Dennis Kozlowski, the deal-making titan who built Tyco International Ltd. into a massive conglomerate, was charged Tuesday with avoiding more than $1 million in sales tax on paintings, including works by Renoir and Monet. Kozlowski, who resigned Monday amid news of the investigation, surrendered Tuesday morning. At his arraignment Tuesday afternoon, he pleaded innocent and was released on a $3 million bond. Kozlowski, who bought roughly $13 million in paintings, was charged with conspiracy, tampering with physical evidence, falsifying business records and sales tax violations.
One month after closing its $19 billion buyout of Compaq Computer Corp., Hewlett-Packard Co. is slashing costs ahead of schedule and will exceed its publicly stated goals for trimming overhead, chief executive Carly Fiorina said Tuesday. At a daylong meeting with financial analysts in Boston that was broadcast over the Internet, Fiorina said HP still plans to hack 15,000 jobs from its 150,000-person workforce, with 10,000 cuts coming before Nov. 1 and the rest in fiscal 2003. Because the job cuts are happening faster than originally planned, Fiorina said the company expects to save $2.5 billion in 2003 and $3 billion the following year.
Federal Reserve Chairman Alan Greenspan said Tuesday that America’s economic prospects were looking brighter, but cautioned that economic growth will slow from the January-March pace. The U.S. economy, which suffered its first recession in a decade last year, rebounded at an annual rate of 5.6 percent in this year’s first quarter. But Greenspan agreed with private forecasters who say the economy will turn in growth rates of between 3 percent and 4 percent for the rest of the year.
The Teamsters rallied at more than 200 United Parcel Service facilities across the country Tuesday, demanding higher pay and more full-time jobs in the shadow of a July 31 deadline. UPS spokesman Norman Black said the rallies are part of the negotiating process and do not reflect what’s going on at the bargaining table.
The client investor forum offered by U.S. Bancorp Piper Jaffray from 3 to 7:30 p.m. Thursday will take place at the Howard Johnson Plaza Hotel, 3105 Pine St., Everett. A news item in Tuesday’s edition of this column contained the wrong location. Call 425-259-2930 for information or reservations.
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