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Tyco Crooks Sentenced
Andrew L. Jaffee, September 19, 2005 |
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The wheels of justice keep catching up with the corporate crooks of the 1990’s economic bubble. Former CEO Dennis Kozlowski and former CFO Mark Swartz of business conglomerate Tyco were each sentenced to 8-25 years in jail today: Kozlowski and Swartz were ordered to pay back $134 million to Tyco while Kozlowski must pay a criminal fine of $70 million and Swartz must pay an extra $35 million -- bringing total fines and restitution to $239 million. Poor babies. Remember what Kozlowski and Swartz had done – besides stealing shareholders blind. Kozlowski spent $2 million of employee/shareholder funds on a party for his 40th birthday … which featured an ice sculpture of Michelangelo's David spewing vodka from his penis and a birthday cake in the shape of a woman's breasts with sparklers mounted on top. But remember, Bush is not doing anything about corporate crime… except cleaning up the crimes committed by business executives under Clinton: Bernie Ebbers of WorldCom will never see the light of day; Ken Lay of Enron has been indicted and arrested (while some of his cronies are in jail already); Martha Stewart was made an example; need I mention justice done for the rest (Arthur Andersen, Adelphia, and Global Crossing)? The problem with arguing with my liberal friends is they do not respond well to facts… |