Word: stenches
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...AVOIDANCE [Strong stench] By incorporating Tyco in Bermuda, the ex-CEO, who was indicted last week for evading sales taxes on his personal art collection, saved Tyco more than $400 million in taxes last year...
EXECUTIVE COMPENSATION [Strong stench] CEO Dennis Kozlowski, who resigned last week, made $62 million last year, including stock options. Unlike many other CEOs, he didn't waive the $75,000 fee for serving on his board of directors...
AGGRESSIVE ACCOUNTING [Strong stench] Tyco has been accused of "spring-loading": padding earnings growth by acquiring companies after making them prepay expenses and forgo new revenue. The SEC found no wrongdoing...
INSIDER STOCK SELLING [Strong stench] Kozlowski and his chief financial officer have sold more than $500 million of Tyco stock back to the company since 1999 while publicly declaring that they rarely, if ever, unloaded their shares...
...EXECUTIVE COMPENSATION] [Strong stench] Former chairman Ken Lay collected some $200 million in Enron compensation from 1999 until he resigned in January, including a $7 million annual incentive...