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<div class="image-container float_right"><div class="image">Reuters/Chip EastFormer Tyco International Ltd. Chairman <keyword id="223973" type="PERSON" weightage="60" keywordseo="Dennis-Kozlowski">Dennis Kozlowski</keyword> arrives with his wife Karen at New York Supreme court March 30, 2004.</div></div>Over the past two decades, our addiction to cell phones ended our need for public pay phones. As a result, there are no more telephone booths. For those of us who grew up watching "The Adventures of Superman," we saw mild-mannered reporter Clark Kent slip into dozens of phone booths where he transformed into Superman. Over and over again, the caped superhero exited the booths to fight for truth, justice, and the American way.
We were conditioned to believe that truth and justice for all was our birthright. I believed it. I thought the foundation of the American legal system was our collective desire for justice. But we have strayed from the American way that Superman embodied. Phone booths have disappeared, and so has our fight for truth and justice.
This month, the State of New York will parole former Tyco International CEO Dennis Kozlowski and former CFO Mark Swartz after they each served 100 months, that's 8 1/3 years, in prison. The two former executives were convicted of a number of felony charges related to unauthorized compensation they received during the decade they led the huge multinational conglomerate. There are those who believe their sentences were too light, and that the justice system isn't tough enough on white-collar crime. But looking at the facts of this case, and the circumstances under which Kozlowski and Swartz were prosecuted, it's entirely possible they shouldn't have been charged, convicted, or incarcerated. In this case, truth and justice were lost in the process.
It seems all politicians, prosecutors, judges, and others who are seeking office or courting public favor claim to be tough on crime. It is perhaps the only political position for which there is universal support. How many stump speeches have asked for tougher laws, more severe criminal penalties, and depending on the time and place, taken aim at specific individuals? For example, in the early 2000s, it was opportunistic to target executives of large corporations. With daily headlines filled with the details of massive corporate scandals, it was advantageous to go after those at the top of the some of the largest corporations in the world. There were accolades and rewards for those who identified, investigated, prosecuted, and convicted corporate executives. This was especially true in New York City.
Recognizing corporate corruption and ending abuses of power are noble goals. No one argues that we, as a society, should be weak on white-collar crime. We all want corporations and their leaders to act ethically, responsibility, and to make decisions that are in the best interest of their constituents. But our system of overseeing, controlling, and when necessary, punishing corporations and their executives is flawed. Convictions should not be the goal; justice should be the goal. Instead of rewarding those who prove themselves to be the toughest on white-collar crime, why don't we reward those who demand justice? Why aren't there incentives for those who seek the truth?
Unfortunately, not all politicians, lawmakers, and prosecutors seek justice. It is far more advantageous to get convictions, to prosecute, win, and throw people in prison for as long as possible. Truth and justice are often lost in the process because there are no incentives for achieving just outcomes. The only rewards are for convictions - for winning.
In their aggressive pursuit of white-collar criminals and the rewards that come with convicting high profile business leaders, some prosecutors have resorted to over criminalizing the decisions and actions of corporate executives. Some bad business decisions are crimes, but most are not. It's possible to act unethically, foolishly, and even harmfully without breaking any criminal laws. Bad business decisions are not necessarily crimes. Unethical business actions are not necessarily crimes. Prosecutors have a lot of discretion and if they choose, they may charge business men and women with crimes for unethical, foolish, sloppy business decisions that would be more appropriately addressed with disciplinary action or resolved through civil litigation. In many cases, the criminal allegations are enough to end careers, cause irreparable harm, bankrupt, and forever change the lives of those accused - whether or not they are ever convicted.
Mens rea is a basic tenet of criminal law. Translated from Latin, mens rea refers to a person's state of mind. In order for an individual to be convicted of a crime, with few exceptions, the prosecution must prove beyond a reasonable doubt that the accused acted with some degree of criminal intent. In other words, to be guilty of a crime, an individual must have known that what he or she was doing was wrong. In white-collar prosecutions, criminal intent is often the most difficult hurdle to clear. How do you prove that a corporate executive acted with criminal intent when he or she may have simply made bad business decisions, without the intent to do anything wrong? If an individual sells illegal drugs or robs a bank, it's pretty easy to show that he or she knew what they were doing was wrong. But when making decisions as a corporate executive, it is more difficult to show that an individual knew that his or her decisions and actions were criminal - that they knowingly did something wrong.
In the 2005 trial of Kozlowski and Swartz, the Manhattan District Attorney had to prove beyond a reasonable doubt that the former Tyco executives took compensation from the company, more than $170 million, that the two men knew they had no right to receive. There was a lot of evidence showing that Kozlowski and Swartz received the money openly - the transactions in question were processed in the ordinary course of business, the payments were reported by Kozlowski and Swartz to the company's auditor, PricewaterhouseCoopers, the two declined offers of substantial additional compensation offered to them by the Tyco board of directors, and the defendants never actually took much of the money in question out of the company. The actions of the defendants showed clearly that they believed they had a right to the money.
However, the DA didn't see it that way, and zealously prosecuted the two former executives. For months, prosecutors shared with the jury voluminous evidence of the defendants' lavish lifestyles; during the trial being wealthy was equated to being evil, to being criminal. Prosecutors also fought during the trial and throughout the appellate process to keep critical evidence from Kozlowski and Swartz -- evidence that even the appellate court admitted could exonerate the defendants. In the end, the defendants were not allowed to have that evidence, the jury never saw it, and the former Tyco executives were found guilty of a long list of felonies that sent Kozlowski and Swartz to New York State prisons for 8 1/3 to 25 years.
For the Manhattan DA, the convictions were very important. It was immediately after the bankruptcies of corporate powerhouses Enron, WorldCom, and Global Crossing (Tyco never declared bankruptcy and continued to thrive after the scandal), the public was disgusted with highly-paid corporate executives, and Kozlowski and Swartz were among the most richly compensated business leaders in the world. The Manhattan DA would be rewarded for convicting them - Robert Morgenthau, then the DA, was re-elected shortly after Kozlowski and Swartz were sentenced in the fall of 2005.
The public wanted convictions - not justice. Prosecutors focused on winning more than finding the truth and fighting for justice. Is this now the American way? Win at all costs - without regard for truth and justice?
I spent two and a half years researching the Tyco corporate scandal and immersed in the criminal prosecution of Kozlowski and Swartz. Before I began this project, I was naïve. I believed everyone involved in our legal system wanted the same thing: to find the truth. I thought everyone wanted to provide all existing evidence to those accused of crimes, especially evidence that could prove they were innocent. No one would knowingly allow them to be convicted without affording them the opportunity to present all relevant evidence to the jury that would decide their fates. I was wrong. The trial of Kozlowski and Swartz wasn't about justice. It was about winning. It was about convicting wealthy corporate executives at a time when those convictions were politically advantageous.
In our legal system, truth and justice have become as scarce as telephone booths.
Catherine S. Neal, <a href="http://www.amazon.com/Taking-Down-Lion-Triumphant-Kozlowski/dp/1137278919">author of Taking Down the Lion: The Triumphant Rise and Tragic Fall of Tyco's Dennis Kozlowski</a>, is an Associate Professor of Business Ethics and Business Law in the Haile/US Bank College of Business at Northern Kentucky University. She is a graduate of the University of Cincinnati College of Law where she was a Corporate Law Fellow. 
Professor Neal was granted unprecedented access to Dennis Kozlowski, his papers, attorneys, family, friends, and former Tyco colleagues, as well as transcripts and evidence from two criminal trials. Neal's research included interviews with former Manhattan DA Robert Mortgenthau, the foreman of the jury that convicted Kozlowski, and key Tyco insiders. For more information about the book please <a href="http://us.macmillan.com/takingdownthelion/CatherineNeal">visit the publisher's website</a>.
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Tyco's Demonized Ex-CEO Gets Out Of Prison Today - Here's Why He Never Should Been Convicted

