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General Electric collapses 15% on Wall Street after being accused of fraud by the analyst who uncovered Madoff


Shares of General Electric (GE) collapsed on Thursday about 14% on Wall Street after analyst Harry Markopolos, who once denounced the great scam

Shares of General Electric (GE) collapsed on Thursday about 14% on Wall Street after analyst Harry Markopolos, who once denounced the great scam of Bernie Maddoff, said the accounts presented by the US giant are False and facing bankruptcy.

Markopolos has published a report that claims to reflect a huge fraud of the company on the website, in which it describes a hoax "greater than Enron's" , one of the biggest financial scandals in history.

"My team has spent 7 months analyzing General Electric's accounting and we believe that the $ 38,000 fraud we have encountered is only the tip of the iceberg," says the expert in a 175-page report, adding that the business conglomerate It has a long history of fraudulent accounts.

The beginnings of the scam would date from 1995 , when the company was led by Jack Welch, and would focus on the Department of Long-term Care Insurance, in which 15,000 million dollars had to be injected last year.

With the analysis of the documents presented by General Electric's counterparts in this business, Markopolos states that the business conglomerate is registering huge losses that, it predicts, will only increase over time.

In addition, he also finds anomalies in his accounting at Baker Hughes, his business dedicated to gas and oil.

For its part, General Electric said in a statement that "Markopolos claims have no basis."

"The company has never met, spoken or contacted Markopolos and we are very disappointed that an individual without direct knowledge of General Electric chooses to present such serious and uncorroborated accusations," the company said.

"General Electric operates with the highest levels of integrity and supports its financial reports," he added.

Markopolos is an accounting expert who became known after pointing out the irregularities in Madoff's investment strategy by the accountants and high profits for his clients he reported, which the analyst said were impossible to obtain, according to the Efe agency.

Although initially their complaints were ignored, with the economic crisis of 2008 and the withdrawal of a good part of the funds it was learned that, as Markopolos had suspected, Madoff's investments had not been real and that it was a financial pyramid with which scammed about 65,000 million dollars.

According to the criteria of The Trust Project

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Source: elmuldo

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