Welcome to the Vital Integrities Blog

The Party's Over

In last year's trial of former Tyco CEO Dennis Kozlowski, jurors watched video highlights of Karen Kozlowski's fortieth birthday celebration. The party for the wife of the man convicted of pilfering $600 million from Tyco became a symbol of corporate greed. Kozlowski used company funds to help pay for the bash, which took place on the Mediterranean island of Sardinia and cost $2 million.

Mrs. Kozlowski enjoyed the fruits of her husband's criminal behavior. The couple lived in a 15,000-square-foot beachfront home in Boca Raton, courtesy of a no-interest, $19 million loan from Tyco that the company later forgave. They shared a $30 million Manhattan apartment, bought and furnished with Tyco cash (lots of cash, in fact: two paintings from the apartment, a Monet and a Renoir, auctioned to help raise court-mandated restitution, brought in $7.9 million). But, apparently, trading trips to tropical islands for weekend visitations to see hubby in the slammer has limited appeal to Mrs. K. She is suing her imprisoned husband for divorce.

Karen Kozlowski wants half of her husband's assets, which prosecutors say could hamper their efforts to liquidate his vast holdings and collect $167 million in restitution and fines ordered in the conviction. Too bad Tyco employees didn't have such a remedy when their boss broke his vows to them.
Bookmark this post on del.icio.us

What do you think? Post a Comment
Vital Integrities Blog - Blogged