{"id":126926,"date":"2019-08-15T11:08:26","date_gmt":"2019-08-15T15:08:26","guid":{"rendered":"https:\/\/stateofthenation2012.com\/?p=126926"},"modified":"2019-08-15T11:08:46","modified_gmt":"2019-08-15T15:08:46","slug":"if-you-thought-the-madoff-swindle-was-big-check-out-ge-accounting-fraud","status":"publish","type":"post","link":"https:\/\/stateofthenation2012.com\/?p=126926","title":{"rendered":"If you thought the Madoff swindle was big, check out GE accounting fraud!"},"content":{"rendered":"

Former Madoff Whistleblower Attacks GE Over $40 Billion Accounting Shortfall<\/h1>\n

ZeroHedge.com<\/p>\n

With markets looking to open in the red following Wednesday’s stunning drop, the infamous Madoff Whistleblower (who was ignored for years) Harry Markopolos has picked Thursday to publish a report about GE’s accounting strategies,\u00a0claiming that the company’s ‘cash situation’ is a lot worse than the company’s filings would suggest.<\/strong><\/p>\n

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Harry Markopolos<\/em><\/p>\n

GE, for its part, has said Markopolos’s allegations are ‘Entirely False and Misleading’, of course, that didn’t stop shares from plunging 7% in pre-market trading.<\/p>\n

Markopolos told WSJ ahead of the report\u2019s release,\u00a0his group found GE\u2019s insurance unit will need to bolster its reserves by $18.5 billion in cash and faulted the way the company is accounting for its oil-and-gas business.<\/strong>\u00a0All told, he said,\u00a0the accounting problems amount to $38 billion, or 40% of the conglomerate\u2019s market value.<\/strong><\/p>\n