Thursday, June 12, 2003
One of these executives of a failed company, Tyco, has tried to do good. Mark Belnick, the top in-house counsel at the mega-conglomerate, was paid $12 million as a bonus. Prosecutors are now claiming that the bonus was "hush money" to keep Belnick from testifying against the former CEO, Dennis Kozlowski, who is charged with pillaging the company. But the payment that Belnick received went almost immediately to a small Catholic college in California, and to a pro-life organization in Washington. Belnick, formerly an observant Jew, quietly converted to Catholicism a few months before receiving the bonus. The Wall Street Journal had a fascinating front-page piece last Wednesday about Belnick, and how his "two journeys" intersected at Tyco. According to the paper, Belnick "became embroiled in one of the messiest corporate scandals ever, and simultaneously pursued a sudden conversion and devotion to Catholic philanthropy." Check out the piece. It is a neat look at the changed life.