Tyco CEO Found Guilty of Grand Larceny

CNBC TV ^ | 6/17/05 | Misterrob

[misterrob]

Just announced on CNBC that the jury hearling the trial of the CEO and CFO has a verdict. Let's hope they nail those scumbags....

[oceanview]

its good to get these guys put away, but the legacy of the late 1990s is that so many CEOs and executives, along with their wall street allies, looted their companies and got away with it.

[wideawake]

(1) He won't be free pending appeal. These are very serious chrges.

(2) What Martha Stewart did was nothing compared to what these guys did - Stewart acted on a stock tip on someone else's company for a few grand.

These guys ran a Forbes 100 company like their personal piggybank and cost taxpayers billions and billions.

[ken5050]

The maximum penalties were NOT comparable..what you might see happen is a voluntary agrement to a complete disgorgement of all assets, in return for leniency at sentencing..saves the civil action...also..since he's guilty, the judge may well freeze all assets, since there is now a strong likelihood of losing a civil case..Dennis..just from watching him on TV occasionally, IMHO, is a prime candidate to fly off his balcony..

[Clemenza]

its good to get these guys put away, but the legacy of the late 1990s is that so many CEOs and executives, along with their wall street allies, looted their companies and got away with it.

Yep, almost happened at my bank. The CEO is currently in court, however.

[drt1]

Re: The balcony thing - One can only hope.

Re: Assets frozen - I think that was done early on in these proceedings and his attorneys are, or will shortly be, filing motions to lift that freeze.

IMO the bail issue rides on the basis for the appeal motion. If it looks strong the judge may well grant bail and even, as K's attorneys are also filing motions for, release him in his own recognizance.

The irony - If he hadn't stolen so much from the Stockholders he likely wouldn't be able to afford these expensive legal machinations.

[oceanview]

Cavuto says - Koz will effectively be receiving life in prison, his sentence will mean he's never getting out alive.

[Blood of Tyrants]

From the FoxNews website: "Both former executives were found not guilty on one of the charges of falsifying false documents."

What tha? Falsifying false documents?

[oceanview]

thank god for the manhattan jury in these cases - NYers have street smarts, when a guy gets up on the stand and tells them he didn't notice where his 25 million dollar bonus came from - no one buys that.

[pepperhead]

(1) He won't be free pending appeal. These are very serious chrges.

I thought I just saw him walking out of court today.

[oceanview]

don't sweat it, they got them on the other 22 counts.

[wideawake]

I thought I just saw him walking out of court today.

There's time to go before sentencing.

[NHAntiMassRedRebel]

You should see the guy's house here in NH. Ridiculously opulent.

Apparently he's going to a really tough federal pen somewhere with his bookkeeper who also got convicted. They'll so some hard time but it will be a greatly reduced sentence.

Of course, they'll come out wearing dresses. If they come out at all, that is.

[ken5050]

Some of it..remember..KOZ had given his ex-wife a$50 million settlement...if it was obtained fradulently..the creditors can go after it from her..Because it's a state court..there is no requirement that 85% of sentence must be served..Say they get 35-40 years each..If they voluntarily divest everything, prosecuton might agree to leniency..say 25 years..which means they might be eligible for parole in 15 years..and don't forget one thing that hasn't been mentioned at all..these two dealt with all the big, top Wall treet investment banks..They know where a lot of bodies are buried. They might be willign to talk to prosecutors in returen for more consideration at sentencing..ther eis NO honor among thieves..

[Brian Allen]

<< I won't be shedding a tear if this pompous, arrogant, thieving bastard gets [Sodomized] in prison. >>

God forbid.

Are we stooping to the level of barbarity? What are we coming to?

And what would the projection of such depraved violence make me?

[Hank Rearden]

He destroyed a lot of people's lives by wiping out their savings and investments - in other words, he stole their time, their very lives and existence. That's about as bad as it gets, short of killing them outright. He's an evil, corrupt, thieving bastard.

Screw him. Not me, but somebody.

[Brian Allen]

<< I won't be shedding a tear if this pompous, arrogant, thieving bastard gets raped in prison.
Which is why [Sodomy] is so popular in American culture

It has so many fans ... >>

Is that it?

Are there many latent among us who would so blatantly project such depraved violence?

Tell me this instance, this projection, is an abberation?

[Useless_eater_on_steroids]

Koz will sing like a boidee after his first few days on the meat line.

[river rat]

Question:

Since they've been found guilty of GRAND LARCENY, will they be permitted to KEEP THE BOOTY?

Haven't these bastards done more to justify being stripped of all ill gotten assets -- than some punk on the street selling drugs out of his Chevy?

Semper Fi

[montag813]

Seems like an absurdly long sentence given the crimes. Louise Woodward was found guilty of 2nd degree murder and the judge gave her time served. Rapists typically get out in under 4 years, often 2. Drunk drivers can get convicted 3 times without any incarceration whatsoever. 25 years for these guys would be totally obscene. Let's not get carried away. It was only money. Tyco is still in business and is doing well.

[montag813]

He destroyed a lot of people's lives by wiping out their savings and investments

No he didn't. You're thinking of Enron. Tyco is a thriving business with 260,000 employees, whose stock did no worse during the 2001-2003 market dump than did Amazon, Yahoo or Apple. What he did was awful indeed, but is hardly worth 25 years or brutal sodomy, as many here have suggested.