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GE Stock Down 13% after Whistleblower claims "Bigger Fraud than Enron"
Posted on 8/15/19 at 4:18 pm
Posted on 8/15/19 at 4:18 pm
LINK
General Electric shares saw their biggest drop in more than a decade Thursday after Madoff whistleblower Harry Markopolos targeted the conglomerate in a new report, accusing it of issuing fraudulent financial statements to hide the extent of its problems.
“My team has spent the past 7 months analyzing GE’s accounting and we believe the $38 Billion in fraud we’ve come across is merely the tip of the iceberg,” Markopolos said in the 175-page report. Markopolos alleges that GE has a “long history” of accounting fraud, dating to as early as 1995, when it was run by Jack Welch.
General Electric shares saw their biggest drop in more than a decade Thursday after Madoff whistleblower Harry Markopolos targeted the conglomerate in a new report, accusing it of issuing fraudulent financial statements to hide the extent of its problems.
“My team has spent the past 7 months analyzing GE’s accounting and we believe the $38 Billion in fraud we’ve come across is merely the tip of the iceberg,” Markopolos said in the 175-page report. Markopolos alleges that GE has a “long history” of accounting fraud, dating to as early as 1995, when it was run by Jack Welch.
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Posted on 8/15/19 at 4:19 pm to anc
Time to buy $$$$$$
Posted on 8/15/19 at 4:19 pm to anc
Who was the big wig at GE that loved Jug Ears?
Posted on 8/15/19 at 4:19 pm to anc
Aren't they a huge leftist org?
Posted on 8/15/19 at 4:21 pm to anc
Wasnt Obama tight with these dudes?
Posted on 8/15/19 at 4:25 pm to anc
Can't wait to watch NBC cover this up 
Posted on 8/15/19 at 4:25 pm to anc
Best company I've ever worked for in GE.
Posted on 8/15/19 at 4:33 pm to anc
GE is a sinking ship and has been for a few years.
Posted on 8/15/19 at 4:38 pm to anc
This is what Union Contracts do to a Company.
Posted on 8/15/19 at 4:47 pm to upgrayedd
quote:CNBC reporting has been fairly straight up.
Can't wait to watch NBC cover this up
IMO the Marcopolos story stinks to high heaven.
GE CEO bought >250K shares today.
Others who have been GE critics, and short GE, bought long today.
Posted on 8/15/19 at 5:51 pm to NC_Tigah
quote:
GE CEO bought >250K shares today.
Probably told the whistleblower to say this so the stock would drop and he could get it on the cheap
Posted on 8/15/19 at 6:18 pm to Crimson Wraith
quote:
Who was the big wig at GE that loved Jug Ears?
You must mean Jeff Immelt... he got away with violating a ton of sanctions selling crap to Iran.
Posted on 8/15/19 at 6:22 pm to dakarx
I remember
Posted on 8/15/19 at 6:29 pm to Barneyrb
quote:
GE is a sinking ship and has been for a few years.
I had a lot of GE stocks at one tine. My ex got them. I hope they tank.
Posted on 8/15/19 at 6:30 pm to anc
Lol everyone still waiting for the GE “comeback”.
Posted on 8/15/19 at 7:20 pm to upgrayedd
quote:You realize GE sold NBC to Comcast 6 years ago, right?
Can't wait to watch NBC cover this up
Posted on 8/15/19 at 7:23 pm to LSURussian
A few years ago the company I work for was trying to merge with another. Our product service line was to be divested. GE had agreed to buy us. Thank the good Lord the merger fell through and I didn’t end up working for GE.
This post was edited on 8/15/19 at 7:24 pm
Posted on 8/15/19 at 7:40 pm to anc
GE made one terrible decision after another, especially trying to enter the pump and oil and gas business. 100% clownshow
Posted on 8/15/19 at 7:43 pm to MeatCleaverWeaver
quote:
My ex got them
I don't know what you bought them at but it was $8 today
Posted on 8/15/19 at 7:47 pm to anc
GE isn’t going anywhere. The aviation and healthcare units are far to strong
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