Letâ€™s talk corporate gossip for a change, shall we? Remember the sudden departure of Jim Clark as chairman of photography website Shutterfly? Turns out the founder of Silicon Graphics invested heavily ($30M) in Shutterfly and he gripes that he could not even exercise executive powers due to the restrictions of the Sarbanes-Oxley Act of 2002, a regulatory law in reaction to Enron, Tyco and other scandals.
He particularly complained that he could not be on important committees including the governance and compensation committees. â€œWhatâ€™s left is liability and constraints on stock transactions,â€ Clark said.
So what does he think now of Sarbanes-Oxley, which is sometimes referred to as SOX? â€œIt needs to just be flushed down the drain,â€ Jim said. Sucks.