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adamzerner comments on What motivates politicians? - Less Wrong Discussion
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It does seem that it's mostly a status thing. If the big money comes after the retire, that would make me think that they'd be eager to get out, rather than eager to stay in.
I don't think money is the primary motivation. However even for people who do just want money, the amount of money they make is commensurate to the length and prestige of their political career.
How exactly does that work? Why value can a retired politician offer a big corporation?
As I already stated, the biggest advantage is "access." Having a big name politician on your board means you can have them chat with their friends in congress about why they should vote yes/no on a certain bill. It helps the company convey their opinions to the people who matter. There are other advantages, like increasing the organization's prestige, and having access to someone with a great deal of knowledge about the political process (who might be persuaded, who is a lost cause, etc.)