#3 Bausch & Lomb CEO lied about his MBA degree, but was able to keep his position because he was deemed 'too valuable'

In October 2002, Ronald L. Zarrella, the chief executive of Bausch & Lomb, admitted that his resume contained false information about his education. But, as Bausch shares began to fall on the news, the company's board issued a statement of confidence in him. Mr. Zarrella, who was been CEO for about 11 months had said that he received a master's degree in business administration from New York University when, in fact, he had not. From 1972 to 1976, Mr. Zarrella attended the N.Y.U. business school as a night student while working for Bristol-Myers, but he left before graduating.

''I'm embarrassed that some of this incorrect information appeared in some of our published materials on my background,'' Mr. Zarrella said in a statement. ''Clearly it's my obligation to proofread such things carefully and ensure their accuracy,'' as reported by The New York Times.

Ronald Zarrella had to give up his $1 million bonus, but he remained CEO of the company.

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