The <keyword id="223974" type="COMPANY" weightage="60" keywordseo="Tyco">Tyco</keyword> International scandal was one of the worst in recent memory. CEO <keyword id="223973" type="PERSON" weightage="60" keywordseo="Dennis-Kozlowski">Dennis Kozlowski</keyword> and CFO Mark Swartz <a href="http://usatoday30.usatoday.com/money/industries/manufacturing/2005-06-17-tyco-timeline_x.htm">were found guilty</a> in 2005 of stealing more than $150 million from the company. Lurid details about <a href="http://usatoday30.usatoday.com/money/industries/manufacturing/2005-06-17-tyco-timeline_x.htm">$6,000 shower curtains</a> and $2 million parties in Sardinia emerged during the trial.
Dennis Breen, the CEO who replaced Kozlowski, succeeded by mostly staying out of the news while dealing with the aftermath of the scandal. He had to <a href="http://online.wsj.com/article/SB10000872396390443862604578032374284688146.html">clean up a massive accounting mess</a>, restating results all the way back to 1998, and split the company up into several different parts, which included the successful spinoff of ADT Security Services.
Breen told <a href="http://online.wsj.com/article/SB10000872396390443862604578032374284688146.html">The Wall Street Journal</a> that the company was like a "forest fire" when he got there, and that he had to get rid of the whole board and almost 300 people on the corporate team. 
For his trouble, he's getting a truly massive payday. <a href="http://www.usatoday.com/story/money/business/2013/01/16/breen-tyco-pay/1840883/">USA Today dug through Tyco's proxy statements</a> and finds that Breen's compensation, retirement benefits, stock, and other forms of compensation top out at over $150 million dollars. He'll remain on board as chairman. 
That package includes $55.8 million worth of deferred shares which he'll get in March, and a $30 million lump-sum payout in 2016. 
Even in an age of beefy exit packages, this is notably large. Sometimes you don't get paid for standing out, but for successfully making people forget.
NOW READ: <a href="http://www.businessinsider.com/debunking-three-of-the-biggest-myths-about-ceo-pay-2012-9">Debunking 3 Common Myths About CEO Pay</a>

