Transcripts For FBC Cavuto 20131205 : comparemela.com

FBC Cavuto December 5, 2013

Come without its cost. He can have no responsibility at any bank without her mission. Why . Tell me why. He lived an ex traf began life, he said with his money. But he could not make the case, prosecutor wanted to rest their case by getting on his case, making a federal case over things like 15,000 umbrella stands and 6,000 shower curtains. Never mind that he told me he nothing to do with the purchases his then wife did. She is long gone now, so too is his money. Now. Maybe all of his money. Consider this. Between dennis and his co o defendant cfo. Here is what we know. The government building his case on the life style, not only unprecedented but unbeforing and unfair, it started with what i think was a concerted war on wealth, and the wealthy, to this day knows no bounds. Catsimatidises fat cats and greedy ceos, it seems the rich and successful are all bad. They must have gotten that way illegally. Were now taught to distrust the successful in this country, if they get too much so, knock them down a peg or two. This is why banks cough of tens of millions in finds for behavior that government 1 encouraged. Oil ceos are routinely dragged to washington for reportedly obscene profits that are to be discouraged. I studied kozlowskis case closely, i dont think he did anything wrong. That is not right, that not good, i dont think that is american. But that is me. Katherine neil who knows the book on dennis, her book will be out on dennis, a great title, takes down the lion, what do you make of this . He will pay for this in freedom for his life. He is. He is paying and will continue to pay a pretty severe price for being a successful ceo who made and spent a lot of money. Neil his lawyer saying as much, a statement from alan lewis, stating that done is kozloswki was convicted of grand larceny for stealing bonuses that were authorized by a all right at bonus plan a contractual bonus plan and disclosed by him. Nonetheless, given that mr. Kozloswki was convicted, and serving his sentence were gratified by the decision to parole, what do you make of that, even now still insisting we did nothing wrong. Well, i dont know what mr. Kozloswkis position is at this time about his guilt or innocence. He was convicted by a jury, that was never overturned on appeal. But i spend two and a half years emersed in this case, i agree with you, i dont see the crimes. Neil i guess im asking, do you think he became more of a target because, he lived a nice life, there are a lot of people and ceos who live grand life styles they have a big bunch of money, he seems to live grand life style on steroids, that brought a lot of attention. It did. And i agree, he became a very public big spender, and he did a lot of that spending in new york. The largest media market in the world. He became the darling of the media for a while, but quickly, almost overnight, the media villainized him, and his spending habits became akin to criminal activity. It is unfortune at that his success was turned, his accomplishments now know more than a mere footnote of his life, he is now known as and will be remembered as a criminal who took millions of dollars from the company, that he devoted 27 years of his life to. Neil always in these cases, by the way you have no connection to dennis kozloswki. Much was made of whether to despite his salary, everything and else he additionally took money that was meant ffr the company. Because that will be the suspicion, if you live too grand a life style, it cant be on already approved 100 million salary and pay package we have for you, you must be getting it from other sources, it can be a tough thing to prove. So, is there a message or a warning to future ceos, and future fat cats . Lay low or what . Absolutely, when my book comes out in january, kozloswkis life is a cautionary tale, kno anyone who is a corpoe executive or who wants to be ba corporat executive should look at the life of kozloswki. This this case, the board of havwasgenerous, they paid cos ki many would argue you they overpaid him. I looked at all of the evidence, that was presented at trial, corporate documents all transactions for the bonuses that he is has been convicted of stealing, those transactions were on the book and records of tyco. None was secreted, it was all conducted in ordinary course of business. Audited by one of the most reported Accounting Firms in the world 92 tha. Neil thats right. It seems perhaps therefore a pay dispute between kozloswki and the tyco board at the time that should have been settled between the parties, at worse taken care of through civil litigation. But this happened post enron just after enron imploded. Neil weird timing on that. A hostile environment. Prosecutors were looking for the next enron. And the next high profile executive that could be prosecuted and held up as the scapegoat. I am afraid that is what happened in this case. It was a bad time for corporate executives, kozloswki was among highest paid at the time. It made him an easy target. Neil i am really esighted about this excited about this book, i hope you can come down when it comes out thank you it will be a page turner. Thank you uneil. Neil all right to a former corporate titan who served hid time even after prosecutor failed to nab him. When fed got a hold of former health south ceo for a second trial they did t, they used his life style to make his point, he must be doing something wrong becausely had a lot of plenty to supposedly get his way. Charging he must have fought his way to a state board for alabama. No one saw any suitcases of money going back and forth. Mr. Scrushy is joining us now after serving 6 years in prison. Richard do you look at this case, and now dennis kozloswki joining you as a free man on the outside, and say what a pattern here in. Well, certainly, after hearing what i just heard from the about the book. And investigation that wonderful lady did, there is tremendous concern you know what you make a lot of money, build a 40 billion company it is not unusual for board to reward with you a substantial bonus or income and benefits, that is