Boston-Based General Electric Suffers Worst Stock Drop In 11 Years - CBS Boston -BoardProspects

Boston-Based General Electric Suffers Worst Stock Drop In 11 Years

CBS Boston Aug 16 2019 BoardNews

General Electric fought back Thursday night after the company was accused of fraud and its stock experienced its worst one-day percentage drop since April 2008. General Electric shares plunged more than 11% Thursday after Harry Markopolos, who is famous for blowing the whistle on Bernie Madoff’s Ponzi scheme in 2008, accused GE of orchestrating a massive fraud. GE CEO Larry Culp on Thursday bought 252,200 shares at $7.93 per share, a purchase worth almost $2 million, according to an SEC filing...
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Quotes
1. In fact, GE's $38 billion in accounting fraud amounts to over 40% of GE's market capitalization, making it far more serious than either the Enron or WorldCom accounting frauds.
2. The claims made by Mr. Markopolos are meritless.
3. I think that the basis on which the report was developed is questionable at best.
4. Mr. Markopolos openly acknowledges that he is compensated by unnamed hedge funds
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