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Wheel, Deal, and Steal: Deceptive Accounting, Deceitful CEOs, and Ineffective Reforms by D. Quinn Mills

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Chapter 10. The Temptation to Steal

The New Very Rich: CEOs

A recent story in New York Magazine relates how the board of the Whitney Museum in New York was reviewing a list of “20 or so CEOs” who could be invited to give a multimillion dollar contribution and become a member of the board. The board decided to try to get Tyco CEO Dennis Kozlowski, who “commanded a salary package so outrageous that it stood out even in such exuberant times.” On the Whitney board was Goldman Sachs vice chair Robert Hurst, whose firm was said to have made over $100 million in fees from Tyco. Kozlowski accepted the invitation to join the board and promised a $5 million gift. Later, Kozlowski was arrested but remains on the board, and Tyco, under new leadership, was ...

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