CEO Gets A $150 Million Golden Parachute For Cleaning Up After A Massive Corporate Scandal

<div class="KonaFilter image-container float_right"><div class="image">Reuters/Chip EastFormer Tyco International Ltd. Chairman Dennis Kozlowski arrives with his wife Karen at New York Supreme court March 30, 2004.</div></div>After spending more than eight years as an inmate in the New York State prison system, former Tyco International CEO Dennis Kozlowski was granted parole in December 2013.
He'll be released on January 17, 2014, eleven and a half years after he was indicted by former Manhattan DA Robert Morgenthau, the legendary prosecutor known for his dogged pursuit of white-collar criminals in New York City.
You probably remember Kozlowski as the guy who bought a $6,000 shower curtain. Or as the guy who threw a two million dollar birthday bash where scantily clad men and women and a vodka-urinating ice sculpture of David enhanced the Roman-orgy themed party atmosphere. Kozlowski's lavish lifestyle was often lambasted by the media after he was indicted by the Manhattan DA in 2002.
What you may not remember is Kozlowski as the charismatic CEO who headed Tyco during the 1990s when the company grew from a small New Hampshire enterprise into a $40 billion a year global giant that employed 250,000 people and operated in more than 100 countries. During Kozlowski's decade as CEO, Tyco successfully acquired hundreds of companies -- some for tens of billions of dollars. Kozlowski probably has more direct experience with successful mergers and acquisitions than anyone, ever, and Tyco benefitted immensely from his extraordinary ability to target, analyze, acquire, and quickly enhance the value of companies in a variety of industries all over the world.
At the pinnacle of his career, Kozlowski was accused of serious felonies related to his management of Tyco. Along with then Tyco CFO Mark Swartz, Kozlowski allegedly took more than $100 million in compensation that wasn't approved by the Tyco Board of Directors. Kozlowski and Swartz were tried twice.
After six long months, dozens of witnesses, and tens of millions of dollars in legal fees, the first trial ended in a mistrial during jury deliberations. Several months later, there was another lengthy trial. At the conclusion of five additional months of trial, the jury found Kozlowski and Swartz guilty of dozens of felony charges that sent the two former executives to state prison for many years. In January of 2014, after serving the maximum minimum sentence (the judge could have sentenced Kozlowski and Swartz to one year, but opted to impose the maximum minimum sentence of 8 1/3 years), the two will be paroled.
So what's next for Dennis Kozlowski? There's really no chance he'll reoffend. Let's face it - he'll never again be in a position to wrongfully take compensation from a publicly traded corporation.
As a parolee, his life and activities will be restricted for a while. One of the requirements of his parole will be finding and keeping a job. So what will he do? Most people look for a job where they can use their prior experience. But Kozlowski will never again be a corporate executive. Clearly, the former CEO has valuable skills, but his character has been so severely damaged by the media for more than a decade, it's going to be difficult for him to rehabilitate his image and move forward. He somehow has to overcome the $6,000 shower curtain, the birthday party, the hundreds of articles and images that portrayed him as a greedy, evil corporate executive, and the stigma of being a convicted felon who pilfered millions of dollars.
As Kozlowski re-enters society, here's what everyone should know. The Dennis Kozlowski character created by the media is not the real Dennis Kozlowski. So much that has been written and said about him, while interesting because of its sensational outrageousness, is factually inaccurate.
Kozlowski is a better person than the guy portrayed in the media for the past eleven years. We must remember that not everything we read is accurate. Sometimes, things are written simply to sell more newspapers or to get more online hits. Perhaps it's time to give Dennis Kozlowski a break - allow him to rebuild his life without any further public castigation, name-calling, and mischaracterizations.
While it will undoubtedly be better than the past eleven years, life after prison won't be easy for Dennis Kozlowski. It will be interesting to see if the media and public opinion will allow Kozlowski to shed the caricature of the greedy CEO and move forward. Will he be able to put the conviction behind him? Kozlowski served a long sentence - much longer than those served by most violent criminals. Hopefully, his punishment will end and Kozlowski will be allowed a productive, uneventful third act.
Catherine S. Neal, <a href="http://www.amazon.com/Taking-Down-Lion-Triumphant-Kozlowski/dp/1137278919">author of Taking Down the Lion: The Triumphant Rise and Tragic Fall of Tyco's Dennis Kozlowski</a>, is an Associate Professor of Business Ethics and Business Law in the Haile/US Bank College of Business at Northern Kentucky University. She is a graduate of the University of Cincinnati College of Law where she was a Corporate Law Fellow. 
Professor Neal was granted unprecedented access to Dennis Kozlowski, his papers, attorneys, family, friends, and former Tyco colleagues, as well as transcripts and evidence from two criminal trials. Neal's research included interviews with former Manhattan DA Robert Mortgenthau, the foreman of the jury that convicted Kozlowski, and key Tyco insiders. For more information about the book please <a href="http://us.macmillan.com/takingdownthelion/CatherineNeal">visit the publisher's website</a>.

