Dennis Kozlowski: Prisoner 05A4820
Morley Safer Speaks With The Ex-Tyco Chief Behind Bars
-
Play CBS Video
Video
Ex-Tyco Chief Behind Bars
In Full: In a "60 Minutes" exclusive interview, former Tyco CEO Dennis Kozlowski discussed his rise and fall for stealing from the company. He now lives in jail making $1 a day.
-
Video
Safer's Reporter's Notebook
Only On The Web: Morley Safer discusses his "60 Minutes" interview with former Tyco CEO Dennis Kozlowski, who has gone from being a multi-millionaire to earning $1 a day in prison.
-
Video
Kozlowski: Big Salary = Guilt
In this "60 Minutes" excerpt, former Tyco CEO Dennis Kozlowski tells Morley Safer that one reason he was convicted was because he drew a huge compensation package.
-
Photo
Dennis Kozlowski says he's not guilty of stealing more than $100 million, charges that landed the former Tyco CEO in prison. (CBS)
-
Timeline
Trouble At Tyco
Former executives are accused of looting hundreds of millions of dollars from the mega-company.
A year ago or so, the air was thick with tales of corporate scandal, lost pension funds, big time theft and even bigger time prison sentences for the Enron gang. Then there was Dennis Kozlowski, CEO of Tyco, who was found guilty of – in effect – using Tyco’s immense financial resources for what the prosecution described as his "own personal piggy bank."
You might remember the $6,000 shower curtain, and stealing over $100 million from the company.
60 Minutes correspondent Morley Safer wondered how the man, who could whistle up a corporate jet on a whim or throw a two million dollar birthday party, was doing in his reduced circumstances and what’s it like to go from "king of the world," to prisoner #05A4820, serving eight to 25 years behind bars.
60 Minutes caught up with Dennis Kozlowski at Mid-State Correctional Facility in upstate New York. "Guests" at the facility include murderers, drug dealers and pedophiles, and the odd multi-millionaire.
"In my wildest imagination, when I would project myself into my late 50's and early 60's, where I would be or what I would be doing. If I make a list of a hundred different places, or a hundred different things, here would never make that list," Kozlowski tells Safer.
He now earns a dollar a day, mopping floors and slinging hash to his fellow inmates. In January, Kozlowski spent a week in the hospital with a heart ailment and got to thinking.
Kozlowski has not really talked publicly until now; asked why he decided to speak now, he says, "When I was in the hospital in January, I was outside in the emergency room, feeling really uncomfortable and frightened. And that's when I've, you know, really made the firm decision that I wanted to go through and talk to you at this time."
He says he became very aware of his own mortality, and didn't want to leave the world "without at least an opportunity to talk about my side of the story, to the extent that I can talk about it."
He agreed to speak with one stipulation — that 60 Minutes would not include anyone else in this story.
Because of an appeal, he will not discuss the details of his case, but he will say he believes in the judicial system. "I think all that works. But in this case, the jury got it wrong."
That jury convicted him of 22 counts of grand larceny, conspiracy and securities fraud. His trials occurred in the wake of a white-collar crime wave: Enron, WorldCom and Martha Stewart.
The newshounds smelled blood. Accused of looting his company of hundreds of millions of dollars and living the life of a pasha at stockholder’s expense, he was the living, breathing version of "Wall Street's" Gordon Gekko.
Up to a point: what is puzzling is why does a man who struggled so hard, so effectively to make it become so careless and stupid and arrogant? Born in a tenement on the wrong side of the tracks in Newark, N.J., Kozlowski worked his way through school.
"I played guitar in a band. I worked in a pharmacy. I worked in a carwash. So, you know, I had two or three jobs going at any given time, you know," he explains.
Where he grew up, Kozlowski says there weren't that many options. "Growing up in Newark, New Jersey, at the time, you know, you never thought of yourself growing up to become a CEO," he says.
He started at Tyco, then a small New Hampshire manufacturing company, as an accountant making $28,000 a year and worked his way up to CEO. He became known as "Deal-a-Day Dennis," constantly acquiring new businesses, and building Tyco from a $40 million company into a $40 billion conglomerate.
Produced By Deirdre Naphin
© MMVII, CBS Interactive Inc. All Rights Reserved.


- 1
- 2
- next
See all 94 CommentsTruly this is an innocent man.. i believe
and i dont want any of your money Dennis
dan
It was a lynching. Was he full of pride? Yes Was he arrogant? Maybe Was his wife a player guilty of ripping his heart out? Absolutely All the good time friends disappear in times of conflict. I know.
