Saturday, June 18, 2005
Crooks in the Corporate World - Larceny at Grand Level
From Associated Press:
"NEW YORK - Former Tyco International CEO Dennis Kozlowski and a subordinate were convicted Friday of looting more than $600 million from their company to pay for lavish parties, fancy art and an opulent Manhattan apartment that featured a $6,000 shower curtain."
Kozlowski could face 30 years in prison. He certainly deserves it. Incidentally, the shower curtain was reported to be for the maid's quarters.
- Phillip Purcell, CEO of the tainted financial giant Morgan Stanley has been forced into retiring---with a compensation of 62.3 million dollars.
- J.P. Morgan Chase, a Wall Street giant, agreed to pay a fine of (hold on to your seat) $2.2 billion dollars--yes billions-- for its complicity in helping Enron cook up fictitious deals.
- Citigroup (another great American financial institution) paid a penalty of $2 billions for the same reason.