CEOs milk the treasury

There's no limit to how far US chief executives will go to tap the treasury as the recent spate of post-Enron scandals demonstrates

Welfare reform hasn't reached corporate headquarters. Adelphia Communications says the family of cofounder John Rigas milked the cable-TV company's treasury for $174.6m to meet personal margin calls. Bernard Ebbers quit as chief executive of WorldCom owing the telecommunications concern $408.2m. Former Enron chief executive Kenneth Lay borrowed $81.5m from his company last year, paying back most of it with stock that's now worthless. Tyco International is investigating use of company money by ex-CEO Dennis Kozlowski. Public records show Kozlowski, who took $300m in pay the past three y...