The bombshell report accusing GE of 'Enronesque' fraud is just the latest in the company's long history of accounting controversies
- The recent report by Harry Markopolos alleging fraud by General Electric is the latest in a legacy of accounting controversies the company has faced.
- Here are a few of the accounting issues GE has run into over the years, from SEC investigations to a mismanaged investment bank that cost the conglomerate $350 million.
- Watch GE trade live here.
The recent report alleging accounting fraud by General Electric marks the latest in a long history of accounting controversies within the industrial behemoth.
The company dropped as much as 14% Thursday after accounting expert and Madoff whistleblower Harry Markopolos published a report alleging fraud. The team led by Markopolos claims to have already found $38 billion in fraud, and called the sum "merely the tip of the iceberg."GE's CEO Lawrence Culp responded in turn, calling the report "market manipulation" and claiming Markopolos released the document for personal gain. The accounting expert stands to make millions if his claims are true, both from an undisclosed hedge fund partner that's betting against GE and with cash rewards from a government whistleblower program.
Here's a brief history of GE's troubles, ranging from the recent Markopolos report to a bank's phantom profits that cost the conglomerate $350 million.
Get the latest General Electric stock price here.