Tyco's Notorious Ex-CEO Is Getting Out Of Prison - Here's Why Somebody Should Hire Him

<div class="KonaFilter image-container center"><div class="image">AP Photo/New York District Attorney HandoutA screenshot from the video of the notorious party.</div></div>Former Tyco CEO Dennis Kozlowski is <a href="http://nypost.com/2013/12/03/ny-to-free-ex-tyco-exec-dennis-kozlowski-on-parole/">finally getting out of prison</a> this week, so we thought we'd take a look at what landed him there in the first place eight years ago.
Kozlowski <a href="http://www.nytimes.com/2005/06/18/business/18tyco.html?hp&amp;ex=1119153600&amp;en=7ee2b917b6fbd9f5&amp;ei=5094&amp;partner=homepage">and his right-hand man were convicted in 2005</a> of stealing $150 million from Tyco and illicitly making $430 million more by artificially inflating the value of company stock. Kozlowski, the son of a Newark, N.J. police officer, flaunted his wealth and enjoyed a lavish lifestyle that prosecutors said was improperly funded by the company he worked for.
The most glaring example of this extravagance <a href="http://www.nytimes.com/2003/10/28/business/28WIRE-TYCO.html">was a $2 million week-long birthday party</a> for his wife, Karen, which became known as "<a href="http://dealbreaker.com/2007/01/dennis-kozlowski-you-should-still-be-thanking-me-for-the-tyco-roman-orgy/">The Tyco Roman Orgy</a>." Tyco picked up half the bill for the Roman-Empire themed 40th birthday party on the <a href="http://en.wikipedia.org/wiki/Sardinia">island of Sardinia</a>, attracting the attention of federal prosecutors in Manhattan, the Wall Street Journal <a href="http://www.lawrencecapitalmgt.com/upload_passprotected.asp?OrgID=681&amp;SPID=15305&amp;up_lid=12579">reported in 2002</a>.
Here are images from a home movie of the party that a jury eventually saw:
<div class="KonaFilter image-container"><div class="image">AP Photo/New York District Attorney HandoutAnother screengrab from a video of the party</div></div>
 <div class="KonaFilter image-container"><div class="image">AP Photo/New York District Attorney HandoutDennis Kozlowski smiling at the party that would be part of his downfall.</div></div>
The event was almost comically over-the-top. Tyco staffer Beth Pacitti sent party planners a memo with very specific expectations for the party at the Hotel Cala di Volpe Resort, which included a large replica of Michelangelo's David.
Here's an excerpt from the memo, <a href="http://www.lawrencecapitalmgt.com/upload_passprotected.asp?OrgID=681&amp;SPID=15305&amp;up_lid=12579">courtesy of the Journal</a>:
Guests arrive at the club starting at 7:15 p.m. ... Two gladiators are standing next to the door, one opens the door, the other helps the guests. We have a lion or horse with a chariot for the shock value. ... The guests come into the pool area, the band is playing, they are dressed in elegant chic. Big ice sculpture of David, lots of shellfish and caviar at his feet. A waiter is pouring Stoli vodka into [the statue's] back so it comes out his penis into a crystal glass. Waiters are passing cocktails in chalices. They are dressed in linen togas with fig wreath on head. A full bar with fabulous linens. ... We have rented fig trees with tiny lights everywhere to fill some space. 8:30 the waiters instruct that dinner is served. We all walk up to the loggia. The tables are all family style with the main table in front. The tables have incredible linens with chalices as wine glasses.
The jury that saw <a href="http://www.nbcnews.com/id/3340979/ns/business-corporate_scandals/t/jurors-shown-video-birthday-bash/">footage from this party</a> actually didn't end up convicting Kozwolski; the judge declared a mistrial after a juror apparently gunning for the former CEO's acquittal gave an "okay" sign to the defense.
During the second trial, prosecutors focused less on Kozwolski's opulent lifestyle and the notorious toga party and spent more time talking about accounting issues, <a href="http://www.nytimes.com/2005/06/18/business/18tyco.html?hp&amp;ex=1119153600&amp;en=7ee2b917b6fbd9f5&amp;ei=5094&amp;partner=homepage">The Times reported</a>. But as the Journal noted, the ex-CEO's spending habits and big party attracted <a href="http://www.lawrencecapitalmgt.com/upload_passprotected.asp?OrgID=681&amp;SPID=15305&amp;up_lid=12579">the attention of prosecutors</a>, so it's fair to blame at least some of his downfall on the "Roman Orgy."
Of course, Kozlowski probably won't be throwing $2 million toga parties now that he's getting out of prison. He and former Tyco CFO Mark Swartz were ordered to pay <a href="http://money.cnn.com/2005/09/19/news/newsmakers/kozlowski_sentence/">$134 million back to Tyco</a>, and Kozlowski was ordered to pay a $70 million fine.
<a href="http://www.businessinsider.com/dennis-kozlowski-is-getting-out-of-prison-2014-1">Despite his business qualifications</a>, Kozlowski will probably have a hard time finding work that will fund fancy lifestyle post-prison.

