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190815_GE Plunges Most in 11 Years as Madoff Accuser Slams Accounting
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General Electric Co. tumbled the most since 2008 after a prominent financial examiner working with a short seller accused the company of “accounting fraud.” GE Chief Executive Officer Larry Culp called the claims “market manipulation -- pure and simple.”

Harry Markopolos, who had raised concerns over investment manager Bernie Madoff before his fraud was exposed, said GE will need to increase its insurance reserves immediately by $18.5 billion in cash -- plus an additional noncash charge of $10.5 billion when new accounting rules take effect. GE is also hiding a loss of more than $9 billion on its holdings in Baker Hughes, an oilfield services company, Markopolos said.
Madoff Whistleblower Harry Markopolos

Harry Markopolos

“These impending losses will destroy GE’s balance sheet, debt ratios and likely also violate debt covenants,” Markopolos said in a report Thursday. “GE’s cash situation is far worse than disclosed in their 2018” annual report to regulators.

GE dismissed the claims as “meritless” without providing a point-by-point rebuttal. That wasn’t enough to stem the share plunge at a company long criticized for its murky finances. Culp, who took the helm in October, has vowed to improve transparency while also seeking to fix the power-equipment unit and halt a slide that erased more than $200 billion from GE’s market value in the two-year period ending Dec. 31.

“The short report accurately depicts a GE culture that historically hid losses and deceived investors,” Scott Davis, an analyst at Melius Research, said in a note to clients. “GE has no credibility at all in responding to the report today as inaccurate. The truth is GE is using a set of assumptions, the short report uses another. We don’t know where the truth lies.”

GE Left Itself Open to Markopolos Critique: Brooke Sutherland

The shares plummeted 11% to $8.01 at the close in New York, the biggest drop since April 2008. The slide had triggered a trading restriction on short-sellers that takes effect when a decline exceeds 10%. GE had climbed 24% this year through Wednesday, following a 57% plunge in 2018.

https://www.bloomberg.com/news/articles/2019-08-15/ge-drops-as-madoff-whistle-blower-levels-accounting-accusations?srnd=premium




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