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re: General Electric, a Bigger Fraud than Enron
Posted on 8/17/19 at 3:23 pm to igoringa
Posted on 8/17/19 at 3:23 pm to igoringa
quote:
He is correct only one entity can consolidate - but if such entity is a sub of another pub co - it will show as consolidated in both (pub co GE and sub co BHGE). His lack of understanding of this or purposeful misstatement doesn’t leave me optimistic about the rest of it.
He’s claiming GE doesn’t actually have any control over assets and CFs in BHGE and therefore shouldn’t be allowed to consolidate per FASB and that while they maintain the 50.4% threshold, it’s purely a mechanism to keep losses of the books and pad WC, but doesn’t accurately reflect the current situation.
Posted on 8/18/19 at 12:14 am to OleWarSkuleAlum
Enron was badness and so was Bernie Ebbers Wcom!
Posted on 8/18/19 at 9:41 am to Jimmy2shoes
Article on one part of the whistleblower's report- long term care
quote:
What Bernie Madoff whistleblower Harry Markopolos is calling a “fraud” by General Electric (NYSE:GE) of just over $38 billion, enough to sink the company, is mostly the natural consequence of forcing an unlimited draw on a limited pool of funds.
That’s what long-term care represents. It’s not just waiting to bankrupt GE, but you and your family — even if you think you’re comfortable. It can hit at any moment, from an accident, disease, or just natural aging.
Nursing home care costs an average of $245 per day. That’s $1,715 per week and almost $90,000 per year. This doesn’t include the costs of doctors, drugs and the occasional hospitalization.
quote:
According to Markopolos’ report, GE should have been accounting for its unsustainable obligations with reserve funds back in 2012. The whistleblower claims General Electric didn’t acknowledge them until new management came in. This created a $15 billion hit that had to be spread out over seven years.
the company’s refusal to account for policy costs is worse, Markopolos writes. GE is stuck with reinsurance on policies written in the twentieth century, long before the real costs were known. They have just $1,133 of premium, on average, 70% of which cover lifetime benefits for customers whose average age is now 75.
Posted on 8/19/19 at 3:28 am to hubertcumberdale
quote:
The stock is down 74% since 2017.
Trust me. I know
I keep saying frick it... I’m just gonna off load it but the sob shows a little sign of life and then duds down again.
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