Ex-Tyco fatcat on stand: I just forgot about that $25M (Kozlowski)

[RamboLiberal]

http://www.nydailynews.com/front/breaking_news/story/304147p-260292c.html

Former Tyco International Ltd. chief L. Dennis Kozlowski took the witness stand Wednesday and denied he ever abused company loan programs or received a bonus to which he was not entitled.

Testifying in his own defense at his retrial on larceny charges — he did not take the stand at the first trial — Kozlowski said his intent was always to grow the company, never to commit a crime.

Still, asked by his lead lawyer why a $25 million bonus from the company did not appear on his 1999 tax return, Kozlowski said he could not explain why.

“I just was not thinking when I signed my tax return that I had a $25 million loan forgiveness,” Kozlowski said. “Year in and year out at Tyco, my tax returns for the most part had been correct. I didn’t pick up on it.”

[ixion]

1. yeah, I'm always forgetting those 25 million dollar loans

:eyes:

[ret5hd]

2. oooooohhhhh...the famous steve martin "i forgot" defense...how clever!

[Javaman]

3. "I know nothing!"

This guy takes his lines directly from Col. Klink.

[HughBeaumont]

4. *tap*

That was the sound of Dennis Kozlowski's larceny verdict. Dumberica deifies and is addicted to the ultra-rich.

[KlatooBNikto]

5. This is the guy who threw a birthday party for his wife in Tuscany

with an ice statue of Eros peeing champagne into wine glasses for the
party crowd;he also had a $3000 gold laced shower curtain and matching garbage pails with gold laces in his bathroom.What a guy!

[HughBeaumont]

6. Dennis and some other guy also bought millions in art on the company's tab

Sure wish I was allowed to piss away money that easily. If you or I were to steal $300 from our company, we'd be prosecuted and never work again.

He who hath all the gold maketh all the rules, I guess.

[UpInArms]

7. $25 million here, $25 million there - pretty soon it adds up

to real money :sarcasm:

http://www.mindfully.org/Industry/Tyco-Spent-Millions-Kozlowski7aug02.htm

excerpt:

But according to people investigating the company, Mr. Kozlowski's questionable activities at Tyco went well beyond tax evasion. For a period of at least five years, while publicly claiming devotion to high standards of corporate governance, Mr. Kozlowski regularly reached into Tyco coffers to finance his extravagant lifestyle and polish his image. All told, it appears that more than $135 million in Tyco funds went to benefit Kozlowski, largely in forgiven loans and company payments for real estate, charitable donations and personal expenses.

Among the biggest items, which until now haven't come to light: Tyco secretly wiped clean another $25 million in loans to Mr. Kozlowski in 1999, according to people familiar with the company. More than $11 million of Tyco's cash paid for antiques, art and other fancy furnishings in Mr. Kozlowski's New York apartment, including a $6,000 gold-and-burgundy floral patterned shower curtain. The huge decorating bill came on top of the $18 million Tyco paid for the Fifth Avenue duplex, which Tyco considered a corporate apartment.

Then, last summer, Tyco picked up half the tab for a $2.1 million junket to the Italian island of Sardinia, people familiar with the company say. The central event of the weeklong extravaganza was a 40th birthday party for Mr. Kozlowski's wife, Karen, complete with a performance by singer Jimmy Buffett.

<snip>

People familiar with the company say Tyco believes Mr. Kozlowski owes the company more than $75 million -- mostly from forgiven loans that were never authorized by directors and $19 million in loans that were outstanding when Mr. Kozlowski left the company. For his part, the person speaking for Mr. Kozlowski claims that Tyco owes him "tens of millions" of dollars in deferred compensation. The person speaking for Mr. Kozlowski says Tyco may be exaggerating his past financial dealings to avoid paying him.

Mr. Kozlowski was known for spending his own time and money on worthy causes. But he was also very generous with Tyco's money, donating tens of millions of corporate dollars to charities he favored -- often getting credit in his own name rather than Tyco's. A Maine private school attended by his daughters got $1.7 million in Tyco money for its Kozlowski Athletic Center, while his alma mater, New Jersey's Seton Hall University, received a $5 million Tyco pledge for Kozlowski Hall.

...and more...

[pinniped]

8. Steve Ballmer's twin brother.

.

[President Jesus]

9. Kozlowski's campaign contributions (37:1 GOP)

full list: http://www.newsmeat.com/ceo_political_donations/Dennis_Kozlowski.php