Tuesday, March 17, 2015

Tyco Chief Did His Time

Turned him into a good guy, too, judging by the tone in the propaganda pre$$:

"Post-prison, ex-Tyco chief Dennis Kozlowski living a modest life; Kozlowski, who looted $100m, is now a NYC renter" by David A. Kaplan, New York Times  March 02, 2015

NEW YORK — Ten years and a lifetime ago, Dennis Kozlowski reigned as the archetype of avarice. It is what helped lead to his conviction in 2005 for looting nearly $100 million from Tyco, for which he served 6½ years in prison.

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Kozlowski was among the most caricatured of imperial chief executives in an epoch of white-collar crime that included Bernard J. Ebbers of WorldCom and Kenneth L. Lay and Jeffrey K. Skilling of Enron. But unlike businesses plundered by other felons, Kozlowski’s Tyco has thrived, employing 57,000. Enron and WorldCom became corporate corpses.

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Kozlowski, 68, has paid his debt to society....

Kozlowski had been celebrated on magazine covers as “Deal-a-Day Dennis,” transforming a tiny New England manufacturer into a multinational worth more than $120 billion. [The conglomerate was broken up into several big pieces after Kozlowski’s downfall. One was a collection of medical businesses that became Covidien PLC in Mansfield, Mass.; it was later sold to Medtronic.]

That will get you back to the $hire if it doesn't make you sick.

Even as he was enriching himself, though, he was known at Tyco as a ruthless cost-cutter. Then, it was over. Kozlowski’s indictment for evading 8.25 percent sales tax on $14 million of artwork resulted in a broader Tyco internal inquiry. That led to new criminal charges; he was convicted of taking unauthorized bonuses, abusing corporate loan programs, falsifying records, and conspiracy. In addition to jail, Kozlowski had to pay $167 million in restitution and fines.

Today, he acknowledges making mistakes. He was too invested in the game: In just his last four years at Tyco, he made more than $300 million, according to regulatory filings. “I’d go to Harvard Business School and get a standing ovation when I was introduced as the highest-paid CEO in the country,” he recalled.

Even so, he maintains he was unfairly convicted, especially in light of how few big names were brought to trial in the most recent period of Wall Street malfeasance. “After 2008,” he said, “nobody was prosecuted.”

He wasn't "too big to jail." Thought he was.

Though Kozlowski said he “served my time with some agony,” two things seemed to get him through it. He tried to laugh at the absurdity of incarcerated life — and, fortuitously, he met his future wife.

Awww, poor looting f***!

Because Kozlowski was classified a high-profile inmate at a facility near Utica, he spent his time in “protective custody,” in his own 10-by-10-foot cell, but had to be in it many hours more than the typical prisoner.

Aww, poor fella! 

Was he tortured like in Chicago (Obama's hometown when he's allegedly trying to close Gitmo)? 

Why haven't I seen a word of that in my Globe. Instead I get this kind of $hit. I suppose that's the price I pay for purchasing it.

His life brightened when he met Kimberly Fusaro. She had known him in passing in the mid-1990s when she was a Wall Street trader. Nearly 15 years later, during a difficult divorce, she decided to write to Kozlowski. She asked if he needed anything. Visitors, he replied. She stopped by a month later, in September 2009 — and every weekend until his release. Twice a month — the prison limit — she sent him 35 pounds of avocados, tomatoes, and peaches and whatever else was growing in her garden on Long Island. “She’s the best thing that ever happened to me,” Kozlowski said. “Ever.”

After he won work-release, he indulged in a few Manhattan pleasures: E.J.’s Luncheonette for breakfast, and 5 miles a day of walking. He learned how to take the No. 2 and No. 3 trains. “Never,” he said, “have I been so happy about riding the subway.” He spends weekdays in a small Midtown office on “low-level consulting” on mergers and acquisitions and serves on the board of Fortune Society, which assists former convicts.

He would not discuss his assets but “owns no real estate” and is no longer fabulously wealthy.

Oh, I'm told that is all relative anyway. The 1% are just like all of us, and the divide has more to do with race and ethnicity than anything else, according to my jew$paper. How $hamele$$.

He still owns a “minuscule percentage” of the New York Yankees that might be worth “in the hundreds of thousands of dollars.” He hopes to open his own “small M&A advisory shop.” He also plans more travel, because for the last three years, he had a 9 p.m. curfew.

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I'm really feeling uplifted after that fellatio of a feature.

UPDATE: Former Tyco titan to head group that helps ex-convicts