It was just a little more than a decade ago that Tyco International took its place in the business Hall of Shame, alongside such toxic corporate criminals as Enron, WorldCom, and Adelphia.
Tales of free-spending executives bleeding away at the company’s bottom line filled newspapers in 2002 and 2003. CEO Dennis Kozlowski and CFO Mark Swartz were accused of pilfering millions. There was $150 million in sweetheart loans, nearly $450 million in shady, self-benefitting stock transactions, and extravagant perks for themselves and their inner circle (a $2 million birthday party and $6,000 shower curtain that became fodder for late night comedians). There were trials, multi-billion-dollar class-action suits, and jail sentences. Bankruptcy was all but assured for the company.