These Images Of A 'Tyco Roman Orgy' Helped Put A CEO In Prison

<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div><ul class="summary-list"><li>Goldman Sachs announced its 2019 class of managing directors, with 465 new promotes getting the nod.</li><li>Of the 465 promoted, 29% are women, and 34% identified as an ethnic minority or LGBTQ.</li><li>The firm announces managing-director promotions every two years.</li><li>It's one of the most coveted positions on Wall Street, a step below partner at the premier investment bank.</li></ul><a href="http://markets.businessinsider.com/stock/GS-Quote"> Goldman Sachs</a> just announced a new class of 465 managing directors, and millennials comprised nearly two-thirds of it. The promotions, which are announced once every two years and are among the most coveted on Wall Street, put recipients one step <a href="https://www.businessinsider.com/goldman-ceo-solomon-offering-buyouts-to-partners-shrink-senior-ranks-2019-9">below partner</a> at the prestigious investment-banking firm.The 2019 class is smaller than the record-setting class of 509 in 2017, but larger than the class of 2015, which had 425 new MDs.It's also one the youngest classes the bank has promoted - 62% are millennials, up from 44% in 2017 and <a href="https://www.businessinsider.com/goldman-managing-director-list-2015-11">30% in 2015</a>.Other headline stats about the class:<ul><li>66% started their careers as analysts or associates at Goldman Sachs, equal with 2017.</li><li>29% of the class is women, up from 24% in 2017.</li><li>34% of the identified as an ethnic minority or LGBTQ: 26% are Asian, 4% are black, 2% are hispanic/Latino, and 2% are LGBTQ. </li></ul><h2>Here's the full list of all 465 new managing directors:</h2>Rashid Abdalla Angela Abramian-Katz Meredith Adams Keren Adan Vikas Agrawal Mike Ahern Edward Ainsworth Danny Akerman Temidayo Akinola Aaron Albert Eyas Aldossari Marsha Alexander Daniel Alger Asad Ali Brendan Ames Dipam Amin Rebecca Anderton-Davies Junnosuke Ando Ash Ang Timothy Arblaster Kenan Arkan Patrick Armstrong Cameron Arrington Cindy Au Anne-Victoire Auriault John Aurre Frederick Baba Andrew Bailey Tanya Baker Victoria Baker-Duly Venkatesh Balasubramanian Nick Baltas Maria Barron Baratech Luke Barrs Robert Bartlett Dennis Beeson Angus Bell Bob Bengtson Kerryann Benjamin Jeff Bernstein Adam Berry Michel Beshara Justin Betzen Praveen Bhagavathula Peter Biggs Ersen Bilgin Nathan Bird Simon Birtwistle Barnali Biswal Brittany Boals Moeller David Bodenstein Vanessa Bogaardt Kevin Boova Andrea Bora Said Boujnah Jeff Boyd Rachel Boyd Glyn Braganza Joyce Brayboy Pierre Brunet Keith Brunini Steven Budig Francisco Cabeza Kimberly Carabetta Sarah Card Marie Cardoen Gloria Carreno Jonathan Carter Osmar Castellani Junior Lucia Catalan Federico Ceresole Jeffrey Chao John Chappell Yogesh Chati Frank Chen Selina Chen Hakim Cherrouk Christopher Yiu Chung Cheung Tak Cheung Siddharth Chhabria Liz Chick James Chilcott Jon Child Naveen Choppara Leonard Chung George Cole Greg Collett James Colletti Kevin Conniff Simon Constant Charles Corke Krystal Cowan Ben Coward-Talbott Nerissa Cumberbatch Ryan Cunn Nadim Daban Brook Dane Abigail Darby Michael Daub Bill Davis Christopher Dawe Jeffrey Dawkins Adam Dawson Philipp de la Chevallerie Camille de Lamotte Frederik De Neree Joaquin de Soto Dan Deighton Manuel Deijk Stefanie D'Elia Lena Demashkieh Michael Dente Philippe Derimay Bradley Diener Michel Dimitri Angelo Diotisalvi Natalia Dobrinskaya John Doherty Matthew Doherty Jerome Dortmans Hamish Douglas Crista Downey Andre D'Souza Alexander Dupont Brett Durick Tsuyoshi Egawa Gaudenz Eichenberger Nnaemeka Eke Bill Elfsten Abel Elizalde Russell Elliott Scott Epperson Robert Fama Meriem Feghoul Xinyi Feng Roger Fenningdorf David Fernandez Morgan Fitzpatrick Ryan Flanagan John Flood Kellan Florio Kerry Flynn Jeremy Follett Anneliese Foster Fabrice Francois Marissa Freund Anders Furuhed Sebastien Gagnon Timothy Galligan Francesca Gardner Raj Garigipati Brian Garrett Douglas Gilman Aaron Goldman Jeremy Goldman Sanyam Goyal Ricky Grant Steven Gray Jules Gruner Shao Ping Guan Anushka Gupta Sonia Gupta Arvind Guruprasad Itir Guvenc Mungan Raymond Haagen Andrew Haave Sylvia Hadjimamas Terry Hagerty Sharon Hall Jeff