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

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

    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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    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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