He kept homes in Nantucket and Boca Raton, Fla., in addition to his lavishly decorated Fifth Avenue apartment in Manhattan containing a $6,000 shower curtain, a $15,000 umbrella stand and almost half a million dollars in draperies and 17th-century antiques, all of which were bought with company money.
He also bought the famed sailing yacht Endeavor with his own money and hired a full-time crew of nine to help maintain it.
"Baby, if you've got it, flaunt it," said Wolfe.
"I think people in many cases are dying to flaunt it. If you're 59 and you've made a fortune, and you're still not attractive to women because you can't explain to them what you do, and you can't go around the beach with a sign hanging around your neck saying 'Financial Giant,' you have to call attention to yourself," Wolfe said.
And Kozlowski did. To celebrate his second wife's 40th birthday, Kozlowski rented a five-star resort on the Italian island of Sardinia. On a videotape of the party, later played at his criminal trial, waiters in togas greeted guests while Jimmy Buffett and a band flown in from Nantucket serenaded them. A life-size cake in the image of his wife had breasts made of icing that later exploded. Vodka was served out of an ice sculpture of Michelangelo's David.
"He was nouveau riche. No question about it. Old money would not be throwing that kind of party in Sardinia," New Yorker contributor Stewart said.
"That was a dreadful waste of money," assistant district attorney Moscow agreed. "He certainly was willing to spend other people's money at an incredible rate for himself -- we call that stealing."
The affair of Kozlowski capped an era of unchecked greed in corporate America that began in the 1980s and was celebrated in the famed movie "Wall Street." Since then, the country has watched several multimillionaires, from Bernard Ebbers and Scott Sullivan of MCI WorldCom to Kenneth Lay of Enron, be asked to explain their avaricious behavior.
ABC News' Jill Rackmill contributed to this report.