract With America, then broke his "term limits contract" (a major part of the Contract With America) to become House Majority Leader. Armey now lobbies for the DLA Piper law firm, which took $6 million in lobbying fees over the five years Armey has worked there from the international pharmaceutical giant, Medicines Company.