GE falls the most in 11 years after Madoff whistleblower calls it a ‘bigger fraud than Enron’

[the other mike]

" It's 10 minutes 'til close Mr Gekko. What do want to do ?"
"Dump it. So I'll only make $100 million on the deal."

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.

A website has been set up to disseminate the report, www.GEfraud.com, where Markopolos calls it “a bigger fraud than Enron.” The financial investigator, who was probing GE for an unidentified hedge fund, writes that after more than a year of research he has discovered “an Enronesque business approach that has left GE on the verge of insolvency.”

“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.

“It’s going to make this company probably file for bankruptcy,” Markopolos told CNBC’s “Squawk on the Street. ” “WorldCom and Enron lasted about four months. ... We’ll see how GE does.”

The stock closed 11% lower in its biggest drop since April 2008, ending the day at $8.01 per share.

GE falls the most in 11 years after Madoff whistleblower calls it a 'bigger fraud than Enron'

 

[the other mike]

GE’s CEO issued a statement calling the allegations false, and driven by market manipulation.

“GE will always take any allegation of financial misconduct seriously. But this is market manipulation – pure and simple,” Lawrence Culp, chairman and CEO of GE said in a statement. “Mr. Markopolos’s report contains false statements of fact and these claims could have been corrected if he had checked them with GE before publishing the report.”

 

[edward37]

" It's 10 minutes 'til close Mr Gekko. What do want to do ?"
"Dump it. So I'll only make $100 million on the deal."

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.

A website has been set up to disseminate the report, www.GEfraud.com, where Markopolos calls it “a bigger fraud than Enron.” The financial investigator, who was probing GE for an unidentified hedge fund, writes that after more than a year of research he has discovered “an Enronesque business approach that has left GE on the verge of insolvency.”

“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.

“It’s going to make this company probably file for bankruptcy,” Markopolos told CNBC’s “Squawk on the Street. ” “WorldCom and Enron lasted about four months. ... We’ll see how GE does.”

The stock closed 11% lower in its biggest drop since April 2008, ending the day at $8.01 per share.

GE falls the most in 11 years after Madoff whistleblower calls it a 'bigger fraud than Enron'

Unidentified hedge fund shorting This might be a scam

 

[the other mike]

 

[iamwhatiseem]

Good
GE is one of the most vile companies in the world.

 

[the other mike]

Good
GE is one of the most vile companies in the world.

But they also employ about 300,000 people don't they ?

 

[pknopp]

Good
GE is one of the most vile companies in the world.

But they also employ about 300,000 people don't they ?

Did it matter how many the mafia employed? It's OK to be corrupt because you employ a lot of people?

 

[martybegan]

" It's 10 minutes 'til close Mr Gekko. What do want to do ?"
"Dump it. So I'll only make $100 million on the deal."

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.

A website has been set up to disseminate the report, www.GEfraud.com, where Markopolos calls it “a bigger fraud than Enron.” The financial investigator, who was probing GE for an unidentified hedge fund, writes that after more than a year of research he has discovered “an Enronesque business approach that has left GE on the verge of insolvency.”

“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.

“It’s going to make this company probably file for bankruptcy,” Markopolos told CNBC’s “Squawk on the Street. ” “WorldCom and Enron lasted about four months. ... We’ll see how GE does.”

The stock closed 11% lower in its biggest drop since April 2008, ending the day at $8.01 per share.

GE falls the most in 11 years after Madoff whistleblower calls it a 'bigger fraud than Enron'

Unidentified hedge fund shorting This might be a scam

Or just exaggerated. Look deep enough into any large companies finances and you will probably find things that look shady.

 

[pknopp]

" It's 10 minutes 'til close Mr Gekko. What do want to do ?"
"Dump it. So I'll only make $100 million on the deal."

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.

A website has been set up to disseminate the report, www.GEfraud.com, where Markopolos calls it “a bigger fraud than Enron.” The financial investigator, who was probing GE for an unidentified hedge fund, writes that after more than a year of research he has discovered “an Enronesque business approach that has left GE on the verge of insolvency.”

“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.

“It’s going to make this company probably file for bankruptcy,” Markopolos told CNBC’s “Squawk on the Street. ” “WorldCom and Enron lasted about four months. ... We’ll see how GE does.”

