General Electric shares fell as much as 15% on Thursday after fraud investigator...
) shares fell as much as 15% on Thursday after fraud investigator Harry Markopolos, who blew the whistle on Bernard Madoff’s Ponzi scheme, said GE was concealing deep financial problems.
“GE’s true debt to equity ratio is 17:1, not 3:1, which will undermine its credit status,” Markopolos said. The report adds that “GE’s $38 billion in accounting fraud amounts to over 40% of GE’s market capitalization, making it far more serious than either the Enron or WorldCom accounting frauds.” GE said Markopolos was known to work for unnamed hedge funds that typically benefit from short selling a company’s stock.
The report details GE’s exposure to long-term care insurance, the subject of a federal class-action lawsuit awaiting a decision on GE’s motion to dismiss.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
GE shares fall on report that cash situation worse than thoughtGeneral Electric shares fell 5% on Thursday after the Wall Street Journal report...
Baca lebih lajut »
Madoff Whistleblower alleges that GE is a 'bigger fraud than Enron''What he's alleging is a large-scale accounting fraud that totals about $38 billion worth over at General Electric,' reports CNBC's TheDomino. GE shares fell after Madoff whistleblower Harry Markopolos targeted the conglomerate in a new report.
Baca lebih lajut »
Here's the full report calling GE 'a bigger fraud than Enron'These are the stocks posting the largest moves before the bell.
Baca lebih lajut »
GE Is New Target of Madoff WhistleblowerMadoff whistleblower Harry Markopolos alleges that GE’s cash situation is worse than disclosed and that GE needs to boost its insurance reserves. GE says the claims are false and misleading.
Baca lebih lajut »
GE shares drop after Madoff whistleblower Harry Markopolos raises red flags on its accountingGE confirmed the existence of the report in a statement to CNBC.
Baca lebih lajut »
Stocks making the biggest moves premarket: Walmart, GE, Tapestry, Alibaba, Boeing & moreStocks making the biggest moves premarket: Walmart, GE, Tapestry, Alibaba & more
Baca lebih lajut »