GE shares fall on Madoff whistleblower calling its finances a fraud

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General Electric Co shares fell as much as 15% on Thursday after fraud investigator Harry Markopolos, who blew the whistle on Bernard Madoff’s Ponzi scheme, said GE was concealing deep financial problems, prompting a sharp rebuke from GE’s new CEO.

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(Reuters) – General Electric Co (GE.N

FILE PHOTO: The General Electric Co. logo is seen on the company’s corporate headquarters building in Boston, Massachusetts, U.S. July 23, 2019. REUTERS/Alwyn Scott

Heymann said the remainder of the $38 billion was already largely known: charges related to an accounting rule change coming in 2021 and potential losses on GE’s 50.4% stake in subsidiary Baker Hughes, which it plans to sell.

“I don’t know the validity of the $18.5 billion,” Heymann said. “I’m trying to figure it out.”

But he said if the figure was accurate, Culp would not have recently raised GE’s 2019 financial targets.

Reporting by Alwyn Scott in New York and Ankit Ajmera in Bengaluru; Additional reporting by Ross Kerber in Boston; Editing by Howard Goller, Steve Orlofsky, Nick Zieminski, Lisa Shumaker, Arun Koyyur


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Author:

General Electric Co shares fell as much as 15% on Thursday after fraud investigator Harry Markopolos, who blew the whistle on Bernard Madoff’s Ponzi scheme, said GE was concealing deep financial problems, prompting a sharp rebuke from GE’s new CEO.

Source: {authorlink}

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