When former Tyco International CEO Dennis Kozlowski was convicted for stealing $150 million in company money in 2005 on 22 criminal counts including grand larceny, conspiracy, securities fraud/sales and falsifying business records to a prison term of 8.33 to 25 years, he became the poster child for corporate greed. Shortly thereafter the entire financial system nearly collapse when everyone on Wall Street became a poster child for corporate greed and nobody went to jail. As such it became a moot point to make anyone a symbol for “corporate greed” since the Department of Justice itself admitted there is a brand new category reserved for the uber-greedy ones, also known as Too Big To Prosecute. Which is why moments ago, news broke that Kozlowski was granted parole after serving 100 months in jail, exactly nobody was surprised.
“Mr. Kozlowski is grateful to the parole board for its decision to grant him parole,” Alan Lewis, Kozlowski’s attorney at Carter Ledyard & Milburn, said in an email to FOX Business.
The New York State Board of Parole said it announced the decision to Kozlowski on Tuesday and his tentative release date is January 17, 2014.
Kozlowski had been denied parole in April 2012 on the grounds that he remained a threat to “public safety and welfare.” The former Tyco CEO filed suit after that denial.
Now that Dennis is no longer a threat to the public welfare, we expect him, Enron’s Skilling and of course MF Global’s Jon Corzine to form KozCorSki Asset Mismanagement and proceed to “manage” everyone else’s centrally-redistributed money (get to work Mr. Chairwoman) in the one way that modern society truly deserves.
via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/LAGS9xE5spQ/story01.htm Tyler Durden