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Paper On Business Ethics Of Dennis Kozlowski And Tyco Fraud.

1333 words - 5 pages

Top management or the board of directors always face hard to deal with situations. Such problems include diversity, influencing, business ethics, and etc. Most hard to deal with and hard to prevent problem would be business ethics. Good business ethics alone is morally important within the company, but when top management is involved with unethical business tactics then there is a major problem. To deal with these unethical tactics by companies, there are many laws set by the government and investigations led by the Securities Exchange Commission (SEC). Many of the violators are often prosecuted but come with great expense before they are arrested. A good example about unethical business tactics in recent news concerns with Tyco International and three of their top management members. But before dissecting the problems of top management, understanding what Tyco International is about and their practices is extremely important.Tyco International is a very diversified manufacturing and service company.It's electronic division itself, Tyco Electronics, offers products and services to more then two hundred thousand customers in fifty-five countries with over seven hundred fifty global product lines. Tyco Electronics revenues are 10.5 billion. Tyco also provides products and services in healthcare worldwide. Tyco Healthcare produces more then fifty thousand different medical products globally and also the leading acetaminophen in the world. Because of it's medical, surgical, imagine and various retail products, Tyco Health care rakes in revenue of 7.9 billion annually. Not only does Tyco International provide health care and electronics, they also are the biggest producer of plastic trash bags in the United States. Tyco International also provides fire and securities. ADT, owned by Tyco, serves over 7.8 million customers. Tyco International connects the world with its products. They produce enough cabling products to be wrap around the world six times. Besides its cabling products, Tyco also responsible for connecting the world with fiber optics bringing the world one big step closer to friends and relatives. From healthcare to communications, Tyco International has got it cover. With products and services all over the world, Tyco has more then 267,000 employees worldwide. With 267,000 employees it is extremely important to have a solid and strong top management. Any loophole or weakness within the board of directors would be disastrous and a major problem is inevitable.On Thursday September 11, Prosecutors indicted ex-Tyco International CEO Dennis Kozlowski, former CFO Mark Swartz, and ex-general counsel Mark Belnick on charges of looting the company of at least $600 million. Manhattan District Attorney charged Kozlowski and Swartz with stealing $170 million in company loans and obtaining more than $430 million through fraudulent sales of securities. Both Kozlowski's and Swartz asset of over $600 million was frozen and bail was set at $100 million...

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