Former CEO and CFO Koslowski and Schwartz were sentenced to 8-25 years to New York state prison for bilking Tyco Corporation out of hundreds of millions of dollars in unauthorized bonuses and loans. They also have to pay back some of that money in the form of restitution. Both plan to appeal their convictions.
2 comments:
I like what NY AG Eliot Spitzer is doing. He really is the only one who could go after these corporate crooks. I suspect the people of NY are impressed as well. I am not naive enough to think he's doing it all out of concern for the people. I anticipate that he will have a successful campaign for the open governor's seat in 2006.
I agree with you. I think its important to keep the publics trust. The SEC is supposed to be doing this. The state prosecutors are the ones taking this task on. Fairness in the market place is important for all of us. Ken Lay the former CEO of Enron is expected to go to trial in January. Ebbers formerly of MCI is spending time in jail too.
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