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BEHIND TYCO'S ACCOUNTING ALCHEMY

机译：泰科的会计核算

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Last March, Tyco CEO L. Dennis Kozlowski stunned even some of his staunchest supporters by offering $9.5 billion to buy CIT Group, then the nation's largest independent commercial-finance company. Skeptics worried that Kozlowski's industrial conglomerate would get burned venturing into a risky area it knew nothing about. But Kozlowski scoffed, arguing that he would rev up CIT'S growth. "I think CIT will be one of the best deals we've ever done," he told BusinessWeek just before the purchase was finalized. Today, CIT looks like the worst deal Kozlowski ever closed. Rather than help transform Tyco Inter- He needs a national Ltd into an- clean break other General Electric Co., as Kozlowski had hoped, CIT has become an albatross that is hastening its breakup. When Tyco's plunging stock price helped force a downgrade of CIT'S credit rating, CIT was forced out of the commercial-paper market, its very lifeblood. The move caused CIT and Tyco to swap their $13 billion in commercial paper for pricier bank loans and heightened fears of a liquidity squeeze. Now Kozlowski is scrambling to cut CIT loose any way he can―through a sale or outright handover to shareholders―no later than June. "Nearly everyone accepts that they will take a multibillion-dollar loss" on a sale, says Barry Bannister, an analyst at Legg Mason Inc.
机译：去年三月，泰科首席执行官L.丹尼斯·科兹洛夫斯基（L. Dennis Kozlowski）甚至出乎了他最坚定的支持者的意向，出价95亿美元收购了当时最大的独立商业金融公司CIT Group。怀疑论者担心，科兹洛夫斯基的工业集团将被烧毁，冒险进入一个它一无所知的危险地区。但是科兹洛夫斯基嘲笑他，说他将加快CIT的发展。他说：“我认为CIT将是我们做过的最好的交易之一。”今天，CIT似乎是科兹洛夫斯基有史以来最糟糕的一笔交易。正如科兹洛夫斯基所希望的那样，CIT并没有帮助泰科国际公司（Tyco Inter）转型，而是需要将一家国有公司转变为通用电气公司（General Electric Co.）的其他公司，但它却正在加速其分拆。当泰科暴跌的股价迫使CIT的信用评级被下调时，CIT被迫退出了商业纸市场，这是它的生命线。此举导致CIT和Tyco将其130亿美元的商业票据换成价格更高的银行贷款，并加剧了人们对流动性紧缩的担忧。现在，科兹洛夫斯基正争先恐后地通过6月不惜一切代价（通过出售或直接移交给股东的方式）削减CIT。莱格·梅森公司（Legg Mason Inc.）的分析师巴里·班尼斯特（Barry Bannister）说：“几乎所有人都承认，他们将为出售而蒙受数十亿美元的损失。”

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