Haller Scott Hankey Sara Hanlon Tom Haraldsson Alex Harman Lauren Havens Ken Hayahara James Hayward Tom Healy Victoria Hegan Michael Heller Paula Hendrickson Evan Herring Schuyler Heuer Daniel Hibbert Andrew Hine Megan Hogan Yoomin Hong John Hooton George Horton Dan Howard Christine Hu Katie Hyde Nicole Irvin Ahmed Ismail Kumar Iyer Philip Jacob Raphaelle Jacquemin Rajan Jain Rich James Marene Jennings Kyle Jessen Natasha Jhunjhunwala Brandon Johnson Geddes Johnson Milind Joshi Sojin Jung Amy Jupe Michael Kagan William Kallop Jordan Kaufman Charlotte Keenan Maxime Kennel Aron Kershner Ronald Keung Eugene Khafizov Feroz Khosla Kieron King Tom Knott Simon Knowles Sarah Kong Scott Konicki Robert Koslow Kunal Koya Elisabeth Kozack Joanna Kozlowski Kristin Kramer Jason Kreuziger Daniel Krinsky Kristin Kuney Casey Laflamme Beyrouthawit Lakew Mikael Lang Mark Langham Francesca Lau Karmen Lau Victoria Ledda Adrian Lee Sara Lee Niall Leguillon Chip Lemkau Marie Claire Lennon Matthew Leskowitz Ryan Lester Curtis Leung Jacky Leung Giulia Lewandowski Christian Lhert Aihua Liang Chi-Yu Liang Mony Lim Nyan Lin Tobias Lindemann Jon Lindgren Ada Liu Adrian Loh Syida Long Lorenzo Pasquale Longo Alexandre Lucas Michelle Luk Amanda Lynam Chris Lyon Srivats Madhavan Alok Madhukar Devasish Majumdar Salome Makharadze Shun Manabe James Mann Todd Mansfield Corey Maple Ivan Martinez Farzad Mashayekhi Morad Masjedi Michael Mastropaolo Moe Matar Colin Mathews Ritesh Mathur Brooke Mayne Jordan McCallum Mark McCaskill Catherine McCormack Paul McGregor Andrew McLennan Brian McMahon Nehal Mehra Ramiro Menchaca Mark Midle Giuseppe Milicia Kristin Milot Yusuke Minowa Aric Mizrahi Sherry-Ann Mohan Stacy Mohr Mohammed Mohsinali Helen Moloney Matthew Mottram Richard Mulley Ken Murata Sarah Murray Usman Naeem Soumik Nandy Satish Narang Vijay Narayanan Jamil Nathoo Joseph Natoli Sean Navin Aziz Ndiaye Ryan Newman Sara Nielsen Eyal Nirenberg Quinn O'Bryen Joanna Obstoj Jackie O'Connor Nonso Ogbonna Laide Oginni Mari Oishi Scarlett Omar-Broca Enrico Orlandi Jean Otrakji Edouard Panie Francesco Papa Pratik Pareek Gemma Parrott Atul Pawar Arnaud Payement Yuriy Podoshev Mitesh Popat Matthew Popper Arnaud Porchet Nicole Poulson Joseph Pozzi Anant Prasad Frederic Pripp Chaitra Purushotham Benny Quek Conor Quinn Thomas Radberg Stephanie Raimo Kamal Ramnani Michael Rand Olivia Rascoe Jibraan Rasheed Varun Rastogi Seth Reagen Nikhil Reddy Adil Rehman Elaine Rene Salveen Richter Fabian Riedel Helen Rigley Joe Ritchie Ilan Rochman David Rockliff Pearl Rodrigues Mark Romanczuk Mairin Rooney Delia Rosoga Ranjith Roy Mark Ruffles Benjamin Runnacles Ashley Ryan Eric Ryckman Takeshi Saito Sushil Sancheti Neha Santiago Vijay Saraswat James Sarvis Christian Schaefer Heather Schuyler Katelyn Seager Gowri Sekar Chris Semones Vikram Sethi Hui Shan Adi Sharma Praharsh Sharma Nicole Sharp Inna Shaykevich Jenna Shen David Shih Michael Shin Aekloveya Shyam Haris Siddiqi Adam Siegler John Sienkiewicz Craig Singer Peter Smith Brian Snyder Tejas Sodha Doug Spencer Mark Spitzer Anushree Srivastava Christian Stassen Holger Staude Emily Stecher Becky Steinthal Samuel Su Vivek Sukhatme Danny Suwanapruti Andy Tai Stephanie Tan Kei Tanaka Jacky Tang Hekmat Tannous Michael Tarulli Luigi Tavella Archana Tayade Emma Taylor Lori Taylor Asher Teren Gurtaran Thethi Jonathan Thomas Neil Thomas Bryn Thompson-Clarke Todor Todorov Steven Torbeck Sidney Tordjman Stephen Tripi Clemens Tripp Michael Trokoudes Jason Tsang Christian Tschirdewahn Candice Tse Vicki Tung Mateo Ugas Alekhya Uppalapati Rucha Vaidya Steven Valentic Peter VanDeventer Kyle VanFleet Alexandre Virolle Christopher Volmut Neel Vora Danielle Walsh Jordan Walter Bingwen Wang Phyllis Wang Zac Wang Brandon Watkins James Weaver Deborah Wei* Steven Weiss Robert Whelan Andrew White Anna Whitlow Eva Maria Wiecko Liz Wilcockson Lennart Wilhelm Rob Williams Henry Willoughby Jim Wiltshire Maggie Wojcik William Wolcott Jean Xu Xiao-ou Kevin Xu Susan Yan Julien Yoo Wael Younan Laura Young Nick Young Ali Zaidi Kirill Zavodov Thilo Zeidler James Zhang Wanjing Zhang Yun Zhang <a href="https://www.businessinsider.com/intelligence/10-up-and-coming-fintechs-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=10-up-and-coming-fintechs-2019-2"></a>

