GE Cooking The Books

[Palumboism]

Madoff whistleblower says GE is 'one recession away from Chapter 11'

New York (CNN Business)Harry Markopolos, the accounting investigator who accused General Electric of massive fraud on Thursday, is warning that the company could be in serious financial trouble -- and even go bankrupt -- if the economy turns south.
"GE is one recession away from Chapter 11. Their balance sheet is in tatters," Markopolos told Julia Chatterley on CNNi's "First Move" show Friday.
"We'll see how solvent they are at year end, and we'll see if they make it into 2020," he added.


https://www.cnn.com/2019/08/16/investing/ge-harry-markopolos-interview/index.html

Will this be another Enron?

[Palumboism]

Jeff Immelt was a charlatan and a fraud.

[oldschoolfan]

interesting , i read about a year ago , ge wasnt doing so hot, i remember when they were considered one of the best run companies in america

[Palumboism]

Markopolos: GE is a BIGGER FRAUD than Enron.

[sync pulse]

interesting , i read about a year ago , ge wasnt doing so hot, i remember when they were considered one of the best run companies in america

It's been looted...by the Ayn Rand Objectivist assholes the last 20-30 years.

[IroNat]

GE's been in the sh*tter for quite some time.

[Marty Champions]

GE shouldve stuck with the basic analog cook tops and ovens from the 80s . Easy to repair without irrepairable circuit boards

[Palumboism]

GE shouldve stuck with the basic analog cook tops and ovens from the 80s . Easy to repair without irrepairable circuit boards

GE sold it's appliance division to the Chinese company Haier in 2017.

https://www.scmp.com/business/companies/article/2116486/chinas-haier-has-plan-help-continue-turnaround-ge-appliances

[Palumboism]

"General Electric, A Bigger Fraud Than Enron," Harry Markopolos––the forensic accountant who nailed Madoff––accuses GE of engaging in $38 billion in accounting fraud. He's charging that the one-time industrial and financial colossus willfully failed to take adequate reserves to cover gigantic current and future losses in its long-term care insurance business, and violated U.S. accounting rules by failing to book a big write down on its Baker Hughes GE energy unit.

GE squandered money needed for reserves on buybacks, dividends and c-suite pay



https://fortune.com/2019/08/17/ge-madoff-accountant-next-enron-standoff/

[Virgil]

That fat fuck Jeff immelt always had a second jet following him around in his company jet , just in case the first one broke down. And when confronted about how much it was costing the company, he ( the CEO of the company) stated he'd never noticed that a second jet had been following him around on stand by for years

[oldschoolfan]

unreal i remember in the 90's all you read about was how great ge was. fucking libtard cockroaches, well i shouldnet say that this guy could be a republican scumbag.

[Dave D]

unreal i remember in the 90's all you read about was how great ge was. fucking libtard cockroaches, well i shouldnet say that this guy could be a republican scumbag.

Or what about greedy capitalists? Can they be at blame? Or what about the laymen not making quality products? Complaining about 12 hour shifts.

Its odd watching these titans and icons of industry fail.

[benchmstr]

Once the biggest company in the world(pre, and Peri ww2) and their only close competition in monetary value was IG farben(spelling..also invented steroids)

It's what happens when inovation stops because the government is one of your only backers/buyers

Bench

[Palumboism]

unreal i remember in the 90's all you read about was how great ge was. fucking libtard cockroaches, well i shouldnet say that this guy could be a republican scumbag.

I think Jack left Immelt a house of cards.  Half of GE's revenue was coming from GECAS (GE Capital Services), which was basically a bank that used GE's triple A credit rating to borrow money at low rates and lend it at high rates.  When the financial crisis occurred in 2008 it didn't help GE's position as a bank.

That's not to excuse Immelt who made some huge mistakes.  He spent $175 billion on acquisitions and $100 billion on share buybacks.  Meanwhile, the market cap went from a high of $600 billion to $77 billion today.