GE shares drop after Madoff whistleblower Harry Markopolos raises red flags on its accounting

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GE shares drop after Madoff whistleblower Harry Markopolos raises red flags on its accounting
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GE confirmed the existence of the report in a statement to CNBC.

Harry Markopolos, an independent financial fraud investigator and former money manager, stands for a portrait in New York, U.S., on Monday, March 1, 2010.General Electric shares fell after Madoff Whistleblower Harry Markopolos targeted the conglomerate in a new report, saying it was hiding the depths of its financial problems."We have never met, spoken to or had contact with this person.

Markopolos told the WSJ the accounting issues he reveals amount to $38 billion. GE's market value as of Wednesday's close was $78.8 billion. He told the paper the insurance unit would need to raise reserves by more than $18.5 billion."We have never met, spoken to or had contact with this person. While we can't comment on the detailed content of a report that we haven't seen, the allegations we have heard are entirely false and misleading.

GE stands behind its financials. We operate to the highest-level of integrity in our financial reporting and we have clearly laid out our financial obligations in great detail.

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