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American Morning
'Minding Your Business'
Aired February 10, 2004 - 07:23 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.
SOLEDAD O'BRIEN, CNN ANCHOR: Martha Stewart's trial is getting all the attention, but what about the guy who's accused of taking investors for millions?
Andy Serwer is minding your business this morning -- hello.
We are, of course, talking about Dennis Kozlowski.
ANDY SERWER, "FORTUNE" MAGAZINE: That's right. There are a couple of trials in Manhattan, that being the other big one. Dennis Kozlowski and Mark Swartz, the two head guys at Tyco, that large industrial company -- there's Dennis Kozlowski -- they are accused of looting this company to the tune of hundreds of millions of dollars.
Now, what's going on here, the trial seems to be entering a new phase. Apparently Dennis Kozlowski, though, will not be taking the stand in his defense. Lawyers don't want to risk that. But the former CFO, Mark Swartz, will be taking the stand. This trial has been going on for months, people, over four months, 47 witnesses. So we hope this thing winds down pretty soon because they were looking to have the -- there's Mark Swartz.
O'BRIEN: A happy looking guy...
SERWER: They were looking to have this thing going...
O'BRIEN: ... considering he's on trial.
SERWER: Yes, some people have actually said he's a little cocky, which may not go over so well with the jurors. But, you know, we shall see what happens there. And it is an interesting trial, as well, to follow, not just Martha Stewart.
O'BRIEN: IRS has money and people are not claiming it.
SERWER: Yes.
O'BRIEN: What's up with that?
SERWER: Yes. Millions, billions, and it always strikes me as crazy. How could you let the government have your money sitting out there? What happens, basically, Soledad, is people have money withheld and then they don't file a tax return. And the money just sits there and eventually the treasurer just -- the Treasury just gets to keep it.
There's $2.5 billion in refunds, two million people owed. That works out to be $1,250 on average per person. You've got to file a claim by April 15. Here's the number, 800-829-1040. Get it? 1040? Operators may or may not be standing by. After all, it is the government.
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 February 10, 2004 - 07:23 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
SOLEDAD O'BRIEN, CNN ANCHOR: Martha Stewart's trial is getting all the attention, but what about the guy who's accused of taking investors for millions?
Andy Serwer is minding your business this morning -- hello.
We are, of course, talking about Dennis Kozlowski.
ANDY SERWER, "FORTUNE" MAGAZINE: That's right. There are a couple of trials in Manhattan, that being the other big one. Dennis Kozlowski and Mark Swartz, the two head guys at Tyco, that large industrial company -- there's Dennis Kozlowski -- they are accused of looting this company to the tune of hundreds of millions of dollars.
Now, what's going on here, the trial seems to be entering a new phase. Apparently Dennis Kozlowski, though, will not be taking the stand in his defense. Lawyers don't want to risk that. But the former CFO, Mark Swartz, will be taking the stand. This trial has been going on for months, people, over four months, 47 witnesses. So we hope this thing winds down pretty soon because they were looking to have the -- there's Mark Swartz.
O'BRIEN: A happy looking guy...
SERWER: They were looking to have this thing going...
O'BRIEN: ... considering he's on trial.
SERWER: Yes, some people have actually said he's a little cocky, which may not go over so well with the jurors. But, you know, we shall see what happens there. And it is an interesting trial, as well, to follow, not just Martha Stewart.
O'BRIEN: IRS has money and people are not claiming it.
SERWER: Yes.
O'BRIEN: What's up with that?
SERWER: Yes. Millions, billions, and it always strikes me as crazy. How could you let the government have your money sitting out there? What happens, basically, Soledad, is people have money withheld and then they don't file a tax return. And the money just sits there and eventually the treasurer just -- the Treasury just gets to keep it.
There's $2.5 billion in refunds, two million people owed. That works out to be $1,250 on average per person. You've got to file a claim by April 15. Here's the number, 800-829-1040. Get it? 1040? Operators may or may not be standing by. After all, it is the government.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
