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By JAY HANCOCK | May 2, 2004
THE NASTY fight between credit-card issuer Metris Cos. and its founder and former boss, Ronald N. Zebeck, is getting nastier. The Office of the Comptroller of the Currency subpoenaed Metris a few weeks ago for documents relating to "executive compensation and reimbursement," the company disclosed in government filings. But, Metris hastened to mention, "we do not believe that the OCC's investigation concerns any of the activities of our current executives." Hmm, which former executive could be the subject of documents Metris is dishing to law enforcement?
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BUSINESS
By JAY HANCOCK | May 2, 2004
THE NASTY fight between credit-card issuer Metris Cos. and its founder and former boss, Ronald N. Zebeck, is getting nastier. The Office of the Comptroller of the Currency subpoenaed Metris a few weeks ago for documents relating to "executive compensation and reimbursement," the company disclosed in government filings. But, Metris hastened to mention, "we do not believe that the OCC's investigation concerns any of the activities of our current executives." Hmm, which former executive could be the subject of documents Metris is dishing to law enforcement?
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NEWS
By Robert Benjamin | March 13, 2004
AS THE GREEKS knew so well, hubris commonly precedes the fall of the high and mighty. And recently, corporate America's modern rendition of that age-old story line has been on plentiful and, for many, satisfying display. At one point in proximate Manhattan courtrooms, fallen corporate deities were lined up like bowling pins ready to be tumbled. Not only was Martha Stewart on trial, but so were small-town cable-TV king John J. Rigas and Tyco's imperial CEO, L. Dennis Kozlowski -- even as WorldCom chief financial officer Scott D. Sullivan turned prosecution witness against his firm's bold founder, Bernard J. Ebbers, and they both were indicted in the nation's largest corporate fraud ever.
NEWS
By Robert Benjamin | March 13, 2004
AS THE GREEKS knew so well, hubris commonly precedes the fall of the high and mighty. And recently, corporate America's modern rendition of that age-old story line has been on plentiful and, for many, satisfying display. At one point in proximate Manhattan courtrooms, fallen corporate deities were lined up like bowling pins ready to be tumbled. Not only was Martha Stewart on trial, but so were small-town cable-TV king John J. Rigas and Tyco's imperial CEO, L. Dennis Kozlowski -- even as WorldCom chief financial officer Scott D. Sullivan turned prosecution witness against his firm's bold founder, Bernard J. Ebbers, and they both were indicted in the nation's largest corporate fraud ever.
NEWS
March 16, 2005
Corporate scandals Martha Stewart: Serving home confinement after release from prison March 4; convicted of conspiracy, obstruction and making false statements. Tyco International Ltd.: Retrial in progress for former executives L. Dennis Kozlowski and Mark H. Swartz; accused of stealing $600 million from the company. Adelphia Communications Corp.: Founder John Rigas and a son were convicted last year of conspiracy, bank fraud and securities fraud. Another son was acquitted of conspiracy; mistrial on other charges.
BUSINESS
July 4, 2004
Americans are very patriotic - except when it comes to paying taxes. As Mark Twain put it, "The difference between a taxidermist and a tax collector is that the taxidermist leaves the skin." Anger over taxes spawned our very republic. "Taxation without representation" was the cry at the 1773 Boston Tea Party. Patriots dumped 342 crates of British tea into Boston Harbor to protest a Tea Act that raised the price of all tea except that produced by one British supplier. Mobster Al Capone was infamous for his violent and illegal Prohibition liquor trade, but was ultimately found guilty of income tax evasion.
BUSINESS
By BLOOMBERG NEWS | March 25, 2005
NEW YORK - A Tyco International Ltd. accountant testified yesterday that the company's outside auditors had access to records of $1.98 million in art purchases made by L. Dennis Kozlowski, then chief executive, for his New York apartment. The statement by the accountant, government witness Linda Auger, supported the defense contention that Kozlowski and his finance chief, Mark Swartz, didn't try to hide the financial activities for which they are on trial, charged with fraud and larceny, in a New York state court in Manhattan.
BUSINESS
By BLOOMBERG NEWS | January 23, 2002
EXETER, N.H. - Tyco International Ltd., bowing to shareholder demands for greater transparency in accounting, said yesterday that it plans to split into four companies and shed $11 billion in debt. "It's absolutely surprising," said Mark Demos, an analyst with Fifth Third Investment Advisors, which owns Tyco shares. "It goes against the grain of Tyco's message over the past decade." The breakup reverses the strategy of Tyco chief executive L. Dennis Kozlowski, who oversaw $64 billion in acquisitions and whose methods were compared to those at General Electric Co. Kozlowski will head the electronics and security-systems company that remains after Tyco spins off its health care, fire protection and flow control, and financial services units.
NEWS
By Steve Chapman | April 9, 2004
CHICAGO -- Under the best of circumstances, jury duty is about as enjoyable as being trapped in an elevator with a Ronco salesman. You're yanked away from your job or domestic responsibilities, stuck in an airless bunker with lawyers who flunked out of charm school, forced to work with strangers and paid only a minimal stipend -- and all this can go on for weeks or even months. But one 79-year-old New York woman found out what jury duty is like when the circumstances are not the best. A member of the jury in the trial of Tyco International executives L. Dennis Kozlowski and Mark Swartz, she has not only had her name and photo spread around the world, but was ridiculed in New York newspapers for allegedly being stingy, snobbish and paranoid.
BUSINESS
By BLOOMBERG NEWS | August 19, 2005
SOUTH ORANGE, N.J. - Seton Hall University has removed the name of L. Dennis Kozlowski, the convicted former chief executive of Tyco International Ltd., from a building on campus. The name was removed at Kozlowski's request, said Thomas White, a Seton Hall spokesman, who said the building was renamed Jubilee Hall. Seton Hall, a Roman Catholic school of 10,000 students in South Orange, N.J., has had at least three buildings named for convicted felons. Kozlowski, a 1968 Seton Hall graduate, faces up to 30 years in prison after being convicted of grand larceny and defrauding shareholders at Tyco.
BUSINESS
By BLOOMBERG NEWS | June 11, 2005
NEW YORK - The judge in the trial of L. Dennis Kozlowski and Mark H. Swartz, two former Tyco International Ltd. executives accused of looting the company, rejected a prosecution request yesterday that he seek a partial verdict in the case. Assistant District Attorney Owen Heimer requested that New York State Supreme Court Justice Michael J. Obus ask the jury whether they had reached a verdict on some of the counts. The request followed a note Thursday in which the jury indicated that it had reached verdicts on some counts but wondered whether it must deliver unanimous verdicts on all of them.
NEWS
April 6, 2004
JUROR No. 4, a 79-year-old retired schoolteacher and former lawyer, brought in homemade carrot cake for the other 11 jurors. In court after all the evidence was in, she also allegedly gestured an "OK" sign to the defense. In jury deliberations, she reportedly was the only one resistant to convicting on any counts. And in the end, threats she received after the unusual publication of her name by two New York news organizations caused the judge Friday to declare a mistrial in the 6-month-long, $6 million prosecution of Tyco International executives L. Dennis Kozlowski and Mark Swartz on charges of looting the conglomerate of $600 million.
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