Giuliani to Help Restore Investor Confidence

Former New York City Mayor Rudolph Giuliani said he is committed to help turn around WorldCom because WorldCom represents the "biggest challenge" in returning investor confidence in the capital markets.

Mr. Giuliani is chairman and CEO of Giuliani Partners, a New York City consulting firm that formed a strategic alliance with Ernst & Young earlier this year. He made his commitment to WorldCom known at a press conference held to announce that the National Thoroughbred Racing Association has hired Giuliani Partners to review the industry's electronic wagering system.

WorldCom has said it plans a $9 billion restatement because of accounting irregularities. But Mr. Giuliani insists he wants to help make WorldCom a model for corporate governance. As part of that model, he is advocating a separation of the role of chairman and chief executive. Some have speculated that Mr. Giuliani may take a position as chairman, if the roles are split.

Among Mr. Giuliani's plans for WorldCom are "a lot more transparency" into the company’s operations and "standards opposite of the low standards" that were previously in place at the company. ("Giuliani States Commitment To Helping WorldCom Recover," Wall Street Journal, November 20, 2002)

-Rosemary Schlank

You may like these other stories...

Steve Jobs. Sergey Brin. Mark Zuckerberg. Each of these individuals, and their companies, are celebrated as changing the face of the technology. They all followed a similar path to success: excelling at one thing and...
Read more articles by Sally Glick here.While reading a recent article titled, "Bondage to Busyness," by Alan Morinis, I was struck by his reminder regarding how stressed and pressured we all are today. Our...
To assist firm leaders in making key decisions for the future, BKR International, one of the top 10 global accounting associations. recently put together a list of the five priorities managing partners must address...

Already a member? log in here.

Upcoming CPE Webinars

Sep 18
In this course, Amber Setter will shine the light on different types of leadership behavior- an integral part of everyone's career.
Sep 24
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.
Sep 30
This webcast will include discussions of important issues in SSARS No. 19 and the current status of proposed changes by the Accounting and Review Services Committee in these statements.
Oct 23
Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.