Accounting Presentation

Topics: Corporate governance, Tyco International, Stock Pages: 11 (540 words) Published: April 30, 2015
Scandal

BACK

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In 1962, the business was incorporated in Massachusetts  It refocused on high­tech materials science and
 energy conservation products.

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GROUND

Slogan

A vital part of your world

Tyco International has operations in over 100 countries and
claims to be the world's largest maker
and servicer of electrical and electronic components

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Since 1986 Tyco has claimed over 40 major acquisitions
as well as many minor acquisitions.

How it Was Discovered?
in 1999 the SEC began an investigation
after an analyst reported questionable
accounting practices.they began to be
doubted

But the investigation ended with
the SEC deciding to take no
action

In 2001, once again found the problem of Tyco’s bills Tyco

SEC decided to initiate an investigation

People involved
Former chairman and CEO
Dennis Kozlowski

former CFO
Mark H. Swartz

former General Counsel
Mark Belnick
They were  accused of selling their company stock
without telling investors,
which is a requirement under SEC rules.

hat’s the
Tyco scandal?

g
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lying

frau
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and so on………

Rumors of a $6,000 shower curtain,
$2,000 trash can, and a $2 million dollar
birthday party for Koslowski's wife in Italy
are just a few examples of the misuse of
company funds.

Koslowski, Swartz, and Belnick stole $600 million
dollars from Tyco International through their
unapproved bonuses, loans,  and extravagant
"company" spending

They were  accused of
selling their company stock
without telling investors,
which is a requirement
under SEC rules

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A

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D

Tyco - Execs Steal $120
Million, Inflate Income By
More Than $500 Million

Question 1
what role did Tyco’s corporate culture play in the scandal? 1.CEO Joseph Gaziano was a mentor impressed by the extravagant lifestyle mentor portrayed 2.Once Gaziano passed ,JohnF,Fort appointed to be a new CEO 3.Kozlowski maintained an aggressive approach to concerned Fort  4.Kozlowski succeed to oust of Fort and establishing Kozlowski as a new CEO

Question 2

nnis Kozlowski have the opportunity to steal $137 million in unauthorized

controlled a decentralized firm, where he as the CEO was also the board chair. Also he was allowed to

Question 3

wski, now a prisoner for a long time, unrepentant about his conduct as CEO o

h he took bonuses for his own use, the company was still pro to obtain a lavish lifestyle that the firm wouldn’t have had the s hard work in acquiring these companies he deserved his ju

Essentially, they concealed their illegal actions
by keeping them out of the accounting books
and away from the eyes of shareholders
and board members

Internet Friend’s comments

'greed for a lack of a better word is GOOD!!!!' ­ Gordon Gecko honestly I've see documentaries on the Enron assholes,the subprime fiasco of 2008­09, and WorldCom, and honestly I don't think this guy from Tyco can be lumped with them  I think he overindulged himself and just didn't know what money was his to spend on  but a corrupt robbing lying bastards like the Enron and Bankers , I think he should've just gotten a hefty fine

             and left to his own device because tyco wasn't bankrupt  or brought to its knees like WorldCom,Enron,or the big banks. 

A commercial building fell

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