Sunday, March 25, 2007

Dennis Kozlowski

As Chief Executive Officer of Tyco International, Dennis Kozlowski became famous for spending $6,000 on a shower curtain and throwing a $2 million Roman toga birthday party for his wife. Today, Kozlowski is serving a prison sentence that could last 25 years, convicted of stealing more than $100 million from the company. In an exclusive interview with Morley Safer, Kozlowski speaks for the first time.

Dennis Kozlowski
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DID YOU KNOW?

  • Unlike Enron and WorldCom, Tyco was not forced into bankruptcy and remains a thriving company.
  • Kozlowski's first trial ended in a mistrial. But in his second, he was found guilty on 22 of 23 counts of grand larceny and conspiracy, falsifying business records and violating business law.
  • Former CFO Mark Swartz was convicted with Kozlowski and also faces up to 25 years in prison. Both men were ordered to pay fines and restitution of $239 million.
  • Tyco employs some 240,000 workers around the world, focusing on four business segments: electronics, fire & security, healthcare and engineered products.

Comments

Sound off on this segment. Here you'll see the comments in the order they were posted.

1
I work for a company that Dennis Kozlowski's Tyco bought out in 2000-2001. Immediatedly the salaried personal lost all the benefits that we had with our former company. Pensions, retiree health insurance, if we get sick or injured and have to go on long term disability, we are authomatically terminated along with our health insurance and any other benefits. ( We are Cobra elegible, but if you are out of work and sick, how can one afford the premiums.) It pleases me immensely to see Dennis miserable. He was living the high life and I am forced to work longer than I had planned before retirement. I hope he has to stay the whole 25 years. Rotting in jail is too good for him. I believe everything he said, regarding his compensation and being unaware of what the decorator bought was a lie. The judge should have made Dennis and Schwartz pay back all the money they took. I want my pension back and all the money I lost when the stock plummeted.
Posted by joanwss on Sun, Mar 25, 2007 8:51 PM ET
2
After closely watching the newscast, my heart goes out to Mr. Kozlowski. I firmly believe that he is telling the truth about his situation. Since his first trial ended in a mistrial, it seems obvious that the prosecution's "evidence" against him was too complicated to be understood by the average person. Unless the jury was made up of 12 CEO's of comparable companies under comparable circumstances -- growth rate, method of payment for top officials, etc. -- there is no way the jurors could make a fair and accurate ruling in his case. A jury of his peers should at least have had enough CEO's serving to make it a fair playing field. This man worked extremely hard to get where he was, and we all know that hardship breeds character. It is my sincere hope that he will soon be out of prison. With so many ruthless criminals on the streets of America, perpetrating horrible crimes against so many innocent people, it is a travesty to confine a man with Mr. Kozlowski's background. What a waste of a good man, who has so much to contribute to the world. It is my prayer that he will remain strong and healthy, until he is exonerated.
Posted by joanmorealtor on Sun, Mar 25, 2007 8:52 PM ET
3
CONVICTED ON 22 OF 23 COUNTS? AND YOU STILL DARE TO SAY YOUR INOCENT? WHERE DOES IT END MISTER? YOU GOT WHAT YOU DESERVE AND THERE WILL BE NO WAY OUT OF IT!! IF ITS OF ANY COMFORT TO YOU;THER'RE FEW OTHER ABUSING HIGH RANKING COMPANY OFFICIALS THAT WILL SOON BE JOINING YOUR RANKS SO FEEL LONLEY NOT FOR LONG...
Posted by vivida1 on Sun, Mar 25, 2007 9:01 PM ET
4
That's the american way for white men in corporate america. Kozlowski and Swartz just got convicted, there are so many that don't get convicted, etc think about that ?
Posted by cargoex@sbcglobal.net on Sun, Mar 25, 2007 9:05 PM ET
5
Kozlowski and Co. just got greedy and took advantage of his power. He got what he deserved.
Posted by gltrammell@sbcglobal.net on Sun, Mar 25, 2007 9:27 PM ET
6
It boggles the mind that "60 Minutes" would give Koslowski another chance to "tell his side of the story." He already had his opportunity to explain his Caligula-like doings in a court of law and was judged a thief of the worst sort. He deserves to serve his full 25 years in prison. CBS's programming decisions like this one make me sick. I'm surprised Morley Safer, whom I used to admire, would agree to give this man the time to con us again. chrlslorenz@yahoo.com
Posted by chrlslorenz on Sun, Mar 25, 2007 9:47 PM ET
7
It makes sick to my stomach to listen to this idiot try to explain how none of this was his fault.
Posted by bunc12 on Sun, Mar 25, 2007 10:20 PM ET
8
I trust in our law makers and our system. This man should have been working for George W. Bush.
Posted by mrjtheffernan on Sun, Mar 25, 2007 10:24 PM ET
9
i worked for a company that tyco bought. I think that he just got caught with his hand in the cookie jar. If it wasnt for enron staring the snowball then he would have got a slap on the wrist. At least he did steal people retirements. Well the money he was taking could have been somebody rasie. Tyco keeps the companies or divisons that make money and sells the rest. I think that 8 years and being broke is enough, if he last that long in prison.
Posted by blueflpro on Sun, Mar 25, 2007 11:06 PM ET
10
I lost thousnds of my hard earned dollars I had invested in TYCO, when the shares went from 35 to 15 I was ruined and just now starting to recover,It still angers me that I lost so much but I forgive you Mr Dennis Koz,
Posted by alan1miller on Sun, Mar 25, 2007 11:17 PM ET
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