J.

I work for MTV News in Canada as a Host.

I DJ in Toronto and help blog at More Proof

 

 

 

 

August 15th, 2007 10.12

Portfolio Magazine: Prison Cells of the Business Elite

No Comments || Posted in MTV


It’s not usually a win bringing up “new business magazines” in conversation, but Portfolio Magazine has proven pretty interesting with pieces like Murderers and Rapists and Tyco’s Mark Swartz. Let’s follow the former toy executive as he begins his 25 year excursion into federal prison:

Mark Swartz used to be a lucky man. He was rich and powerful. At his pinnacle, he was worth roughly $150 million. But he illegally pocketed $50 million and got caught. Swartz used to be the chief financial officer of Tyco International, and the day he went to prison, two years ago, he was big news.

“I was on the bus, chained up to the other inmates, when this guy behind me said, ‘Gimme your watch.’ ” … “I talked to some guys who’d spent some time inside. Their advice was ‘Don’t ever back down.’ So I knew there’s no way I’m giving this guy my watch. Then the guy says again, ‘Gimme the watch,’ and he looks like he’s getting mad. …the guy next to me keeps saying, ‘Just give him the watch!’ I think he was more scared than I was…so I changed the subject. I said, ‘Hey, any of you guys been in jail before?

’Cause this is my first time, and I’m not really sure of what I’m doing.’ Everyone started talking about [the] places they’d been to, and by the end of our ride—I don’t want to say we were friends, but the guy who wanted my watch…told me to look him up if we ended up in the same prison.”

Read the whole article, it’s like an episode of Financial Oz: Murderers and Rapists and Tyco’s Mark Swartz.

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