Return to Transcripts main page
CNN Saturday Morning News
Hearing Expected Next Week for Former Tyco Chief
Aired September 21, 2002 - 07:56 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.
CATHERINE CALLAWAY, CNN ANCHOR: A hearing is expected next week in New York to determine whether the money used to bail out former Tyco chief Dennis Kozlowski is legitimate or linked to his alleged fraud. He and others were charged last week with stealing millions of dollars from the company.
CNN's Valerie Morris has reaction from employees.
(BEGIN VIDEO CLIP)
VALERIE MORRIS, CNN ANCHOR (voice-over): Former Tyco CEO Dennis Kozlowski and ex-CFO Mark Schwartz are free on bail after being charged with looting the company of more than $600 million. Kozlowski's former wife posted the $10 million cash bond, with money from their divorce settlement.
Some former Tyco employees have taken the turn of events on the chin, as the company has struggled under allegations that it's executives have misused corporate funds.
Linda Girard and Kathleen Merill were two long-time Tyco employees who were laid off in the wake of the allegations against Tyco leaders. Linda has no health insurance and is worried she will lose her car, and have to rent our her mobile home. Against that backdrop, she says Kozlowski shouldn't be cut any slack.
LINDA GIRARD, FORMER TYCO EMPLOYEE: I wouldn't give him a break in his bail, I would make that stand -- this man has affected thousands of people and families. He doesn't deserve a break; he deserves to face what he's done, the consequences, which is what happens.
MORRIS: Other employees at the conglomerate are trying to reconcile the good Kozlowski did for the company and their own disappointment at the turn of events.
Kathleen Merill who had been at Tyco for 15 years before she lost her job is disappointed in Kozlowski.
KATHLEEN MERILL, FORMER TYCO EMPLOYEE: It was too bad that he let greed take over because he'd done a lot of good for Tyco and brought it up to the standard that it once was, and then he just -- I just can't believe how many people he affected because of his greed. And didn't think about the workers.
MORRIS: For Kozlowski, the story is really only beginning. Defense lawyers have said they may challenge a court order signed last week freezing $600 million of Kozlowski and Schwartz's assets.
Defense lawyers believe a New York State judge can freeze only New York assets. A hearing on that issue is scheduled for Tuesday.
(END VIDEOTAPE)
Aired September 21, 2002 - 07:56 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CATHERINE CALLAWAY, CNN ANCHOR: A hearing is expected next week in New York to determine whether the money used to bail out former Tyco chief Dennis Kozlowski is legitimate or linked to his alleged fraud. He and others were charged last week with stealing millions of dollars from the company.
CNN's Valerie Morris has reaction from employees.
(BEGIN VIDEO CLIP)
VALERIE MORRIS, CNN ANCHOR (voice-over): Former Tyco CEO Dennis Kozlowski and ex-CFO Mark Schwartz are free on bail after being charged with looting the company of more than $600 million. Kozlowski's former wife posted the $10 million cash bond, with money from their divorce settlement.
Some former Tyco employees have taken the turn of events on the chin, as the company has struggled under allegations that it's executives have misused corporate funds.
Linda Girard and Kathleen Merill were two long-time Tyco employees who were laid off in the wake of the allegations against Tyco leaders. Linda has no health insurance and is worried she will lose her car, and have to rent our her mobile home. Against that backdrop, she says Kozlowski shouldn't be cut any slack.
LINDA GIRARD, FORMER TYCO EMPLOYEE: I wouldn't give him a break in his bail, I would make that stand -- this man has affected thousands of people and families. He doesn't deserve a break; he deserves to face what he's done, the consequences, which is what happens.
MORRIS: Other employees at the conglomerate are trying to reconcile the good Kozlowski did for the company and their own disappointment at the turn of events.
Kathleen Merill who had been at Tyco for 15 years before she lost her job is disappointed in Kozlowski.
KATHLEEN MERILL, FORMER TYCO EMPLOYEE: It was too bad that he let greed take over because he'd done a lot of good for Tyco and brought it up to the standard that it once was, and then he just -- I just can't believe how many people he affected because of his greed. And didn't think about the workers.
MORRIS: For Kozlowski, the story is really only beginning. Defense lawyers have said they may challenge a court order signed last week freezing $600 million of Kozlowski and Schwartz's assets.
Defense lawyers believe a New York State judge can freeze only New York assets. A hearing on that issue is scheduled for Tuesday.
(END VIDEOTAPE)
