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Live 🔴 ►【HD Streaming】- GE tanks after a famous Madoff whistleblower says the company is committing fraud ‘bigger than Enron and .. – Business Insider
AP/Haraz N. Ghanbari A whistleblower in the Madoff Ponzi scheme case on Thursday released a report alleging that General Electric’s accounting practices are “Enronesque” and saying the conglomerate is “on the verge of insolvency.” The accounting expert Harry Markopolos said he and his team analyzed GE’s accounting and found $38 billion in fraud, calling it “merely the tip of the iceberg.” GE sank as much as 14% on Thursday following the report’s release. Watch GE trade live here . General Electric traded as much as 14% lower early Thursday after a Madoff whistleblower, Harry Markopolos, raised concerns about the company’s finances in a 175-page report . Markopolos alleged that the company had been hiding its financial issues for years through engaging in fraud, making frequent changes to its financial statements’ formatting, and hiding numerous costs. The website hosting the report called GE’s actions “an Enronesque business approach that has left GE on the verge of insol...