Prosecutors blame (approx 70,000) job cuts on ex-Tyco finance head

[UpInArms]

http://www.forbes.com/markets/bonds/newswire/2004/02/18/rtr1265746.html

NEW YORK, Feb 18 (Reuters) - Prosecutors on Wednesday suggested former Tyco International Ltd. finance chief Mark Swartz was responsible for tens of thousands of lost jobs and sought to rattle the top defense witness.

Assistant District Attorney Marc Scholl accused Swartz of slashed expenses by cutting jobs and closing factories as Tyco made hundreds of company acquisitions while giving himself salary increases and buying lavish homes using company loans.

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During the last six years Kozlowski and Swartz ran the Berumda-based conglomerate and initiated plans to cut more than 70,000 jobs. A more precise figure for job cuts is hard to pinpoint since Tyco often adjusted its plans, increasing and decreasing the number of job cuts depending on how individual businesses performed.

Isn't it nice to know how those M&A's affect the "little people"?

[The Backlash Cometh]

1. Swartz is a monster.

A modern day psycho-path. We all assume that the dead bodies will eventually lead us to the psycho-paths in our society, but I think it's time to expand what we know about them. Destroying 70,000 jobs in order to reward oneself is the kind of behavior we need to view as a major threat to our society.