Word: kozlowski
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CHARGED. DENNIS KOZLOWSKI, 55, former chief executive of Tyco International, and MARK SWARTZ, 42, the company's former chief financial officer, with enterprise corruption, a charge often used in Mafia prosecutions, and grand larceny, for allegedly looting $600 million of company money to buy everything from Park Avenue apartments to Harry Winston jewels; in New York City...
...Tyco's former CEO, Dennis Kozlowski, already charged with evading $1 million of sales tax, was indicted anew, accused of tampering with evidence. He allegedly lifted a shipping document from a file before turning it over to prosecutors in New York City. He pleaded not guilty to the latest charges...
...only when the rinse cycle begins," a wise old friend of mine likes to say, "that you can tell how dirty the laundry really was." With Enron, Arthur Andersen, Henry Blodget and Dennis Kozlowski all sloshing back and forth in the muck, it has become clear to everyone that the late bull market in stocks was fueled partly with Potemkin profits, partly with bluster, partly with outright lies...
...BOARD MEMBERS OFF THEIR BACKSIDES For a company's board of directors not to know or care that its CEO uses company money to buy expensive art and personal digs on Fifth Avenue--as is allegedly the case with Dennis Kozlowski at Tyco, where the board is stacked with insiders--is an egregious breakdown. "It amazes me that you can take 10 or 12 intelligent people and put them in a boardroom, and their IQ drops by half," says shareholder activist Nell Minow...
...STOP COMPANIES FROM MAKING LOANS TO EXECUTIVES A company is not a private bank. Kozlowski appears to have borrowed millions of dollars. WorldCom CEO Bernie Ebbers borrowed hundreds of millions. The Rigases, controlling family members at cable giant Adelphia, borrowed billions. In each case, shareholders have been left holding the bag. So let's change the rules. Executives get paid well; let them go to the bank and put their home in hock like the rest of us. And end the practice by which executives at Enron and Tyco have sold stock back to the company, rather than...