common in this country. If we look at every ceo in america you would see large salaries, i looked at top 10 paid guys in the last year, they made hundreds of millions. Neil what do you think makes them a target . First of all you have a media issue, many newspapers, a loot of jealous people are looking for wealthy people to hate on, they are searching them out, and media beats them down, prosecutors beat them down, even plaintiffs go after them, when you have money you are a target. Everyonements your money. Go build your own Million Dollar company, right. They want your money, they come after your money, they make a big dial out of the fact have you more than one house or a bought a boat, many of the investment that you see people like dennis, myself and others make in homes and whatnot. What do you do with the cash or money when you are successful and you build the companies . You invest it in real estate, and in property and in maybe antique cars or other antiques, things that will go up in value, it is a matter of spreading your wealth, and putting it in different places to maintain it for your family, that then is a targ it, a target for those who would like to take it away. Certainly we are seen that over and over again. You know i was hit during that whole enron period as well, i spent 6 months in trial. Not one sled o sleferdz piece oe against me. They spend millions against me. They believes continue to try to milk you. Neil any advice for guys who might be in a pickle like you . Just lay low or dont make too much of a scene . I think i have been writing a book, you probably know that, on building a billion dollar company. I am finishing it up right now. I spend a chapter on talking about, that i think if i had it to do over again i would have spent less money, you cant take it with you when you die, you cant spend it or enjoy it either. I gave tens of millions away. Over 6 year period, if you look at money i gave away out of a bonus i received, i gave almost 50 of my money away to charity. You dont get credit for that when they come after you, i gave more money away than i spent on my money, but that does not come back to you, they still want to attack you. I wouldry do it, i would redoute it i would be less extravagant. You are a target, they do come afternoon you. Neil richard, an amazing story, thank you very much, i look forward to the book, rich affidavit crushy. Richard scrushy. Thank you, neil. Neil you know, when it comes to business hateems hadens were no longer in top 5 or no longer in the top 10, ouch. Just by talking to a helmet. It grabbed the patients record before we even picked himp. It found out the doctor we needed was at st. Annes. Wiggle your toes. [ driver ] and it got his okay on treatment from miles away. It even pulled strings with the stoplights. My ambulance talks with smoke alarms and pilots and adiums. But, of course, s a good listener too. [ female announcer ] today cisco is connecting the internet of everything. So everything works like never before. Yep. Got all the cozies. [ grandma ] with n fedex one rate, i could ll a box and ship it r one flat rate. So i kn untilt was full. Youd be crazy not to. Is tt nana . [ male announcer ] fedex one rate. Simple, flat rate shipping with the reliability of fedex. Because you cant beat zero heartburn. Woo hoo [ male announcer ] prilosec otc is the number one doctor recommended frequent heartburn medicine for 8 straight years. One pill each morning. 24 hours. Zero heartburn. Are bad for our democracy, rising inequality, inequality, growing things quality, that in inquality, it is well past the time to raise the minimum wage. President push foege raise minimum wage to past 10 an hour, addressing some of the inequality he said, at a time when u. S. Is not a haven for business, top 5 finishers in that, no United States, you have to go way down that list to almost number 14 to see United States represented. I believe mozambique is ahead of us kidding. Former House Speaker Dennis Hastert not surprised. With that antibusiness tone that continues. He wants to help. You find bes are creating minimum wage, that is a Small Business, gloriest, shoe shops, the mom and pop stores. And they are the people that bridge in en entry level teenag, people looking for a job, housewives for part time, Senior Citizens that want to make their way, not depend on social security. These are entry level jobs, isnt jobs, when you raise the minimum wage you a lot of those jobs go away, the Small Businesses cant afford them. Neil the pattern i was getting at, whether intentional or not this perception of that have and havenots, those who have it or doing well, in how not to be trusted. It feeds a narrative what do you make it was. This dodge in my Opinion Administration in my opinion does not get it, people who create jobs are p entrepreneurs people who have a capital to put it . They are saying because of increasing regulation, and unknown out there what this administration is going to try to do on tax policy, people are putting their money in gold overseas, and they dont trust this administration. So the world has the same view. They say through this forbes study businesses that world is their oyster, they can park their money or businesses or plans anywhere they do not see us fitting into that tragedy, ireland, yes, u. S. , no. Absolutely. And a flick of your on a keyboard, you can invest, put your money, run a business overseas from sitting at home, and if you dont know what your stability is and the economic consequences of political actions here, you put your money someplace else. Were stagnant. Neil amazing, thank you Dennis Hastert. Uncle sam, have a pint and drown your sorrows, ireland and others are doing better. But we want to pursue why these countries are the draws and we are not, that is what is important, i want to focus on why that is the case. After this. Neil neil whole idea whether we have a war on success, or at least dee dee is here said it would appear that way, rick unger said it would appear not. Rich guys always do that, they talk about social implement i know you love that. You are a socialist, rick. Which sun fortunate. Sun muc is