Word: tyco
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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...
BOARD INDEPENDENCE [A little fishy] Several board members used to work for Tyco or companies it acquired. An outside director was paid $10 million last year for helping arrange Tyco's $10 billion purchase of CIT Group...
...corporate America falling apart? Each day brings sordid details of dirty dealings at the highest levels of what were once our most respected companies. The sleaze at Enron and Arthur Andersen shocked us. Now it's Tyco's turn, and it won't be the last...
...York Stock Exchange (N.Y.S.E.) last week to propose rules requiring that a majority of a company's directors have no ties to the company and that shareholders approve all stock-option plans. Henry Paulson, the normally low-profile chairman and CEO of Wall Street giant Goldman Sachs (Tyco's financial adviser), was one of many business leaders ringing the bell for reform. "American business has never been under such scrutiny. To be blunt, much of it is deserved," Paulson said in a speech calling for curbs on when a CEO can profit by selling company stock, among other things...
...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...