Goldman Sachs' new managing-director list is out, and millennials dominated the class

<a href="http://www.businessinsider.in/searchresult.cms?query=Volkswagen">Volkswagen</a> has recently shaken the world with its blatant confession of having rigged the emission test by clever use of a cheat technology. Discovered by an US environmentalist, the Volkswagen cars were fitted with software in its diesel cars to manipulate emission test results.

	However, the German car maker isn’t alone to have been allegedly accused of a scandal. Remember <a href="http://www.businessinsider.in/searchresult.cms?query=Enron">Enron</a>, or Tyco? They too behaved badly. Here is the list of 8 global brands who were accused of fraud. <o:p></o:p>

	ENRON CORP.<o:p></o:p>

	Enron's fraudulent accounting practices put the energy company out of business in 2001. More than 5,000 people lost their jobs and more than $2 billion in employee pensions were gone. The company's former CEO Jeffrey Skilling was sentenced to more than 24 years in prison in 2006, but in 2013 a judge cut a decade off his sentence.<o:p></o:p>

	WORLDCOM<o:p></o:p>

	The telecommunications filed for bankruptcy protection in 2002, after disclosing it had inflated its cash flow by $3.8 billion. Former CEO <a href="http://www.businessinsider.in/searchresult.cms?query=Bernard+Ebbers+">Bernard Ebbers</a> was sentenced to 25 years in prison in 2005 for leading one the largest corporate frauds in U.S. history.<o:p></o:p>

	ADELPHIA COMMUNICATIONS CORP.<o:p></o:p>

	The US based cable companies, <a href="http://www.businessinsider.in/searchresult.cms?query=Adelphia">Adelphia</a> collapsed in 2002 after the company's founder and son were found to be helping themselves to corporate cash. A jury convicted both of them of committing $1.9 billion in fraud, and they are serving prison sentences.<o:p></o:p>

	TYCO INTERNATIONAL LTD.<o:p></o:p>

	Two of the security systems company's former executives, CEO Dennis Kozlowski and Chief Financial Officer Mark Swartz, were found guilty in 2005 of giving themselves illegal bonuses and forgiving loans to themselves from 1999 to 2002. Both have since been freed from prison on parole.<o:p></o:p>

	TOYOTA MOTOR CORP.<o:p></o:p>

	The U.S. Justice Department fined the Japanese automaker $1.2 billion in 2014 to avoid criminal prosecution for hiding information in a recall case involving defective floor mats that caused unintended acceleration. Starting in 2009, Toyota recalled more than 10 million vehicles.<o:p></o:p>

