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
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.