Companies in Crisis: Will The WorldCom Workout Work For Others?
Mr. Breeden draws from his experience as Corporate Monitor of WorldCom, Inc. to highlight the issues of corporate governance and ethics and recommend new systems of corporate governance and compensation.
Restoring Investor Confidence
In this speech, Mr. Breeden highlights strategic methods and alternatives for reviving troubled companies in the eyes of employees, investors and consumers.
Monitoring Corporate America
On behalf of the U.S. District Court, Richard Breeden was appointed to act as Corporate Monitor of WorldCom, Inc., overseeing the case involving the largest corporate fraud and bankruptcy in U.S. history. In this capacity, he was responsible for supervising efforts to insure that fraudulent activities, self-dealing and financial abuse at WorldCom were halted, and for recommending new systems of corporate governance and compensation. He now serves as Corporate Monitor of WorldCom, Hollinger and Fannie Mae. His own firm, Richard C. Breeden & Co., provides turnaround advisory services and strategic consulting to companies experiencing financial or governance distress.
Extensive and Longstanding Experience
During the Administrations of Presidents Reagan, Bush and Clinton, Mr. Breeden held a series of government positions that culminated in his service from 1989 to 1993 as Chairman of the U.S. Securities and Exchange Commission. As head of the SEC he played a leading role in defining disclosure, accounting and corporate governance requirements under the U.S. securities laws, and initiated the last major overhaul of U.S. proxy rules. The SEC under his leadership brought more than 1,200 enforcement actions involving false or misleading financial statements, insider trading and other violations of law.