FacultyFaculty/Author Profile

Hon. Richard C. Breeden

Breeden Capital Management, LLC
Chairman
Greenwich, CT, USA


Hon. Richard C. Breeden
Former Chairman, U.S. Securities and Exchange Commission
Chairman, Richard C. Breeden & Co. LLC

Mr. Breeden has more than 35 years of experience with investing and financial markets, restructurings and other corporate transactions, law enforcement and ethical investigations and broader strategic and regulatory issues.  Since forming his own advisory firm in 1996, he has worked with numerous companies as an advisor, counselor, trustee, director or investor.  He also handles distributions of funds to defrauded investors on behalf of the SEC and the Department of Justice.

Mr. Breeden is currently handling the distribution of over $4 billion in forfeited assets to victims of the fraud at Madoff Securities on behalf of the U.S. Department of Justice.  The Madoff Victim Fund which Mr. Breeden administers has received claims from more than 63,000 investors in 135 countries, with total claimed losses of more than $75 billion.  More than 70% of the claimants have not received any recoveries since Madoff’s arrest in 2008.  In addition to the Madoff case, Mr. Breeden and his team have also assisted victims of illegal conduct to recover funds in cases such as WorldCom, Enron, Adelphia Communications and Royal Dutch Shell, as well as current proceedings involving J.P. Morgan Chase and British Petroleum.

Mr. Breeden has served as a corporate monitor in several high profile cases involving corporate wrongdoing of different types.  From 2002-2005 he was corporate monitor of WorldCom/MCI on behalf of the U.S. District Court (SDNY), where he helped oversee MCI’s highly successful restructuring. From 2005-2009 he was corporate monitor of the accounting firm KPMG on behalf of the U.S. Department of Justice under a deferred prosecution agreement.  During this period he also served as monitor of the media company Hollinger International under an SEC enforcement order.  He is presently monitoring Siemens Electrical, Inc. on behalf of the City of New York.

In 2006, Mr. Breeden formed Breeden Capital Management to advise a series of investment partnerships and select personal investments.  Breeden Capital closed its investment funds to outside investors in 2013 but continues to manage a proprietary investment portfolio.  Mr. Breeden anticipates leading private equity and special situation investments on a periodic basis.

From 1981-1993, Mr. Breeden held a series of government positions under Presidents Reagan, Bush (41) and Clinton.  Upon President Bush’s inauguration in 1989, Mr. Breeden served as Assistant to the President for Issues Analysis, functioning as one of the President’s most senior domestic policy and economic advisors.  During this time Mr. Breeden was the principal architect of the President’s successful legislation to restructure the U.S. savings and loan industry.  This program created the Resolution Trust Corporation and paved the way for restructuring hundreds of billions in assets held by insolvent banks and thrifts without bailouts, and at minimal cost to taxpayers.

President Bush appointed Mr. Breeden to serve as Chairman of the U.S. Securities and Exchange Commission, where he served from 1989 to 1993.  Chairman Breeden was a vigorous advocate of a strong SEC, and he achieved numerous reforms to strengthen the SEC as an institution.  He strongly advocated investor interests, but also sought to enhance efficiency and competition through market mechanisms.   During his tenure the Commission trimmed or eliminated overly broad rules with minimal benefits, while strengthening enforcement remedies and core areas of investor protection. Chairman Breeden worked actively with Congress on a bipartisan basis to achieve the Commission’s objectives.

The Breeden Commission made long-lasting improvements in SEC rules involving corporate finance (Rule 144A, among others) and cross border M&A transactions; market and issuer transparency; proxy rules (the last comprehensive  overhaul of proxy rules occurred under the Breeden Commission) and corporate governance; mutual funds and investment advisor oversight; international enforcement cooperation; accounting and disclosure standards; electronic trading and faster clearance and settlement and many other areas.  Chairman Breeden created the Commission’s international division, vastly strengthened enforcement resources and sought much tougher sanctions.  He also proposed and won passage of legislation giving the Commission the authority to impose fines, cease and desist orders and officer and director bars. Chairman Breeden handled the liquidation of Drexel Burnham Lambert without a taxpayer bailout, as well as the near failure of Salomon Brothers due to scandals involving false bidding in Treasury auctions.

Mr. Breeden has been a director of more than a dozen companies in the U.S. and Europe, including previously serving as non-executive Chairman of the Board of H&R Block, Inc.  He currently serves as a director of STERIS Corp., an Ohio-based manufacturer of medical devices and a leader in sterilization technology. He is a member of the Standing Advisory Group of the Public Company Accounting Oversight Board (PCAOB), and is a regular guest lecturer at the Columbia Business School. 

Mr. Breeden is a graduate of Stanford University and the Harvard Law School.  He and his wife Linda live in Greenwich, Connecticut.

Hon. Richard C. Breeden is associated with the following items:
Web Segment  Web Segment Investment Management - SEC Speaks in 2017, Tuesday, February 28, 2017
MP3 Audio  MP3 Audio Investment Management - Investment Management, Tuesday, February 28, 2017
MP4 - Mobile Video Seg  MP4 - Mobile Video Seg Investment Management - Investment Management, Tuesday, February 28, 2017
On-Demand Web Programs  On-Demand Web Programs SEC Speaks in 2017, Friday, March 03, 2017, Washington, DC
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