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SOX As A Job Program For Ex-Congressmen

Christopher Byron’s column in today’s New York Post asks why ousted members of Congress try so hard to land seats on corporate boards when they typically land positions on penny-stock companies in an age when Sarbanes-Oxley has upped the risks of sitting on a board. But the analysis is mostly backward looking and not half cynical enough.
Look, do you think it’s just a coincidence that members of Congress want board seats and managed to raise the cost of sitting on a corporate board? Sure it is. By raising the costs through SOX penalties, Congressmen have probably freed up a few seats on corporate boards for themselves. But that's just an "unintended consequence" of the legislation, of course.

Politicos Parachutes Get Torn