By Catherine S. Neal
As the widely-admired CEO of Tyco foreign, Dennis Kozlowski grew a little-known New Hampshire conglomerate right into a international big. In a gorgeous sequence of occasions, Kozlowski all of sudden misplaced his task with his favorite public prestige while he was once indicted through mythical new york DA Robert Morgenthau―it was once an inglorious finish to an another way very good profession. Kozlowski used to be the face of company extra within the turbulent post-Enron setting; he was once pictured lower than headlines that learn "Oink Oink," and publicly castigated for his extravagant way of life. "Deal-a-Day Dennis" used to be reworked into the "poster baby for company greed." Kozlowski used to be eventually convicted of grand larceny and different crimes that, in sum, discovered the previous CEO accountable of wrongfully taking $100 million from Tyco.
Taking Down the Lion shines a brilliant mild on former CEO Dennis Kozlowski and the Tyco company scandal―it is the definitive telling of a mostly misunderstood episode in U.S. company background. In an unfiltered view of company the USA, Catherine Neal pulls again the curtain to bare a global of huge enterprise, ambition, cash, and a plague of questionable ethics that contaminated not just company dealings yet prolonged to legal professionals, newshounds, politicians, and the felony justice process.
When the grotesque fact is informed, it truly is transparent the "good men" weren't all reliable and the "bad men" now not all undesirable. And there have been completely no heroes.
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Extra resources for Taking Down the Lion: The Triumphant Rise and Tragic Fall of Tyco's Dennis Kozlowski
A cordial civil dialogue and the target used to be to return up with anything that used to be reasonable and industry, the type of factor that used to be traditional for a ten billion buck transaction. ”19 Kozlowski researched the normal expense that might be paid for the companies Walsh rendered to the corporate, and then he met with Walsh in July of 2001, on the related New Jersey eating place the place Walsh took him to fulfill Al Gamper numerous months previous, and negotiated what either males believed to be a cheap, arm’s-length fee—considering what Tyco may have paid an funding financial institution to accomplish an identical companies in a $10 billion acquisition. Kozlowski approved a $10 million money to Frank Walsh and a $10 million charitable contribution to a charity of Walsh’s picking. 20 The $10 million fee to Walsh was once one 10th of 1 percentage (0. 1%) of the $10 billion transaction. On its face, a $10 million rate turns out outrageous for the paintings Walsh did for Tyco to facilitate the CIT acquisition. yet relative to the marketplace cost funding bankers obtain for referrals, or finder’s charges, zero. 1 percentage is low. In 2012, an funding banker filed a civil motion difficult a one percentage finder’s expense for starting up touch among Apple and Anobit that ended in a $390 million acquisition. The funding banker anticipated among $3. nine million and $4. five million, looking on appropriate currency trading charges. In a 2005 Businessweek article titled “The proof on Finder’s Fees,” an funding banker acknowledged he could ask for one percentage of the promoting cost yet will be chuffed to accept much less. 21 After Kozlowski and Walsh agreed at the zero. 1 percentage expense (0. 2 percentage, considering the $10 million charitable contribution), there have been a sequence of faxes and communications among Walsh and Tyco—faxes addressed to then CFO Mark Swartz and faxes despatched from Tyco to Walsh soliciting for an bill for his providers. Walsh supplied an bill on July 18, 2001. It learn, “For funding banking companies rendered in reference to the purchase of The CIT staff Inc. . . . $10,000,000. ”22 He additionally supplied Tyco with information regarding the charity to which he distinct the $10 million contribution. 23 After the charitable contribution used to be made, the association supplied Tyco a receipt reflecting the $10 million contribution and containing considered necessary tax info. The receipt was once addressed and despatched to Michael Robinson, then Treasurer of Tyco. 24 Walsh testified that after he and Kozlowski met in July of 2001, Kozlowski “indicated he would like to maintain the problem among the 3 people; Mark, Dennis and myself. ” while Kozlowski testified, his recollection used to be just a little assorted than Walsh’s—but evaluating the 2 men’s types of the dialog, it’s effortless to appreciate how there can have been some extent of miscommunication. whilst attesting in his personal protection, Kozlowski used to be requested by way of his legal professional Stephen Kaufman, “When you’re having those discussions with him concerning the deal, did you ever say to him, Frank, don’t inform someone in regards to the price?