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GE shares fall on report alleging its finances are worse than disclosed
Related: GE CEO calls Markopolos report 'market manipulation' and 'false' (Reuters)
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Source: Reuters
BUSINESS NEWS AUGUST 15, 2019 / 8:11 AM / UPDATED 36 MINUTES AGO
GE shares fall on report alleging its finances are worse than disclosed
Alwyn Scott, Ankit Ajmera
5 MIN READ
(Reuters) - General Electric (GE.N) shares fell as much as 15% on Thursday after fraud investigator Harry Markopolos, who blew the whistle on Bernard Madoff’s Ponzi scheme, said GE was concealing deep financial problems.
In a 175-page report, Markopolos accused GE of hiding $38 billion in potential losses and asserted that the company’s cash and debt positions were far worse than it had disclosed.
“GE’s true debt to equity ratio is 17:1, not 3:1, which will undermine its credit status,” Markopolos said.
The report also says GE is insolvent and asserts that its industrial units have a working capital deficit of $20 billion.
-snip-
GE shares fall on report alleging its finances are worse than disclosed
Alwyn Scott, Ankit Ajmera
5 MIN READ
(Reuters) - General Electric (GE.N) shares fell as much as 15% on Thursday after fraud investigator Harry Markopolos, who blew the whistle on Bernard Madoff’s Ponzi scheme, said GE was concealing deep financial problems.
In a 175-page report, Markopolos accused GE of hiding $38 billion in potential losses and asserted that the company’s cash and debt positions were far worse than it had disclosed.
“GE’s true debt to equity ratio is 17:1, not 3:1, which will undermine its credit status,” Markopolos said.
The report also says GE is insolvent and asserts that its industrial units have a working capital deficit of $20 billion.
-snip-
Read more: https://www.reuters.com/article/us-ge-accounts/ge-shares-fall-on-report-alleging-its-finances-are-worse-than-disclosed-idUSKCN1V519M
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