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Jury Selection Begins for Former Tyco CEO Dennis Kozlowski
Aired September 29, 2003 - 06:18 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time for a little business buzz right now. Two high profile corporate fraud cases return to court this week. Carrie Lee has details live from the Nasdaq market site in New York.
Good morning -- Carrie.
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Good morning, Carol, it's going to be a very busy day downtown today.
Let me start here with the first story. Jury selection begins today in the racketeering trial of former Tyco CEO Dennis Kozlowski. Now he stands accused of looting Tyco of over $600 million and using corporate funds on a lavish lifestyle. Among Kozlowski's most notable alleged extravagances, a $6,000 shower curtain and a $15,000 umbrella stand.
Now Kozlowski has pleaded not guilty. He claims the money was part of this compensation. This is the first case in the wave of recent corporate scandals in which a CEO will face a jury. Other executives facing charges, such as ImClone's Sam Waksal, have pleaded guilty.
Now also, about two blocks away, the federal obstruction of justice trial of former Credit Suisse First Boston former star investment banker Frank Quattrone gets under way. Now he allegedly instructed his staff to destroy evidence during a probe of IPO practices at CS First -- CSFB. He gained a reputation as one of the most successful dealmakers on Wall Street and California's Silicon Valley as well during the 1990s.
So a lot happening downtown, Carol. We'll be keeping an eye on these stories today.
COSTELLO: Yes, a busy day for you. Carrie Lee live from New York this morning.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Kozlowski>
Aired September 29, 2003 - 06:18 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time for a little business buzz right now. Two high profile corporate fraud cases return to court this week. Carrie Lee has details live from the Nasdaq market site in New York.
Good morning -- Carrie.
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Good morning, Carol, it's going to be a very busy day downtown today.
Let me start here with the first story. Jury selection begins today in the racketeering trial of former Tyco CEO Dennis Kozlowski. Now he stands accused of looting Tyco of over $600 million and using corporate funds on a lavish lifestyle. Among Kozlowski's most notable alleged extravagances, a $6,000 shower curtain and a $15,000 umbrella stand.
Now Kozlowski has pleaded not guilty. He claims the money was part of this compensation. This is the first case in the wave of recent corporate scandals in which a CEO will face a jury. Other executives facing charges, such as ImClone's Sam Waksal, have pleaded guilty.
Now also, about two blocks away, the federal obstruction of justice trial of former Credit Suisse First Boston former star investment banker Frank Quattrone gets under way. Now he allegedly instructed his staff to destroy evidence during a probe of IPO practices at CS First -- CSFB. He gained a reputation as one of the most successful dealmakers on Wall Street and California's Silicon Valley as well during the 1990s.
So a lot happening downtown, Carol. We'll be keeping an eye on these stories today.
COSTELLO: Yes, a busy day for you. Carrie Lee live from New York this morning.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Kozlowski>