Please tell Dennis I will hire him right now to be the CEO of my company. Forward him my address. I believe he is a great man who went from nothing to something and then was lynched by Liberal America. God Bless him and love him and protect him. May be strong and get back all that was taken from him by Tyco, his friends and his selfish brutal self serving wife. Karma will get them all. Godspeed All.
I would work for this man any day of the week.
Let's go out and arrest some real criminals.
This is a waste of taxpayers money to keep him in prison.
I would work for this man any day of the week.
Let's go out and arrest some real criminals.
This is a waste of taxpayers money to keep him in prison.
This man did great thing but it is alway the case the one on top will always be attack and pull on.
I not sure if he will every see this but do tell him that it is clear to me he is a innocent man. Tell him to have faith and pray for the God I serve can free him even from prison.
I would wish to tell him myself be not discourage as you are not alone. The so call friends and family that left you did not truly love him. Be strong and let them go
However there are those that respect you and love you still even now.
I wish you health and longevity to fight this fight.
Hold on sir and know you have friends and this friend will pray for you.
I know your innocent.
Alfire
MR.KOZLOWSKI,
I WANT TO TELL YOU THAT THE REALITY OF OUR INDIVIDUAL SELF-WORTH TO OTHERS IS A HORRIBLE WAKE-UP CALL WHEN WE LOSE OUR MONETARY VALUE. BY USE OF "OTHERS" I MEAN FAMILY, ALL OF THE FAMILY, FRIENDS,BUT WERE THEY REALLY FRIENDS, AND LOVERS.I LOST MY MONETARY VALUE IN 1998 AND I TOO LOST ALL THOSE THAT "LOVED" AND "ADMIRED" ME ALL MY LIFE, EXCEPT FOR MY MOTHER AND FATHER, WHO HAD PASSED. I JUST WANT YOU TO KNOW, THAT BY LOSING ALL OF MY MONEY, I HAVE FOR THE FIRST TIME IN MY PAST 44YRS. CAN SEE MYSELF FOR WHO I REALLY AM AND NOT WHAT THE PEOPLE IN MY LIFE WERE TELLING ME. YES, IT HAS BEEN VERY HARD TO COME FROM WELL-RESPECTED,BECAUSE OF MY FATHER'S ACCOMPLISHMENTS,TO SITTING IN A VEHICLE AND REALIZING I WAS HOMELESS. I WAS 45 YRS OLD & HAD TO LEARN WHAT ALL OF THIS IS REALLY ABOUT, MONEY. HAVE A DEEP & CLOSE CONNECTION TO YOUR HIGHER POWER AND REALIZE "HE" WILL HOLD & PROTECT YOU AND TAKE YOU PLACES IN LIFE TO HELP YOU REALIZE THAT "HE" IS WHAT ALL THIS LIFE IS TRULY ABOUT. I WILL PRAY FOR YOU AND HOPE TO HEAR OF ALL YOUR NEW ACCOMPLISHMENTS IN LIFE SOON. THE KEY WORD IS "NEW". SINCERELY, M.GARDINO
Dennis was railroaded just like Marthas Stewart.
If Dennis wants to increase his $1 a day salary, I would ba happy to have him as an email advisor to my company. Please forward my email to him. He obviously has a brillaint business business mind.
Dennis was railroaded just like Marthas Stewart.
If Dennis wants to increase his $1 a day salary, I would ba happy to have him as an email advisor to my company. Please forward my email to him. He obviously has a brillaint business business mind.
