ArticleTycoForbes - Reportedly this is one of Kozlowski's...

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Special Report Ex-Tyco Chairman Goes On Trial Julie Watson, 09.29.03, 7:00 AM ET NEW YORK - Lower Manhattan will be busier than usual Monday morning when jury selection begins for two high-profile cases. Former Credit Suisse First Boston investment banking star Frank Quattrone is on trial for obstruction of justice charges while former Tyco International (nyse: TYC - news - people ) Chairman L. Dennis Kozlowski faces charges of looting the company. With talk of priceless works of art, a $6,000 shower curtain and his living-large lifestyle, Kozlowski's trial should be the more interesting of the two. Kozlowsi has pleaded not guilty. In last-minute pre-trial wrangling, a judge ruled on Sept. 23 that the defense could argue that auditors knew Kozlowski's compensation.
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Unformatted text preview: Reportedly this is one of Kozlowski's key defense arguments, that he was not hiding his pay. His former company was left on the rocks following the revelations of Kozlowski's alleged misdeeds. It had to take several multi-million dollar accounting charges and restate its financials from 1998 to 2001, not to mention the black mark left on the company's name. The prosecution in Kozlowski's case is the Manhattan District Attorney's office while Quattrone is being tried by the Feds. The difference: state prison versus a cushy white-collar federal prison (see: Best Places To Go To Prison ). And that makes all the difference in the world. SEC Bars Ex-Tyco Auditor Tyco Stays In The Hot Seat Tyco's Clean, But Who Cares? Tyco Counts Sheep, But Can Investors Sleep?...
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This note was uploaded on 09/01/2010 for the course BAT4M BAT4M taught by Professor Katz during the Fall '05 term at Acadia.

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