Return to Transcripts main page

CNN Live At Daybreak

Tyco Trial

Aired October 29, 2003 - 05:16   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: In the trial of a former Tyco executive, jurors got an eyeful when they were shown a videotape of a lavish birthday party paid for, in part, with company money.
And as CNN's Mary Snow reports, it was a party fit for an empress.

(BEGIN VIDEOTAPE)

MARY SNOW, CNN CORRESPONDENT (voice-over): The theme? Roman. The setting? Lavish. The attire? Sometimes scant. The message clear. Prosecutors in the corruption trial of Dennis Kozlowski want jurors to see the former Tyco CEO living the high life on the company dime. Kozlowski hosted a $2.1 million birthday bash for his wife on the Mediterranean island of Sardinia. The prosecution says Tyco picked up at least half the tab, a tab that included flying in Jimmy Buffett to perform and having scantily clad models feed grapes to guests. The racier parts of the video were edited out.

But jurors, some smirking at times, watched about 20 minutes of the tape, a break in weeks of tedious testimony in one of the most high profile corporate scandals to go to the courtroom.

JOHN COFFEE, COLUMBIA LAW PROFESSOR: Ultimately for the jury, the question is did Tyco have any real business purpose in paying for the CEO's wife's birthday party on Sardinia. And I think most jurors are going to have some trouble buying that at face value.

SNOW: Kozlowski and Mark Swartz, former Tyco CFO, are both charged with looting the company of $600 million.

(on camera): After the tape was played in court, Kozlowski was asked by reporters off camera if he had anything to say about it. All he would say was it was a nice party with nice people.

Mary Snow, CNN Financial News, New York.

(END VIDEOTAPE)

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com






Aired October 29, 2003 - 05:16   ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: In the trial of a former Tyco executive, jurors got an eyeful when they were shown a videotape of a lavish birthday party paid for, in part, with company money.
And as CNN's Mary Snow reports, it was a party fit for an empress.

(BEGIN VIDEOTAPE)

MARY SNOW, CNN CORRESPONDENT (voice-over): The theme? Roman. The setting? Lavish. The attire? Sometimes scant. The message clear. Prosecutors in the corruption trial of Dennis Kozlowski want jurors to see the former Tyco CEO living the high life on the company dime. Kozlowski hosted a $2.1 million birthday bash for his wife on the Mediterranean island of Sardinia. The prosecution says Tyco picked up at least half the tab, a tab that included flying in Jimmy Buffett to perform and having scantily clad models feed grapes to guests. The racier parts of the video were edited out.

But jurors, some smirking at times, watched about 20 minutes of the tape, a break in weeks of tedious testimony in one of the most high profile corporate scandals to go to the courtroom.

JOHN COFFEE, COLUMBIA LAW PROFESSOR: Ultimately for the jury, the question is did Tyco have any real business purpose in paying for the CEO's wife's birthday party on Sardinia. And I think most jurors are going to have some trouble buying that at face value.

SNOW: Kozlowski and Mark Swartz, former Tyco CFO, are both charged with looting the company of $600 million.

(on camera): After the tape was played in court, Kozlowski was asked by reporters off camera if he had anything to say about it. All he would say was it was a nice party with nice people.

Mary Snow, CNN Financial News, New York.

(END VIDEOTAPE)

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com