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Case Study: Tyco. This Case Study Is Based Upon The Case Titled; ‘Tyco: I’m Sure That It’s A Really Nice Shower Curtain.’

933 words - 4 pages

Case Study: TycoJune 3, 2012This case study is based upon the case by Peter A. Stanwick and Sarah D. Stanwick titled; 'Tyco: I'm Sure That It's a Really Nice Shower Curtain.', in which addresses the downfall of the former CEO of Tyco International, Dennis Kozlowski, and his multiple violations of the Global Business Standards Codex.SummaryThe authors' viewpoint is that of a powerful man using corporate funds as if it were his own. Dennis Kozlowski used Tyco money in violation of the Fiduciary Principle of the Global Business Standards Codex (p. 8) to purchase real estate, personal expenses, paintings, and lavish items, including the ultimate symbol of his downfall; a "$6,000 shower curtain," (Stanwick & Stanwick, 2009, p. 392). The authors' state chronologically what led to the downfall and conviction of Dennis Kozlowski in 2005.Major Issues Specified in the CaseAccording to Stanwick and Stanwick (2009), the authors' address the major issues beginning with Tyco losing $86 million in market capitalization because of the company's strategic focus and rumors about the compensation levels to Tyco's management. Dennis Kozlowski downfall seemed to have begun when he bought $15 million worth of artwork for his New York apartment and had the art dealer send empty crates to his New Hampshire address in an attempt to avoid paying the $1 million in sales tax. A review of the shipping document revealed a "wink, wink" on it, in which showed that Kozlowski knew what he was doing was wrong but did not care. In June 2002, Kozlowski was indicted for tax evasion, evidence tampering, and falsifying financial records, (p. 390). Afterward, Kozlowski was been investigated for using Tyco funds for personal gain. Other than personal expenses, he purchased a number of properties; an apartment in Manhattan, a homes in Florida and elsewhere. By September that year, Kozlowski and Tyco CFO Mark Swartz were indicted for "illegally obtaining hundreds of millions from Tyco for their own use," (p. 392). Between the two, it was estimated they had stolen $170 million from the company and had gained another $430 million by selling Tyco stock. The money was used to purchase "paintings, real estate, yachts, and jewelry," (p. 392). Kozlowski and Swartz unethical behavior continued with falsifying expense accounts, stock fraud, and paid employees for their silence. Mark Belnick; Tyco's legal counsel, was eventually fired for "disrupting internal investigations," (p. 394) though, it was disputed. In 2003, he was indicted on criminal charges for obtaining $12 million unauthorized bonus, grand larceny, fraud, and falsifying documents relevant to the investigation against Kozlowski and Tyco. Next the authors' question the actions by the board of directors in addressing the issues with Kozlowski. Business was conducted with the board's knowledge, most were friends with Kozlowski, but it was...

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