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

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.

APatton58

Wow

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stocks making the biggest moves premarket: Walmart, GE, Tapestry, Alibaba, Boeing & moreStocks making the biggest moves premarket: Walmart, GE, Tapestry, Alibaba & more Connected to C street ?
Source: CNBC - 🏆 12. / 72 Read more »