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Essay on Tyco from an Ethical Point of View
Tyco: Company Overview
Before the arrival of Dennis Kozlowski in 1976, Tyco Laboratories was a small manufacturer of a variety of products including undersea cables to fire sprinklers. Under Kozlowski's leadership, Tyco quickly began acquiring a variety of companies. In order to make the acquisitions profitable, Kozlowski would reduce costs and consolidate and close factories. Top executives were usually shown the door in favor of eager, young middle managers willing to work long hours. Consequently, Tyco now is a company engaged in electrical manufacturing and distribution, energy production, undersea cable manufacturing, fire detection and suppression systems, manufacturing and distribution of medical supplies and financial services. It ranks 103 on Fortune Magazine's ranking of global companies. Tyco's stock reached its highest levels in the summer of 2001 before concerns about its debt and ability to fully manage its diversified products began dampens investor enthusiasm. An aborted plan in 2002 to break Tyco into four separate companies caused the stock price to decline further.
Dennis Kozlowski was prosecuted in New York for conspiring with executives and employees of art galleries and consultants to avoid paying more than $1 million in tax to New York City and State due on his purchase of costly paintings, including falsifying records to make it appear that the objects were shipped out of state. Kozlowski has resigned from Tyco in the wake of these charges. The criminal charges against Kozlowski for tax evasion has caused investors to worry those faulty accounting practices may have affected Tyco's performance reports.
Tyco Scandal: An Introduction
The Tyco case was just one of many corporate scandals that emerged after the collapse of Enron Corp. in 2001. Many of them involved complex issues of accounting and securities law. But the case against Kozlowski and Swartz grabbed attention because of its salacious accusations of conspicuous consumption and gluttonous greed....
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