	BP PLC<o:p></o:p>

	More than two years after the <a href="http://www.businessinsider.in/searchresult.cms?query=Mexico+">Gulf of Mexico oil spill in 2010</a>, BP agreed to plead guilty to several charges, including lying to Congress about how much oil was spewing from the blown-out well. In July BP agreed to provide billions of dollars in new money to five Gulf Coast states in a deal the company said would bring its full obligations to an estimated $53.8 billion. The Deepwater Horizon disaster killed 11 rig workers and spewed millions of gallons of crude that stained beaches, coated wildlife and polluted marshes.<o:p></o:p>

	PETROBRAS<o:p></o:p>

	State-run Brazilian oil firm Petrobras was accused by federal prosecutors of the biggest corruption scheme in Brazil's history in 2014, in allegations that at least $2 billion in bribes were paid out over about a decade. Several top officers resigned, and the crisis has even pulled leading politicians into ongoing investigations.<o:p></o:p>

	GENERAL MOTORS CO.<o:p></o:p>

	Faulty ignition switches in the automaker's vehicles have been linked to at least 169 deaths. The switch could slip out of the run position and turn the engine off while driving. Last week, GM agreed to pay $900 million to settle a criminal investigation over the ignition issue. GM has admitted that some employees knew about the problem for nearly a decade, yet cars equipped with the switch were not recalled until last year.<o:p></o:p>

Not only Volkswagen, here are 8 other global giants who got into trouble in the past

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>For the last twenty years Sheldon Silver has been one of the three most powerful men in New York. <a href="http://www.businessinsider.com/one-of-the-most-powerful-people-in-new-york-politics-is-expected-to-be-arrested-today-2015-1">Now he's in FBI custody</a>.
To understand how massive this is, you have to understand how Albany, the capital of New York, works. It's pretty simple. The Governor, the Speaker of the Assembly, and the head of the state Senate run the show. 
Silver is the speaker of the New York Assembly, the lower house of the state. The district he represents includes New York City's Lower East Side, East Village and Brooklyn - parts of the city that have exchanged grit for hip during Silver's tenure in office.
And in the last twenty years, the other two men have changed. Governors have come and gone. The leadership in the New York State Senate has been a complicated ordeal, with Democrats and Republicans rotating the post after reaching a post-slugfest share agreement. 
Silver, however, has remained in the room, until now completely un-phased by the scandals around him. These charges will throw Albany into disarray. There is no succession plan in Silver's tightly controlled Assembly. He is number one, two and three.
It's also important that a lot of critical measures for New York City - like anything having to do with the Metro Transit Authority - must be approved by the state legislature.
<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div> 
The Federal case against Silver has to do with payments he took from a <keyword id="6355470" type="CITY" weightage="60" keywordseo="Law">law</keyword> firm that specializes in lowering taxes for real estate firms. No one involved is talking about it.
What we do know is that Preet Bharara, the US Attorney for the Southern District of New York, is the one who filed charges. This should not be a comfort to Silver. Bharara is feared on Wall Street for bringing insider trading cases. He has <a href="http://www.businessinsider.com/court-tosses-insider-trading-conviction-2014-12">stumbled</a> recently, but for the most part he shoots to kill.
The US Attorney's office started looking into Silver after Governor Cuomo shut down a powerful anticorruption commission - the Moreland Commission - last year. Cuomo had created the body in 2013 to root out the dirtiest elements of Albany's notoriously dirty mess. 
And for good reason. Albany politicians who have been accused of a litany of transgressions continue to work in the Capitol session after session. This is the kind of stuff that gives notoriously corrupt Chicago a run for its money.
<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div> 
State Senator Malcolm Smith is still being investigated for trying to rig the <a href="http://www.washingtonpost.com/blogs/the-fix/wp/2013/04/02/malcolm-smith-and-the-alleged-plot-to-rig-the-new-york-city-mayoral-race-explained/">election for NYC Mayor back in 2013</a> (officials are working on translating some wire taps that happen to be in Yiddish).
Former New York State Senator Pedro Espada is <a href="http://www.nydailynews.com/new-york/bronx/pedro-espada-jr-sentenced-5-years-fines-community-service-article-1.1372875">spending 5 years in jail for embezzlement.</a> Former Assemblyman and New York State Comptroller Alan Hevesi got out of jail in 2012 after serving 20 months for his involvement in a pay to play scandal (he made friends with <a href="http://www.huffingtonpost.com/2012/02/03/ja-rule-kozlowski-hevesi_n_1252924.html">rapper Ja Rule and former Tyco CEO Dennis Kozlowski while he was in there).</a>
Not all of these scandals have been about money. Former City Councilman Hiram Monserate had only been elected to the State Senate for a month before he was accused of slashing his <a href="http://www.nydailynews.com/news/crime/queens-city-councilman-hiram-monserrate-arrested-domestic-assault-charge-article-1.355416">girlfriend across the face with broken glass.</a>
Bharara will hold a press conference about the case at 1:00 pm.

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