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Started By
Message
General Electric, a Bigger Fraud than Enron
Posted on 8/15/19 at 8:04 am
Posted on 8/15/19 at 8:04 am
quote:
Summary: GE’s $38 Billion in Accounting Fraud
www.gefraud.com
by Harry Markopolos, CFA®, CFE
Synopsis:
This is my accounting fraud team’s ninth insurance fraud case in the past nine years and it’s the biggest, bigger than Enron and WorldCom combined. In fact, GE’s $38 Billion in accounting fraud amounts to over 40% of GE’s market capitalization, making it far more serious than either the Enron or WorldCom accounting frauds. Enron’s CEO, Jeff Skilling resigned on August 14, 2001, Enron was downgraded to junk status on November 28th and filed for bankruptcy protection on December 2nd. On March 11, 2002 WorldCom received document requests from the SEC related to its accounting and loans to officers; on April 30th CEO Bernie Ebbers resigns regarding his $400 million in personal loans from the company, then on June 25th CFO Scott Sullivan is fired before WorldCom files Chapter 11 on July 21st. It’s been 17 years since WorldCom so we’re long overdue for something like GE. As you read our slide deck you’ll see that GE utilizes many of the same accounting tricks as Enron did, so much so that we’ve taken to calling this the “GEnron” case.
LINK
Same guy who outed Madoff...
This post was edited on 8/15/19 at 8:06 am
12
Posted on 8/15/19 at 9:12 am to OleWarSkuleAlum
I just read this. I work for GE, very concerned. Interestingly enough, GE Renewable Energy exists because they purchased that portion of Enron for pennies on the dollar.
Posted on 8/15/19 at 9:28 am to OleWarSkuleAlum
I can not believe I wasted time reading that garbage.
Heaping piles of innuendo and word salad with zero meat.
ETA: He better be able to back this up or he is going to have a very bad week, the SEC takes a very dim view of stock manipulation.
Heaping piles of innuendo and word salad with zero meat.
ETA: He better be able to back this up or he is going to have a very bad week, the SEC takes a very dim view of stock manipulation.
quote:
Markopolos is working with a hedge fund he didn’t identify and stands to benefit from bets that GE’s stock will decline, according to the Wall Street Journal
This post was edited on 8/15/19 at 9:34 am
Posted on 8/15/19 at 9:40 am to cave canem
quote:
He better be able to back this up or he is going to have a very bad week, the SEC takes a very dim view of stock manipulation.
The SEC doesn't enforce any of the securities laws on the books.
Posted on 8/15/19 at 9:45 am to wutangfinancial
They gone.
Posted on 8/15/19 at 9:59 am to cave canem
quote:
Markopolos is working with a hedge fund he didn’t identify and stands to benefit from bets that GE’s stock will decline, according to the Wall Street Journal
Posted on 8/15/19 at 10:04 am to LSURussian
quote:
Markopolos is working with a hedge fund he didn’t identify and stands to benefit from bets that GE’s stock will decline, according to the Wall Street Journal
No conflict of interest here!
Posted on 8/15/19 at 10:05 am to OleWarSkuleAlum
I didn't read any of that....but I did hear from a friend of a friend who is in IT that GE is literally 10 years behind schedule in completing a project for a very large LA based oil storage endeavor.
Posted on 8/15/19 at 10:12 am to hungryone
That dude is a smart mofo. I would believe him over GE.
Posted on 8/15/19 at 10:17 am to LSUBanker
quote:The plan is working. GE is down 15% this morning as I post this.
Markopolos is working with a hedge fund he didn’t identify and stands to benefit from bets that GE’s stock will decline, according to the Wall Street Journal
No conflict of interest here!
Posted on 8/15/19 at 11:04 am to LSUBanker
quote:
No conflict of interest here!
Conflict of interest? He has no obligation, there is no conflict. If you think a company is way less profitable than you short them and divulge the research. This happens often.
Posted on 8/15/19 at 11:19 am to barry
Correct, it's not a conflict of interest issue, it's a matter of bias based on a financial interest. His problem, if he is wrong, is that GE could sue him - maybe a fraud?
Posted on 8/15/19 at 11:23 am to OleWarSkuleAlum
How is a guy who is on a fraud team allowed to issue a public report like that?
GE has issues. I'm not sure they rise to fraud. Bad investments (like the Baker Hughes deal) could just mean incompetence, not fraud.
GE has issues. I'm not sure they rise to fraud. Bad investments (like the Baker Hughes deal) could just mean incompetence, not fraud.
Posted on 8/15/19 at 11:23 am to OleWarSkuleAlum
I imagine there is a lot of truth behind this, GE has been tanking for a while now. I imagine the board was/is doing whatever they can to keep the company, founded by Thomas Edison, afloat. The stock is down 74% since 2017.
Posted on 8/15/19 at 11:33 am to LSUFanHouston
quote:
How is a guy who is on a fraud team allowed to issue a public report like that?
Because they undertook the exercise themselves, it's not like GE or some government organization ordered the report.
This is basically the same thing as an equity analyst releasing a report.
Posted on 8/15/19 at 11:35 am to barry
quote:
Because they undertook the exercise themselves, it's not like GE or some government organization ordered the report.
I didn't realize that.
I'm surprised they had the access needed.
Posted on 8/15/19 at 11:37 am to LSUFanHouston
It is challenging to take a report seriously when it does visual gimmicks like changing the Enron logo to be GE.....
Posted on 8/15/19 at 11:50 am to OleWarSkuleAlum
quote:Indeed.
Same guy who outed Madoff...
Harry Markopolos is also being paid by an undisclosed hedge fund.
Want to guess as to the likelihood of that fund shorting GE in advance of Markopolos's report?
Seems filthy.
Posted on 8/15/19 at 11:57 am to NC_Tigah
quote:
Indeed.
Harry Markopolos is also being paid by an undisclosed hedge fund.
Want to guess as to the likelihood of that fund shorting GE in advance of Markopolos's report?
Seems filthy.
You think these guys are that brazen? I have no clue but I imagine they know what they would and would not get in trouble for. This seems like one of them.
The stock has been in free fall for quite some time now.
This post was edited on 8/15/19 at 11:59 am
Posted on 8/15/19 at 12:17 pm to hubertcumberdale
I don't see what is wrong. The guy probably spent hundreds of hours researching their financials and legal structures. If he is wrong then he might get sued or have charges against him. If he is right then he might make a ton of money.
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