Dennis Kozlowski, who shared the 2002 Ig Nobel Prize for economics, is profiled in the March 1, 2015 issue of The New York Times.
That Ig Nobel Prize was awarded to the executives, corporate directors, and auditors of Enron, Lernaut & Hauspie [Belgium], Adelphia, Bank of Commerce and Credit International [Pakistan], Cendant, CMS Energy, Duke Energy, Dynegy, Gazprom [Russia], Global Crossing, HIH Insurance [Australia], Informix, Kmart, Maxwell Communications [UK], McKessonHBOC, Merrill Lynch, Merck, Peregrine Systems, Qwest Communications, Reliant Resources, Rent-Way, Rite Aid, Sunbeam, Tyco, Waste Management, WorldCom, Xerox, and Arthur Andersen, for adapting the mathematical concept of imaginary numbers for use in the business world. [NOTE: all companies are U.S.-based unless otherwise noted.]
Here are a few excerpts from the Times profile:
Tyco’s ‘Piggy,’ Out of Prison and Living Small
… In a two-bedroom rental on the 35th floor of a building overlooking the East River, L. Dennis Kozlowski lives with his new wife, Kimberly, in relative modesty — at least compared with his previous life as the extravagant chief of Tyco International….
Ten years and a lifetime ago, Mr. Kozlowski reigned as the archetype of avarice. This helped lead to his conviction in 2005 for looting nearly $100 million from Tyco, for which he served six and a half years in prison. [A $6,000 gold-and-burgundy] shower curtain was in his corporate residence on Fifth Avenue — paid for with Tyco funds — and came to symbolize a life of unabashed excess….
Then, it was over, swiftly. Mr. Kozlowski’s indictment for evading 8.25 percent sales tax on $14 million of artwork resulted in a broader Tyco internal investigation.
That led to new criminal charges, for which he was convicted of taking unauthorized bonuses, abusing corporate loan programs, falsifying records, and conspiracy. In addition to jail, Mr. Kozlowski had to pay $167 million in restitution and fines….
Today, he acknowledges making mistakes…. Even so, he maintains he was unfairly convicted, especially in light of how few big names were brought to trial in the most recent period of Wall Street malfeasance. “After 2008,” he said, “nobody was prosecuted.”