The hottest General Electric issued a more detaile

2022-08-02
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General Electric issued a more detailed statement in response to financial fraud allegations Tencent securities on August 20, General Electric issued a defense statement on accounting operations again on Monday, after investors questioned a well-known research report. According to the report, Ge failed to set aside funds to cover potential insurance losses of $29billion, and failed to correctly calculate the profits of its subsidiary Baker Hughes

before the Boston based conglomerate made the above new comments, Harry Markopolos, who exposed the Madoff Ponzi scheme, released a 175 page Research Report last Thursday, saying that GE's accounting books were fraudulent, which once again raised concerns about the company's financial situation. General Electric has suffered financial losses of 266 doors and roller shutter trains in recent years, and has included more than $40 billion in expenses and write offs

after the whistleblowers marcopolos and johnmcpherson released their reports on Thursday, GE's share price fell by 15%. On Friday, the stock recovered most of its lost ground. As of press time on Monday, Ge shares fell 0.9%, tentatively reported at 8.7 US dollars according to the research of the International Energy Agency (IEA)

also on Monday, Steve winoker, GE's director of investor relations, said in an email that GE had sufficient reserves for its long-term care insurance business, the consolidated financial statements of the company's investment in Baker Hughes were correct, and ge used "strict testing" and "reasonable actuarial crack analysis from the inner surface to the outer surface", And follow the "regulatory and accounting" rules to estimate future expenditures

in response to the questions raised by Baker Hughes, Winock said that the accounting standards require Ge to include the performance of its subsidiaries in the profit report because Ge is the major shareholder of the company. Lead screw: it plays a decisive role in the measurement of tension accuracy

Ge disclosed in 2018 that the US Securities and Exchange Commission (SEC) and the Department of justice are investigating its accounting

markopoulos, who was arrested in 2008 on suspicion of organizing a Ponzi scheme, disclosed in his report that he would share the profits of a hedge fund. Before the report was released, the fund sold short the shares of general electric and bet that the company's share price would fall

General Electric said on Monday that it had put forward a new defense against investors' questions about the macopoulos report, but did not specify how many questions it had received or the nature of these questions

Winock wrote in his email to investors: "considering your follow-up questions, I would like to elaborate on our views in more detail."

wernock was an analyst of UBS group, responsible for the business of General Electric

when defending himself last week, Larry Culp, CEO of General Electric, said that marcopolos' report was "market manipulation - simple and clear", which meant that he might make profits by short selling when the report was released. According to S3 partners, a New York financial analysis company, last week, the short selling of Ge shares increased by $995million in the month before the macopoulos report was released

Karp and Leslie Seidman, chairman of GE's audit committee, pointed out that Markopoulos had not consulted Ge before publishing this report. Ge said that after the report was released last week, Karp, Seidman and other GE directors and executives bought shares. (midsummer)

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