General Electric engaged in 'bigger fraud than Enron': Whistleblower
Sunday, August 18, 2019, 12:10 PM
A whistleblower has accused General Electric (GE) of hiding massive losses by engaging in a $38 billion accounting fraud, which is "bigger than Enron". In his report this week, investigator Harry Markopolos accused GE of utilising many of the same accounting tricks as Enron did to mislead the investors. GE denied the charge saying the 175-page report contained false statements.
General Electric "Bigger Fraud Than Enron", Alleges Report. Shares Fall
Friday, August 16, 2019, 8:24 AM
General Electric shares plunged Thursday after a whistleblower accused the conglomerate of using accounting tricks to mask the extent of its financial problems and called it "a bigger fraud than Enron." Harry Markopolos, who alerted regulators about Bernie Madoff, published a report online Thursday that said GE's accounting irregularities added up to $38 billion. GE shares fell 11 percent, to $8.01, on Thursday.