GE stock plunges after accusation of hiding financial problems
Whistle-blower Harry Markopolos says GE is not properly accounting for its interest in Baker Hughes, an oil-and-gas services firm
15 August 2019 - 16:35
New York — General Electric (GE) fell the most in four months after a prominent whistle-blower working with a short-seller accused the company of masking financial problems. The company called the claims “meritless.”
Harry Markopolos, who had raised concerns over investment manager Bernie Madoff before his Ponzi scheme was exposed, said GE has understated liabilities in its insurance unit and hasn’t properly accounted for its investment in Baker Hughes...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.