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Former Madoff Whistleblower Attacks GE Over $40 Billion Accounting Shortfall

• by Tyler Durden

GE, for its part, has said Markopolos's allegations are 'Entirely False and Misleading', of course, that didn't stop shares from plunging 7% in pre-market trading.

Markopolos told WSJ ahead of the report's release, his group found GE's insurance unit will need to bolster its reserves by $18.5 billion in cash and faulted the way the company is accounting for its oil-and-gas business. All told, he said, the accounting problems amount to $38 billion, or 40% of the conglomerate's market value.

He added that this fraud was bigger than Enron and Worldcom combined.

GE shares were off 7% in premarket trade thanks to Markopolos's report, even though he's not saying anything that JPM's Tusa hasn't said already.

Readers can download the report here:

And read it here:

2019 08 15 GE Whistleblower Report by Zerohedge on Scribd

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