The Devils of American Finance - Past and Present

2005: EXTRAVAGANZA

Dennis Kozlowski, the CEO of Tyco International, a global conglomerate, dipped into company coffers to pay for his extravagant lifestyle: a $30 million New York City apartment with $6,000 shower curtains and $15,000 dog umbrella stands; a 40th birthday party for his wife, described in a company memo as follows:

"An Elivis imitator sings 'Happy Birthday' after which a huge cake is brought out with the waiters in togas singing and holding the cake up for all to see. The [breasts] expolode...an ice sculpture of [Michelangelo's] David stands in attendance, shellfish and caviar at his feet, a waiter pouring Stoli vodka into [the statue's] back so it comes out the penis into a cystal glass."

Kozlowski was convicted in 2005 for receiving $81 million in unauthorized bonuses and the use of Tyco as his personal checkbook and is currently in prison for up to the next 25 years.

Featured