Saturday, June 18, 2005

Just to have a bit of good news

Of course it remains to be seen whether or not these fine, upstanding gentlemen actually pay any kind of appropriate price, but for the moment, enjoy the glow. From AP for Friday:
Former Tyco CEO Dennis Kozlowski and a second executive were convicted Friday of looting their company of more than $600 million to fund extravagant lifestyles featuring expensive jewelry, an opulent Manhattan apartment and a gaudy Mediterranean birthday party.

A state court jury deliberated over 11 days before returning the verdict in the second prosecution of Kozlowski, 58, and Mark H. Swartz, 44, the conglomerate's former finance chief. Both were convicted of grand larceny, falsifying business records and other charges.

The verdict came after a four-month trial in Manhattan state Supreme Court. They now face up to 30 years in prison on their convictions - the maximum sentence for both under the law, prosecutors said. ...

Kozlowski and Swartz join a string of executives convicted in recent months in high-profile corporate wrongdoing cases, among them former WorldCom CEO Bernard Ebbers and Adelphia Communications Corp. founder John Rigas and his son, Timothy.

Richard Scrushy, founder and former chief executive at HealthSouth Corp., is on trial on fraud charges and awaiting a jury verdict in federal court in Birmingham, Ala. And former Enron Corp. executives Kenneth Lay and Jeffrey Skilling are scheduled to go on trial early next year.
Back in the 60s, some nonviolent civil disobedience actions included a call for "jail, no bail." That is, resisters were pledging to refuse to bail themselves out pending trial. It also took on a more generalized, if inaccurate, meaning, of an intention to refuse to pay a fine in lieu of jail time. I'd be glad to see it applied here in either sense. Preferably both. Jail, no bail.

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