In case you're bored with Enron's shenanigans, there's always Tyco, where former CEO Dennis Kozlowski sure knew how to throw a party.
Jurors saw a videotape Tuesday of dancing women, half-naked male models and "Margaritaville" singer Jimmy Buffett at a $2 million party that L. Dennis Kozlowski, former CEO of Tyco International, threw for his wife's birthday on a Mediterranean island.
Prosecutors maintained the party, more than half of which was paid for with company money, was a "stark example" of how Kozlowski and former chief financial officer Mark Swartz looted hundreds of millions from Tyco for their personal benefit.
"It's going to be a fun week," the tape shows Kozlowski telling about 75 guests arriving to celebrate Karen Mayo's 40th birthday on the Italian island of Sardinia on June 11, 2001. "Eating, drinking, whatever. All the things we're best known for."
The tape shows five young women in scanty, diaphanous frocks cavorting around a swimming pool, half-naked male models posing in snapshots with female guests and a performance from a pop star.
It's worth keeping in mind what Kozlowski and his minion Mark Swartz are on trial for:
Prosecutors say the two stole $170 million from Tyco by taking and hiding unauthorized pay and bonuses, raiding company loan programs and forgiving loans to themselves. They say the defendants made another $430 million on their Tyco stock by lying about the conglomerate's financial condition from 1995 into 2002.
Defense lawyers say Kozlowski and Swartz earned all the compensation they got from Tyco and all the appropriate overseers knew about their compensation and loans.
UPDATE: Damn. As Jim D notes in the comments, Kozlowski outspent P Diddy by a 2-1 margin. Of course, it was only P Diddy's 33rd birthday, while Mrs. Kozlowski was celebrating the big 4-0. Pretty impressive, though, no matter how you slice it.Posted by Charles Kuffner on October 29, 2003 to Scandalized! | TrackBack