Tyco International
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Tyco/Dennis Kozlowski are ensnared in scandal
Published: 12/23/2009 12:49:45
In yet another corporate scandal, former Tyco International CEO Dennis Kozlowski was convicted in 2005 of misappropriation of corporate funds. He used Tyco's money for a $2 million birthday party on the island of Sardinia for his wife (the ice sculpture urinated Stolichnaya vodka) that came to be called the "Tyco Roman Orgy," as well as an estimated $14 million in art and millions in payments to cronies.
Kozlowski still declares his innocence, telling "60 Minutes," "I was a guy sitting in a courtroom making $100 million a year and I think a juror sitting there just would have to say, 'All that money? He must have done something wrong.' " Kozlowski is serving a 25-year prison sentence.
Daily News cover about Tyco CEO Dennis Kozlowski.
Timeline of the Tyco International scandal
Key dates and events that led to the convictions of former Tyco CEO L. Dennis Kozlowski and CFO Mark Swartz:
March 13, 2001: Tyco announces $9.2 billion cash and stock deal to purchase the CIT Group, a commercial finance company. Tyco director Frank Walsh helps arrange the deal.
Dec. 5, 2001: Tyco shares close at a high of $59.76 on the New York Stock Exchange.
Jan. 14, 2002: Business Week magazine lists Tyco CEO L. Dennis Kozlowski as one of the top 25 corporate managers of 2001.
Jan. 22, 2002: Kozlowski announces plans to split Tyco into four independent, publicly traded companies. The announcement starts a slide in the price of Tyco shares.
Jan. 29, 2002: Tyco shares drop sharply, one day after the company filed a proxy report with the Securities and Exchange Commission disclosing that Walsh got a $10 million fee on the CIT Group deal, and that another $10 million went to a charity where he was a director.
Jan. 30, 2002:The New York Times
Tyco/Dennis Kozlowski are ensnared in scandal
Published: 12/23/2009 12:49:45
In yet another corporate scandal, former Tyco International CEO Dennis Kozlowski was convicted in 2005 of misappropriation of corporate funds. He used Tyco's money for a $2 million birthday party on the island of Sardinia for his wife (the ice sculpture urinated Stolichnaya vodka) that came to be called the "Tyco Roman Orgy," as well as an estimated $14 million in art and millions in payments to cronies.
Kozlowski still declares his innocence, telling "60 Minutes," "I was a guy sitting in a courtroom making $100 million a year and I think a juror sitting there just would have to say, 'All that money? He must have done something wrong.' " Kozlowski is serving a 25-year prison sentence.
Daily News cover about Tyco CEO Dennis Kozlowski.
Timeline of the Tyco International scandal
Key dates and events that led to the convictions of former Tyco CEO L. Dennis Kozlowski and CFO Mark Swartz:
March 13, 2001: Tyco announces $9.2 billion cash and stock deal to purchase the CIT Group, a commercial finance company. Tyco director Frank Walsh helps arrange the deal.
Dec. 5, 2001: Tyco shares close at a high of $59.76 on the New York Stock Exchange.
Jan. 14, 2002: Business Week magazine lists Tyco CEO L. Dennis Kozlowski as one of the top 25 corporate managers of 2001.
Jan. 22, 2002: Kozlowski announces plans to split Tyco into four independent, publicly traded companies. The announcement starts a slide in the price of Tyco shares.
Jan. 29, 2002: Tyco shares drop sharply, one day after the company filed a proxy report with the Securities and Exchange Commission disclosing that Walsh got a $10 million fee on the CIT Group deal, and that another $10 million went to a charity where he was a director.
Jan. 30, 2002:The New York Times