))
The Man Who Looted $100 Million From His Own Company
Manage episode 407332845 series 3561639
Content provided by Entrepreneur Media, Inc. and Entrepreneur Media. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Entrepreneur Media, Inc. and Entrepreneur Media or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.
If you’re looking for the poster boy of corporate greed, look no further than Dennis Kozlowski, the former CEO of Tyco who took excess to a whole new level.
In 2005, he was arrested and served six and a half years in prison for looting nearly $100 million from his company. Records revealed that he secretly loaned tens of millions of dollars of corporate funds to executives, and forgave those loans to win their loyalty. Without board approval, he doled out millions in bonuses and used company money to buy a $16.8 million apartment in New York City. He repeatedly dipped into Tyco’s til to cover his personal $80,000 American Express bill and luxury oddities including a $17,100 traveling toilet box, a $15,000 dog umbrella stand and a $6,000 shower curtain.
On this episode, hosts Jon Small and Dan Bova speak with Catherine S. Neal, Associate Professor of Business Ethics and Business Law at Northern Kentucky University and author of "Taking Down the Lion: The Triumphant Rise and Tragic Fall of Tyco's Dennis Kozlowski" to get to the bottom of his greed (if there is a bottom.)
Thanks for listening, be sure to subscribe and throw us a rating!
28 episodes
Share
