Word: tyco
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...good job of nurturing a new generation of managers: retired chairman John Fort had to return as interim CEO last week. Some analysts think that in his passion for quick deals, Kozlowski often overpaid, most notably for CIT, which may fetch just half the $10 billion Tyco paid...
Apparently not. Late last week Tyco's interim CEO, Fort, emphasized that "Dennis is gone." Then he repeated it: "Dennis is gone." --With reporting by Daren Fonda/New York and Adam Zagorin/Washington
...TYCO The company's market cap has fallen $90 billion since January...
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...