And when I read your story and saw you were from Newark then I really perked up I too am from Newark...I woud love to correspond with you
Franactor@aol.com
...we could have seen it live and not been
so resentful for his deliberate use of
monies not rightly designated in a corporation with stock holders....remember them,then we could have all had a good time watching the corporate let loose
and have a little fun....now we stuck with this looser on 60 mins...next time i think ill read the check befor i sign it..u never know where it goes
I'm sorry that you lost your wife and your friends. Maybe this is all for the best. They seem to have been more interested in your wealth than in you anyway. My husband and I found out how many friends we had once...not very many. But do you know what, it made us look at each other and I absolutely found out that my best friend was him. We are not poor now but not rich...but we are happier than we have ever been. God is on your side and you can get thru this. It seems like it takes forever but eventually, the bad guys lose. You will have found your true self, the kid from nowhere, and you can carry on. If you did that stuff then pay your dues and go on, if you didn't put it behind you and go on. In the end nobody really cares. I really do not see how you could have made all of those decisions to make that company so huge in such a short time and at the same time shop for all the stuff. It takes forever to find the stuff and alot of research to find the right stuff and I don't see you having that much time. I believe that you must be a very smart man, it would have been impossible for you to achieve what you did unless you were a very smart man. Try to forgive them all. Anger and resentment are negative energies and you need to let them go. God will take care of them. No one will escape in the end. Keep your chin up and your eyes focused on the future. You are bigger than all of this. Repair your broken heart and keep the faith. memel@astle.com
Maybe all your greedy friends left you now that you have no money, as it was your greed that that put you where you are.
Birds of a feather.
Lets hope that there is a special little place in hell for the likes of the Dennis Kozlowski's and Ken Lays of this world.
16These six things doth the LORD hate: yea, seven are an abomination unto him:
17A proud look, a lying tongue, and hands that shed innocent blood,
18An heart that deviseth wicked imaginations, feet that be swift in running to mischief,
19A false witness that speaketh lies, and he that soweth discord among brethren.
------------------------
Because of an appeal, he will not discuss the details of his case, but he will say he believes in the judicial system. "I think all that works. But in this case, the jury got it wrong."
24And again I say unto you, It is easier for a camel to go through the eye of a needle, than for a rich man to enter into the kingdom of God.
Psalm 52:7
Lo, this is the man that made not God his strength; but trusted in the abundance of his riches, and strengthened himself in his wickedness.
Proverbs 28:11
The rich man is wise in his own conceit; but the poor that hath understanding searcheth him out.
You who live by many waters and are rich in treasures, your end has come, the time for you to be cut off.
would she ever be prosecuted?
this is how america works its a democracy !
DENNIS how can i help you
i to were in a simular situation not as large as yours, but it is sad how people just bail on you when you need them.. i had friends and family who were so close to me when i had money and now forgot who your where i live.. i made some mistakes with money, but most of the people around me had benefit from my success and enjoyed my presents,, now they dont want to know me. Money does strange things to people, it is said to be the root of all evil.. that is no joke,, unfortunatly we need people to grow and i am learning to trust once again and i will have more then i ever had agian but i will make better choices,, one of my companions use to say to me it is more of what people perceive then what our intentions are.. this will pass for you and you will be out soon. keep your faith and spirit high
Melissa.
After seeing the interview, you handle yourself very well. Hold your head up high and keep moving forward. I've read all of the comments made about you from all of the so called self righteous? You have learned from your mistakes and so you must move on. Your business is doing time and adjusting to your current situation. Don't worry about the self-righteous. Hate comes from all angles. Keep you head up, soon this will pass.
I disagree with many who don't believe that we as human beings deserve prosperity and abundance, I think we do, I think prosperity and abundance are good things! But I believe that the sharing of prosperity and abundance is what keeps you living that life. What he did appears to have been at the expense of the thousands of employees. 30 years ago companies like this would have provided health care and retirement and other benefits, including living wages, for their employees. This is where the desire for prosperity and abundance goes wrong for many.
Dennis, consider this, if you had lived opulently and well, and made sure that everyone in all of Tyco's companies was taken care of and living well, I believe that your own guilt and shame would not have created this situation for yourself. We all manifest based upon our own thoughts and feelings. The jury didn't do this to you, you did it to yourself. Somewhere along the line you believed that this was what you deserved, or were going to get, or you couldn't be where you are right now.
Without accepting responsibility for our own manifestations, it's impossible to maintain the manifestations we want. Did he believe he was responsible for his wild "successes" when he was at the top of his game? I'll bet he did. He is also responsible for his current situation.
That said, please consider that everyone deserves compassion. Where he's at and what has happened to him must be very difficult. Those of you that are so angry at him, whether for the way he lived, or for what he did to the little guys at the company or whatever, forgive him. You and you alone will suffer for the anger and unforgiveness you're holding for him. Why punish yourselves? Consider practicing compassion...
Feel sorry for him? Forgive him? I will when I get my $100,000 back I lost in my profit sharing. I will when he tells those who lost it all that he is sorry. When Dennis can promise jobs back to those companies that had to close because of him. I will when HELL FREEZES OVER!
- 1
- 2
- next
See all 94 Comments