unfortunate. Were on this list of top country that do business, number 14, how in the world . Neil amazing forbes looking at all sorts of factors, ireland is number one, new zealand. They made a lot of harry potter movies. Were 14 because of obama administration, highest Corporate Tax that is a killer. Other country showcase rate. Neil why are we 14. I dont know if i can. Neil you better. What is surprising i would never take issue with forbing magazine, but these are country that have socialized medicine provide everyone at birth, every one of those Country Health care is a right not a privilege. What are they doing right . They are letting business do business. And government getting out of the way. No government is taking responsibility, they are take 7 of those have a lot of benefits that were fighting for here that could ease burden on company. No, i think that government is anvil around the necks of these businesses. Neil by the way with health care you would think that be the draw to at least take us out of the top 20, maybe to top 10. We have not gone where they are. It has already been a job killer. None of these country have an Obamacare Health care system. Neil we are 14. They have single try getting those things off the backs of businesses. Neil then we rockets to 13 . Who knows where to. Neil weve been rocketing down. Keep in mind, number one on ireland. Ireland has an Unemployment Rate almost double what ours is, maybe business is doing great. Neil well off the highs, real estate is rebounding there are a lot of factors, these come in waves, but weve been dropping like a stone. People have been listening to your advice. Neil when i said, go have a fin59in59pint in du dublin, i n stay in dublin. Everything obama does today, the speech the steam was rolling. Not saying i am saying what is it about our country that is increasingly over the years, and president s, not wowing other countries. One more factor, if you look at country high on the list, very small gdp, small economy, to run. You get into a bigger economy situation, you didnt see china on the list either. You get into the big you think it is apples and oranges. I think it could be 92 your forbes subscription isd. In middle class, in states where i am from, they have trouble with Small Businesses now because of the tax codes. Were printing money. How many are they really paying, what are they paying. Neil 29 . More than everyone else that is not good. How many of Largest Companies pay zero. Neil also those pay full price, oil Companies Pay full price, you can average it out, but there is Something Big going on, psychologically this is a stain that building up over the years, high profile cases got it rolling but i tell you there is something going on. I agree. That is why i blame obama administration. I am not trying i blame rick. I blame you. We have a since of entitlement. Where are we going with wonder woman . To dc. Neil asking twitter to help pick its 2013 person of the year, we went to twitter to vote cavuto person of the year. One vote. Ooh. The results, winner, important of the year neil cavuto. But for Time Magazine not that easy. Public vote turning social media on its very head after this. Bp supports nearly 250,000 jobs here. Through all of our energy operations, we invest more in the u. S. Than any other place in the world. In fact, weve invested over 55 billion here in the last five years making bp americas Largest Energy investor. Our commitment has never been stronger. Neil halftime. Starting a media war. Closing at midnight tonight, miley cyrus is in the lead. Okay, so nelson mandela, miley cyrus Media Research saying that there is no way that miley cyrus will be this years choice. Im here to tell you this is the death of civilization as we know it. What do you say . They are going to do that, it might be more controversial than putting someone else on the cover. They did something other than shaking their butts on mtv so that is certainly part of it. Thats exactly what is wrong with society, they think that this person i think you could argue. She went on mtv to make a disgrace of herself on purpose and she has gone on to do that on other awards shows and shes become americas number one clown. When they add them all up, they say they have to give it to her. You are saying that they could give themselves a cornea . Stop publishing a print magazine. They are paying no attention, newsweek is trying to come back from the dead like a zombie episode. Its just a disgrace. People dont look at this as much of anything anymore. This will only double and triple that. It has come out as the list of the best and most affordable colleges in the best places to live, they do have issues that garner interest. So maybe that is what this is all about . You could absolutely put miley cyrus on the cover on the wiki which is the center of a cultural controversy. Everyone understands that Time Magazine has been done on the cover and whatever. And it is just simply, when you add this as person of the year, it is almost as silly as the year they decided that it was all of us. This would be that lame, i think. At least you and i are more worthy than miley cyrus. Neil she is jealous of me. I do know that. Thank you so much. We are all going to say, there goes wrong. Okay, move over Million Dollar diamond bras. Microsoft is taking underwear high tech. It had a bra that helps women keep from overheating. We will have that next. Neil who says they are no longer at the forefront of technological innovation . Microsoft researchers are trying to buck that trend. It is designed to protect and one women against emotional overeating by using sensors that detect stress. If it works, though, then it will possibly do the trick. You have to hand it to folks for getting entrepreneurial. But youre not supposed to take a look at some of the gimmicks that they are coming out with. But i really think that this might be going a little bit too far. You have to ask yourself why women they call this a stress monitor or Something Like that. This isnt sexist. We tried to make mens underwear, but the problem is for these

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