In July 2000, Mark Belnick, then the top in-house lawyer at Tyco International Ltd., received a $2 million payment toward a $12 million bonus. For Mr. Belnick, it was the latest reward in a meteoric legal career that ran from some of the highest-profile business cases of the 1980s and 1990s to Tyco, a hugely successful conglomerate and Wall Street darling.
Today prosecutors say that payment bought Mr. Belnick's silence about the looting of Tyco by its extravagant former chief executive, L. Dennis Kozlowski. Mr. Belnick, facing criminal charges, has become one of the most celebrated casualties of the recent wave of corporate wrongdoing.
But few people know just what he did with that $2 million. Almost immediately, he gave most of it to a small Catholic college in California and to the Culture of Life Foundation, a Catholic pro-life group in Washington, according to e-mails to and from Mr. Belnick at the time and interviews with people involved with the donations.
Three months earlier, Mr. Belnick, formerly an observant Jew, had quietly converted to Catholicism and become an active supporter of Opus Dei, a conservative group within the church. While prosecutors accuse his boss, Mr. Kozlowski, of taking millions from Tyco to buy artwork and posh homes and to entertain friends in Sardinia, Mr. Belnick was using some of his allegedly unlawful Tyco haul for an entirely different purpose. In addition to his donations to the Catholic college and foundation, he gave money to a Catholic television network, two parishes and an Opus Dei bookstore and information center. It was all part of a midlife transformation that Mr. Belnick, the former president of a suburban Westchester, N.Y., synagogue, long kept secret from most of his friends and even his own family.
For Mr. Belnick, two journeys intersected at Tyco: He became embroiled in one of the messiest corporate scandals ever, and simultaneously pursued a sudden conversion and devotion to Catholic philanthropy.
It's an interesting article, although I'm really not sure what the point is beyond information, and the information is fascinating, offering, among other things, the Rest of Us glimpses into the world of Hot Shot Catholics...
I was sent the piece via email. If anyone knows how to get general access to it, let the rest of us know, please.
Here's the link. Thanks, Jim!