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Non-Tech : Tyco International Limited (TYC)
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To: islug who wrote (3574)9/17/2002 9:45:41 AM
From: GVTucker  Read Replies (1) of 3770
 
This morning Tyco released an 8-K that goes on for hundreds of pages. It details the abuses of senior management; without question things were out of control under Kozlowski.

At the beginning of this year, the first hint of corporate governance issues popped up at Tyco with the disclosure of payments to a member of the Board (Wlash) in connection to the acquisition of CIT. At the time, I wrote that this was a potential smoking gun in regards to corporate governance issues at Tyco.

I had no idea that the smoking gun was in reality a nuclear weapon.

The lesson is the same, though. Pay attention to the little things. If management shows a disregard for shareholders in small issues, it could be an indication that they completely disregard shareholders on all issues. There are thousands of public companies out there. There's no reason to trust your money to people who don't care about the owners of the company.
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