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Technology Stocks : Applied Materials No-Politics Thread (AMAT) -- Ignore unavailable to you. Want to Upgrade?

To: BWAC who wrote (3013)	9/17/2002 10:58:52 AM
From: Proud_Infidel	Read Replies (2) \| Respond to of 25522

Boards MUST be held accountable. There is abolutely no excuse for these types of excesses, even in the so-called "good times": Tyco Report Details Millions in Fraud Tuesday September 17, 10:38 am ET PEMBROKE, Bermuda (Reuters) - Tyco International Ltd., whose former chairman was indicted last week, on Tuesday released results from an internal investigation that uncovered nearly $100 million in fraudulent bonuses, the forgiving of millions of dollars of executive loans, and alleges that the company was saddled with picking up the tab for extravagances including a $15,000 dog umbrella. Details from the internal investigation, headed by superstar lawyer David Boies, were contained in a company filing with the U.S. Securities and Exchange Commission. The filing was massive, exceeding 100 pages. The findings largely mirror what New York prosecutors and the SEC alleged last week in a massive corruption case against former Tyco Chairman L. Dennis Kozlowski and two of his top lieutenants. Kozlowski, former Chief Financial Officer Mark Swartz, and former general counsel Mark Belnick are accused of carrying out a theft and fraud scheme that fleeced Tyco and shareholders out of more than $600 million.