(Reuters Breakingviews) - General Electric is getting a harsh lesson in the cost...
The General Electric Co. logo is seen on the company's corporate headquarters building in Boston, Massachusetts, U.S. July 23, 2019. REUTERS/Alwyn Scott
No company would welcome the attention of Harry Markopolos. The forensic accountant tried to warn the U.S. Securities and Exchange Commission about Madoff’s theft years before it came crashing down in December 2008. GE will find the scrutiny particularly uncomfortable. GE also rebutted Markopolos’s contention that it should have taken an additional $9.1 billion hit when it sold a 12% stake in oil-services outfit Baker Hughes last November. That’s not required, GE notes, because it remains the majority owner - just. But the company disclosed last month that any new sales would crystallize a $7.4 billion loss. Baker Hughes shares have since fallen nearly 17%, potentially magnifying the damage.
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Breakingviews TV: Kicking GEThe troubled conglomerate is facing claims it’s hiding $38 bln in potential losses. Tom Buerkle outlines the accusations leveled by Harry Markopolos, famous for trying to call out Bernie Madoff’s Ponzi scheme – and why GE’s past makes it an easy...
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GE has more to lose from whistle-blowerA man who warned about Bernie Madoff’s Ponzi scheme accuses the conglomerate of hiding $38 bln in losses. GE’s history of opaque reports and belated write-offs have tarnished its credibility. The stock’s 10% drop implies investors give the claims only partial credence – for now.
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