Tyco’s executives stole from their firm
Executives have a lot of power over their firm’s balance sheet but they don’t have the rights to rob from it. In 2005, Tyco International’s CEO Dennis Kozlowski and its CFO Mark H. Swartz were convicted for stealing $600 million from the manufacturing conglomerate they were supposed to be shepherding to success.
These guys already exemplified the “fat cat” nature of execs in business as Kozlowski was known for spending millions of dollars on parties, including a $2 million birthday bash for his wife that was paid for with company funds. These guys must have felt indestructible when they hatched such a foolish and impossible plan to rob so much money from the firm.
[Image – The Young Turks – youtube.com]