GE Fraud ?

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Sean Hayden
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GE Fraud ?

Post by Sean Hayden » Mon Aug 19, 2019 12:37 pm



In response to whether or not management knew of the fraud: "Their financial statements are unreadable".

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Re: GE Fraud ?

Post by Hermit » Mon Aug 19, 2019 1:58 pm

Looks like another instance of "too big to fail" coming up, or to put it another way, private profit - public loss.
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Re: GE Fraud ?

Post by Brian Peacock » Mon Aug 19, 2019 2:54 pm

Indeed. Come the revolution... ... ...
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Re: GE Fraud ?

Post by JimC » Mon Aug 19, 2019 9:04 pm

Demote them to Corporal Electric...
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Re: GE Fraud ?

Post by pErvinalia » Mon Aug 19, 2019 9:19 pm

Jee(z).
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Re: GE Fraud ?

Post by laklak » Tue Aug 20, 2019 2:24 am

Breaking News! Big fucking defense contractor chock ablock with venal, self-serving, dishonest cunts!

Video at 11!
Yeah well that's just, like, your opinion, man.

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Re: GE Fraud ?

Post by JimC » Tue Aug 20, 2019 4:05 am

:lol:
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Re: GE Fraud ?

Post by Sean Hayden » Thu Aug 22, 2019 12:56 am

"When I read the report, I was shockingly unimpressed," Scott Davis, lead research analyst at Melius Research, told CNN Business. "I think he's full of s**t."
Here he is selling it:



And others are covering their ass:
General Electric’s Insurance Regulators Call Markopolos Report ‘Fairly Simplistic’
“The Department frequently assesses any credible risk considerations with its financial staff, consultants, other regulators and management of domestic insurers,” reads the news release. “After initial review, components of this particular report appear fairly simplistic in nature and don’t appear to incorporate certain technical reserve considerations that were considered during the Department’s most recent financial examination as of December 31, 2017 and the annual analysis review of the confidential Actuarial Opinion Memorandum at December 31, 2018.”

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Re: GE Fraud ?

Post by Sean Hayden » Thu Aug 22, 2019 1:10 am

Keep in mind they've apparently always had complicated accounting. It was probably just simplistic thinking that lead to their 2009 50 million settlement with the SEC for fraud too.

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Re: GE Fraud ?

Post by Sean Hayden » Thu Aug 22, 2019 1:23 am

The only response I could find from 2009:
"GE is committed to the highest standards of accounting," the company said in a statement. "The errors at issue fell short of our standards, and we have implemented numerous remedial actions and internal control enhancements to prevent such errors from recurring."
--error's a weird word for fraud.

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Re: GE Fraud ?

Post by Sean Hayden » Thu Aug 22, 2019 12:16 pm

Ex-SEC chief: Markopolos targeting GE for a short-seller and not as a whistleblower 'suspicious'
Except he did file it with the SEC and it could take years to get paid.

If he is confident in his analysis then there's no reason for him to avoid shorting it. That "analysts" call it manipulation is laughable, they're only jealous that their efforts to manipulate don't carry the same weight as this insufferable whistle blower.

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This topic lends itself well to endless bullshitting. :biggrin:

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Re: GE Fraud ?

Post by Sean Hayden » Thu Aug 22, 2019 1:41 pm

Whistleblower Harry Markopolos Says the SEC Hasn’t Paid Him for His Work
The first sentence in Markopolos’ 175-page report on GE says his team of accountants has blown the whistle on nine insurance companies in the past nine years. But speaking with Barron’s last week, Markopolos said he hasn’t gotten a cent from the SEC.

“The SEC is very slow to pay,” he said. Markopolos said he estimates the agency collects dozens of financial penalties a year in enforcement actions, but only pays about eight whistleblower awards annually.

“I calculate that they have a backlog of 89.7 years,” said Markopolos, 62. “So I’m doing these cases for my great-grandchildren.”

https://www.barrons.com/articles/home-d ... 1566154801

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Re: GE Fraud ?

Post by Sean Hayden » Thu Aug 22, 2019 1:45 pm

Doesn't it look like we just collect a fraud tax? Sure, you commit fraud and we understand that. All of you do it. We just expect you to pay for it on occasion.

It must be nice up there at the top man.

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Re: GE Fraud ?

Post by Brian Peacock » Thu Aug 22, 2019 1:58 pm

Yeah, and if the calculation is that the fine is less than the fraud, and nobody ever seems to go to jail for 'complicated accounting', then it's a tax worth paying - particularly if you can scam the money in a single accountancy cycle and pay the fine over many years. In fact, that way you could reason the scam as a legitimate, share price boosting investment. Bonuses assured!
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There are two other possibilities: one is paperwork, and the other is nostalgia."

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"This is how humanity ends; bickering over the irrelevant."
Clinton Huxley » 21 Jun 2012 » 14:10:36 GMT
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Re: GE Fraud ?

Post by Seabass » Thu Aug 22, 2019 5:44 pm

Just one of the costs of doing business... :cheers:
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