The stock closed 11% lower in its biggest drop since April 2008, ending the day at $8.01 per share.

GE falls the most in 11 years after Madoff whistleblower calls it a 'bigger fraud than Enron'

Unidentified hedge fund shorting This might be a scam

Or just exaggerated. Look deep enough into any large companies finances and you will probably find things that look shady.

$38 billion would be more than shady. And why should we excuse any of it?

 

[the other mike]

Good
GE is one of the most vile companies in the world.

But they also employ about 300,000 people don't they ?

Did it matter how many the mafia employed? It's OK to be corrupt because you employ a lot of people?

Well, what about the FBI and CIA ? Do we need to lock up traitors like Comey and Brennan or shut them down and blame everyone ?

 

[martybegan]

" It's 10 minutes 'til close Mr Gekko. What do want to do ?"
"Dump it. So I'll only make $100 million on the deal."

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.

A website has been set up to disseminate the report, www.GEfraud.com, where Markopolos calls it “a bigger fraud than Enron.” The financial investigator, who was probing GE for an unidentified hedge fund, writes that after more than a year of research he has discovered “an Enronesque business approach that has left GE on the verge of insolvency.”

“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.

“It’s going to make this company probably file for bankruptcy,” Markopolos told CNBC’s “Squawk on the Street. ” “WorldCom and Enron lasted about four months. ... We’ll see how GE does.”

The stock closed 11% lower in its biggest drop since April 2008, ending the day at $8.01 per share.

GE falls the most in 11 years after Madoff whistleblower calls it a 'bigger fraud than Enron'

Unidentified hedge fund shorting This might be a scam

Or just exaggerated. Look deep enough into any large companies finances and you will probably find things that look shady.

$38 billion would be more than shady. And why should we excuse any of it?

Shady doesn't imply illegal automatically. I want to see this play out before I make a judgement.

 

[Pete7469]

Makes sense that Jeffry Imelt was a big supporter of that meat puppet faggot and the subsidies they got for those stupid windmills.

 

[KissMy]

175 page report is more than phoning in a rumor.

 

[the other mike]

Makes sense that Jeffry Imelt was a big supporter of that meat puppet faggot and the subsidies they got for those stupid windmills.

GE defense and nuclear is where the huge blank checks went the last few decades.
It's about time they did some good.

 

[iamwhatiseem]

Good
GE is one of the most vile companies in the world.

But they also employ about 300,000 people don't they ?

Less than a 3rd in the United States.
Less than half of what it was 10 years ago.
In Mexico they pay between $4 - $7 an hour... which is exactly why they moved operations there.
Having said that, they have been outsourcing many-many-many materials in countries paying cents on the hour. They are a monument to corporate globalism where shareholders literally earn their profits from slave labor.

 

[the other mike]

Good
GE is one of the most vile companies in the world.

But they also employ about 300,000 people don't they ?

Less than a 3rd in the United States.
Less than half of what it was 10 years ago.
In Mexico they pay between $4 - $7 an hour... which is exactly why they moved operations there.
Having said that, they have been outsourcing many-many-many materials in countries paying cents on the hour. They are a monument to corporate globalism where shareholders literally earn their profits from slave labor.

And you can add media control ( propaganda division )
through their ownership of MSNBC, etc.

 

[martybegan]

170 page report is more than phoning in a rumor.

True, but for some reason the showiness of the site makes me think more PT Barnum than KPMG.

 

[MarathonMike]

If Markopolos shorted GE just prior to going public with his report whether individually or in partnership with a Hedge fund that should be considered stock manipulation IMO. It has nothing to do with whether the report is accurate.

 

[KissMy]

If Markopolos shorted GE just prior to going public with his report whether individually or in partnership with a Hedge fund that should be considered stock manipulation IMO. It has nothing to do with whether the report is accurate.

That type manipulation is only illegal on pump & dump. Short sellers can pull it off.

 

[iceberg]

Good
GE is one of the most vile companies in the world.

But they also employ about 300,000 people don't they ?

Did it matter how many the mafia employed? It's OK to be corrupt because you employ a lot of people?

Well, what about the FBI and CIA ? Do we need to lock up traitors like Comey and Brennan or shut them down and blame everyone ?

what do they have to do with GE and potential accounting scandals?

lord people can't stay on topic anymore.