Tyco International
Tyco International is a Bermuda-based conglomerate.
Its former chairman and chief executive L. Dennis Kozlowski and former chief financial officer Mark H. Swartz, were accused of the theft of US $600 million from the company. During their trial in March 2004, they contended the board of directors authorized what they took.
During jury deliberations, one juror passing through the courtroom appeared to make an "okay" sign with her fingers to the defense table. She later denied she had intended that gesture. But the incident receive much publicity, and that juror received threats after her name became public. Judge Michael Obus declared a mistrial, April 2.
Kozlowski became CEO of Tyco in 1992. For the next several years, Tyco went on an acquisition binge, taking over 200 other companies within 8 years. Its earnings seemed to improve steadily, but in hindsight this appears largely to have been an illusion generated by the ways in which the acquisitions were treated on the company's books.
Tyco companies make or have made:
