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Breakingviews: Ex-Tyco CEO’s lessons

Tuesday, Jan 21, 2014 - 03:23

Jan. 21 - Antony Currie and Reynolds Holding discuss how Dennis Kozlowski’s conviction and release contrast with today’s approach to financial crime.

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Today let's talk about one of the biggest corporate criminals of a crisis unfortunately we're not talking about the most recent crisis -- -- Dennis Kozlowski the -- was CEO Tyco. Two on Friday last week was funny release in the -- off to eight years full. All manner of issues and -- greets at and a T doing getting a good enough to protect the parties in six of those. It's and -- -- -- remember him in his back ten years ago or the early to death. Enron WorldCom Tyco when it actually went after the CEOs at those of the -- -- guys in -- is -- famous of course for the 6000 dollar shower -- you know for corporate apartment in new York and the two are and it's nothing wrong with over two million dollar birthday party for his right. But that's actually was put jail errors you'd put in jail for actually getting more than a hundred million dollars in bonuses that were up allegedly not authorized by the board -- Some people are questioning that now there's evidence that the book new book out saying that the -- really commit a crime. Bob as you point out appeal as a trial five appeals I don't know targets were the -- water under the bridge the guys out now but that the really interesting thing I think is the contrast between how prosecutors handling. You know financial wrongdoing now as opposed as compared with how they did it was sunny scenes of some pretty heavy handed tactics these days it's all -- now. And getting about the -- loads of money at a company it's debt and no one's quite sure about why they do that and obviously the prosecutors have you know presumably they know what they're doing but I mean the number of Perry's first -- -- -- Really hard to prove. A criminal case against an individual and each and they try and it's alone right over the past that we always tried to -- back of the Bear Stearns like what the managers understand you know it lost those guys it. Little sunshine also though they think I think it's this theory that going after the company. Company says look we'll do an investigation won't hire an ex prosecutor they did this girl yeah. Say look we've here's what we found out we're sharing it with you we won't do it again and prosecutors feel good about what we've reformed corporate America -- but you know. Nothing reforms nothing is more of a deterrent and putting -- jail so sensitive question whether that a -- look back -- 1012 years ago and in the in the previous crisis you know I'm -- and unwelcome and one doesn't exist off my guess how many American people but Ferris yeah and Arthur -- doesn't exist and after that Tyco interestingly we -- -- still does does exist on the same form it was a conglomerate that that kind of a different -- armored. But you know they did go and they didn't you know so they didn't bail the company which maybe there's something for that but they didn't help -- CEO now saying you what just using. What prosecutors tell Mike going off to yeah individuals and the pressure and I -- and I think that ship has passed and I think it's I think you know for a number of reasons it. You know -- resources they got all wrapped up with an insider trading stop that's -- they put their case resources and doesn't want that work those -- prosecutors got publicity for. It's really hard to believe that the -- go back -- you know -- We investigate all these things that happen I think they've moved on I think they think it's a good thing as I say to get these huge settlements for people like JPMorgan up there because a good thing that they think that reforming corporate America but the question is does it isn't really gonna matter. Would no -- in jail on. But thanks random will be back with mold breaking -- mark.

Breakingviews: Ex-Tyco CEO’s lessons

Tuesday, Jan 21, 2014 - 03:23

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