{"id":5114,"date":"2019-08-29T16:03:53","slug":"ges-alleged-fraud-scandal-more-serious-than-enrons","title":{"rendered":"GE\u2019s alleged fraud scandal more serious than Enron\u2019s"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-10098 alignleft\" src=\"https:\/\/cms-corporate.integrity-asia.com\/id\/wp-content\/uploads\/sites\/3\/2022\/12\/ge-1-300x189.jpg\" alt=\"\" width=\"300\" height=\"189\" srcset=\"https:\/\/cms-corporate.integrity-asia.com\/id\/wp-content\/uploads\/sites\/3\/2022\/12\/ge-1-300x189.jpg 300w, https:\/\/cms-corporate.integrity-asia.com\/id\/wp-content\/uploads\/sites\/3\/2022\/12\/ge-1-150x94.jpg 150w, https:\/\/cms-corporate.integrity-asia.com\/id\/wp-content\/uploads\/sites\/3\/2022\/12\/ge-1-400x252.jpg 400w, https:\/\/cms-corporate.integrity-asia.com\/id\/wp-content\/uploads\/sites\/3\/2022\/12\/ge-1-367x231.jpg 367w, https:\/\/cms-corporate.integrity-asia.com\/id\/wp-content\/uploads\/sites\/3\/2022\/12\/ge-1.jpg 635w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>General Electric (GE) is suspected of committing fraud by <a href=\"https:\/\/integrity-asia.com\/blog\/2023\/05\/03\/claim-investigation-minimizing-fraud-induced-losses-in-the-insurance-world\/\">falsifying<\/a> the company&#8217;s financial statements. This suspicion was revealed by renowned accounting expert Harry Markopolo, who had been a whistleblower of a mega fraud scandal Barnie Madoff.<\/p>\n<p>In a 175-page report that was published online, Markopolo and his team suspected GE of accounting fraud of US $ 38 trillion, which represents 40% of its market capitalization. According to Markopolo, such a large percentage makes this case of fraud more serious than the Enron case.<\/p>\n<p>Markopolo also called GE by the term \u2018GEnron\u2019 because this conglomerate allegedly used fraud scandal modes similar to that of Enron.<\/p>\n<p><strong>Read More:<\/strong> <strong><a href=\"https:\/\/cms-corporate.integrity-asia.com\/id\/blog\/2018\/01\/03\/learning-from-the-mistakes-of-big-companies-that-lost-billions-of-dollars-due-to-fraud\/\">Learning From the Mistakes of Big Companies That Lost Billions of Dollars Due To Fraud<\/a><\/strong><\/p>\n<p>GE\u2019s vice president of investor relations Steve Winoker denied Markopolo&#8217;s accusations in a Q&amp;A for investors by saying that GE operates with absolute integrity and stands behind the company&#8217;s financial statements.<\/p>\n<p>The former SEC chairman Harvey Pitt in an interview with <em>CNBC<\/em> questioned Markopolo&#8217;s motives for disclosing the report to public instead of reporting it to the SEC and giving GE a chance to address the report in the first place.<\/p>\n<p>Markopolo was adamant that his report was the result of research on GE at the request of a hedge fund whose name of the donor he did not disclose. GE&#8217;s shares dropped as much as 11% after Markopolo revealed the report to the public on August 15.<\/p>\n<p>&nbsp;<\/p>\n<p>Picture: Finance.Yahoo<\/p>\n","protected":false},"excerpt":{"rendered":"<p>General Electric (GE) is suspected of committing fraud by falsifying the company&#8217;s financial statements. This suspicion was revealed by renowned accounting expert Harry Markopolo, who had been a whistleblower of a mega fraud scandal Barnie Madoff. In a 175-page report that was published online, Markopolo and his team suspected GE of accounting fraud of US [&hellip;]<\/p>\n","protected":false},"acf":[],"featured_image_url":"https:\/\/cms-corporate.integrity-asia.com\/id\/wp-content\/uploads\/sites\/3\/2019\/08\/ge.jpg","_links":{"self":[{"href":"https:\/\/cms-corporate.integrity-asia.com\/id\/wp-json\/wp\/v2\/posts\/5114","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cms-corporate.integrity-asia.com\/id\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cms-corporate.integrity-asia.com\/id\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cms-corporate.integrity-asia.com\/id\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/cms-corporate.integrity-asia.com\/id\/wp-json\/wp\/v2\/comments?post=5114"}],"version-history":[{"count":0,"href":"https:\/\/cms-corporate.integrity-asia.com\/id\/wp-json\/wp\/v2\/posts\/5114\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cms-corporate.integrity-asia.com\/id\/wp-json\/wp\/v2\/media\/5115"}],"wp:attachment":[{"href":"https:\/\/cms-corporate.integrity-asia.com\/id\/wp-json\/wp\/v2\/media?parent=5114"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cms-corporate.integrity-asia.com\/id\/wp-json\/wp\/v2\/categories?post=5114"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cms-corporate.integrity-asia.com\/id\/wp-json\/wp\/v2\/tags?post=5114"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}