An accounting expert who raised red flags about Bernie Madoff ‘s Ponzi scheme has a new target: General Electric Co.
It looks like the insurance part of the massive corporate conglomerate is in bad shape. And there are other areas too. GE counters that this is just a short seller trying to take the company down.
GE is one of the world’s “greatest” crony companies. It had to beg the Obama administration to save it’s bacon during the Great Recession.
(From The Wall Street Journal)
In a research report posted online Thursday, Harry Markopolos alleges the struggling conglomerate has masked the depths of its problems, resulting in inaccurate and fraudulent financial filings with regulators…
…All told,… the accounting problems amount to $38 billion, or 40% of the conglomerate’s market value.