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Tyco, Dennis Kozlowski and The Era of Excess
What is stranger than fiction? The stories of worldwide corruption. In this podcast series, co-hosts Tom Fox, the Voice of Compliance and Mike DeBernardis, partner at Hughes Hubbard, discuss some of the most audacious corruption cases in anti-corruption enforcement. More importantly, they will discuss the lessons learned on what your organization can do to prevent running afoul of international anti-bribery laws.
In this episode of Season 2, Tom and Mike take a deep dive into the historical case of Tyco, a quintessential example of dot-com era excess.
Tom and Mike discuss Tyco’s journey from a small semiconductor company to a corporate giant under CEO Dennis Kozlowski. Kozlowski’s aggressive growth strategies and extreme personal expenditures, such as a $6,000 shower curtain, became infamous. The discussion covers fraudulent activities, including unauthorized bonuses and misuse of loan programs, ultimately leading to Kozlowski and CFO Mark Swartz’s convictions.
The episode also examines the implications for corporate governance and the sweeping changes in third-party risk management prompted by the scandal.
Key Highlights:
Resources:
Mike DeBernardis on LInkedIn
HughesHubbardReed
Tom Fox
YouTube
Mentioned in Podcast
Taking Down the Lion by Catherine Neal
How Compliance Saved Tyco by Joe Mont
Texas Tax rate at 80% of 8.25%
View all episodes
By Thomas FoxWhat is stranger than fiction? The stories of worldwide corruption. In this podcast series, co-hosts Tom Fox, the Voice of Compliance and Mike DeBernardis, partner at Hughes Hubbard, discuss some of the most audacious corruption cases in anti-corruption enforcement. More importantly, they will discuss the lessons learned on what your organization can do to prevent running afoul of international anti-bribery laws.
In this episode of Season 2, Tom and Mike take a deep dive into the historical case of Tyco, a quintessential example of dot-com era excess.
Tom and Mike discuss Tyco’s journey from a small semiconductor company to a corporate giant under CEO Dennis Kozlowski. Kozlowski’s aggressive growth strategies and extreme personal expenditures, such as a $6,000 shower curtain, became infamous. The discussion covers fraudulent activities, including unauthorized bonuses and misuse of loan programs, ultimately leading to Kozlowski and CFO Mark Swartz’s convictions.
The episode also examines the implications for corporate governance and the sweeping changes in third-party risk management prompted by the scandal.
Key Highlights:
Resources:
Mike DeBernardis on LInkedIn
HughesHubbardReed
Tom Fox
YouTube
Mentioned in Podcast
Taking Down the Lion by Catherine Neal
How Compliance Saved Tyco by Joe Mont
Texas Tax rate at 80% of 8.25%