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GE tanks after a famous Madoff whistleblower says the company is committing fraud 'bigger than Enron and Worldcom combined'

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Accounting expert Harry Markopolos alleged the company is already hiding $38 billion in fraud, and called the figure 'just the tip of the iceberg.'

A whistleblower in the Madoff Ponzi scheme case released a report that alleges General Electric's accounting practices are"Enronesque" and says the conglomerate is"on the verge of insolvency." "My team has spent the past 7 months analyzing GE's accounting and we believe the $38 billion in fraud we've come across is merely the tip of the iceberg," accounting expert Harry Markopolos said. GE sank as much as 8% Thursday following the report's release.

A whistleblower in the Madoff Ponzi scheme case released a report that alleges General Electric's accounting practices are"Enronesque" and says the conglomerate is"on the verge of insolvency." "My team has spent the past 7 months analyzing GE's accounting and we believe the $38 billion in fraud we've come across is merely the tip of the iceberg," accounting expert Harry Markopolos said. GE sank as much as 8% Thursday following the report's release.

 

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