- GE's insurance unit would need an $18.5 billion boost to its reserves
The Wall Street Journal cited a research report from Harry Markopolos, which said he and his colleagues had found that GE's insurance unit would need an $18.5 billion boost to its reserves. He also told that paper that other accounting issues, including in its oil and gas business, would amount to around $38 billion. Markopolos later told CNBC that he considered GE a "bankruptcy waiting to happen".
General Electric Shares Plunge As Madoff Whistleblower Alleges Accounting Flaw
GE shares fall the most in more than ten years Thursday after an accounting expert who flagged issues surrounding Bernie Madoff's investment fraud accused the industrial group of inaccurate and fraudulent financial filings with regulators.
https://www.thestreet.com/investing/stocks/general-electric-falls-madoff-whistleblower-alleges-accounting-flaws-ge-denies-15057931