Madoff whistleblower claims GE is a bigger fraud than Enron

Madoff whistleblower claims GE is a bigger fraud than Enron


OF OIL. $54.31.>>>BEFORE THE BREAK WE TOLD TU GUY THAT HAD WARNED US, ONE OF THEM, ABOUT BERNIE MADOFF HAS A NEW WARNING, AND THE WARNING IS ABOUT GENERAL ELECTRIC. WHATEVER YOU THINK, KRISTINA PARTSINEVELOS JOINS US NOW, PEOPLE ARE CLEARLY LISTENING. THIS STOCK IS GETTING HAMMERED TODAY.>>CLEARLY. YOU ARE SEEING IT DOWN ALMOST 12%. THAT’S BECAUSE THE ACCOUNTING EXPERT CAME OUT SAYING THAT GE IS FACING THE LARGEST ACCOUNTING SCANDAL EVER, THAT HE’S EVER SEEN. HE’S BEEN RESEARCHING THIS WITH HIS TEAM FOR THE PAST SEVEN MONTHS. HE PUBLISHED A DOCUMENT, RESEARCH PAPER, ON GEFRAUD.COM. IT’S ABOUT 175 PAGES, MAKING ALLEGATIONS THAT GE HAS A MASSIVE ACCOUNTING FRAUD TOTALLING $30 BILLION AND THAT IT’S POTENTIALLY EVEN BIGGER THAN ENRON. THAT’S WHAT YOU ARE SEEING ON THE SCREEN RIGHT THERE. BEFORE WE GET TO THE ALLEGATION, I WANT TO GET TO THE COMMENT I GOT FROM GE THIS MORNING. THEIR SPOKESPERSON SAID THE CLAIMS MADE ARE MERITLESS. THE COMPANY HAS NEVER MET, SPOKEN TO OR HAD CONTACT WITH MR. MARKUPOLIS AND WE ARE EXTREMELY DISAPPOINTED THAT AN INDIVIDUAL WITH NO DIRECT KNOWLEDGE OF GE WOULD CHOOSE TO MAKE SUCH SERIOUS AND UNSUBSTANTIATED CLAIMS. SOME OF THE CLAIMS IN THE DOCUMENT ARE, THESE ARE THE ALLEGATIONS FROM THE WHISTLEBLOWER, THAT GE HAS BEEN HIDING ROUGHLY $29 BILLION IN LONG-TERM CARE LOSSES, THAT PERTAINS TO THEIR LONG TERM CARE INSURANCE UNIT, THINK NURSING HOMES AND ALL THAT, THEN THEY NEED AN ADDITIONAL $18.5 BILLION IN RESERVES. THEY HAVE ISSUES WITH THE BAKER HUGHES ACCOUNTING. THEY ALSO WENT ON TO SAY IN THIS DOCUMENT THAT GE CHANGES ITS ACCOUNTING REPORTING EVERY TWO TO FOUR YEARS, MAKING IT MUCH HARDER TO PREVENT COMPARISON, AND THEY ARGUE THAT THE COMPANY COULD POTENTIALLY GO BANKRUPT FROM ALL OF THESE CHANGES IN ACCOUNTING PRACTICES. THERE IS A BIG BUT, THOUGH, AND THAT IS MARKOPOLIS WAS LOOKING INTO GE FOR AN UNIDENTIFIED HEDGE FUND SO HE’S BEING PAID BY A HEDGE FUND. I ASKED GE SPECIFICALLY ABOUT THIS HEDGE FUND AND THEY, THE SPOKESPERSON SAID THAT SUCH FUNDS ARE USUALLY FINANCIALLY MOTIVATED. WE KNOW THIS, TO ATTEMPT TO GENERATE SHORT SELLING. THAT’S HOW THEY CAN TURN A PROFIT AND WHAT IS HAPPENING TODAY? THE STOCK IS DROPPING, MEANING SHORT SELLERS ARE BENEFITING. TAKE A LOOK AT THE STOCK AGAIN. WE ARE SEEING IT DOWN OVER ALMOST NOW EVEN DOWN MORE, DOWN OVER 12%. THE COMPANY, THOUGH, IS ARGUING THAT THEY ARE WELL SUPPORTED, THEY HAVE RESERVES, THEY DO ADEQUATE TESTING TO MAKE SURE THEY HAVE ENOUGH MONEY BUT WE KNOW THE COMPANY CURRENTLY IS BEING INVESTIGATED BY THE DEPARTMENT OF JUSTICE AND THE S.E.C. FOR ACCOUNTING PRACTICES RELATED TO THEIR POWER BUSINESS. CONNELL: THAT’S A BIG MOVE IN THE STOCK.>>HUGE MOVE IN THE STOCK. HUGE MOVE. CONNELL: BEFORE WE MOVE ON, ON THAT LAST POINT, ON THE MOTIVATION HERE, YOU WANT TO SAY SOMETHING?>>I THINK, I DON’T EVER WANT TO BASH SHORT SELLERS. SOMETIMES THEY SHINE A LIGHT ON THINGS THAT ARE BAD AND NEED TO BE REVEALED BUT IN THIS CASE, IT IS A DIFFICULTY IN OUR SYSTEM THAT YOU DON’T NEED THE FUNDAMENTALS TO BE TRUE. YOU DON’T NEED THE STORY TO BE RIGHT. MERELY SAYING IT CREATES THE RESULT FOR THE SHORT SELLERS. THE FACT HE’S WORKING FOR AN UNIDENTIFIED HEDGE FUND, IF SOMEONE DID THIS ON THE LONG SIDE THEY WOULD BE GOING TO JAIL. IT WOULD BE CALLED INSIDE TRADING. ON THE SHORT SIDE YOU ARE

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About the Author: Oren Garnes

100 Comments

  1. You mean the far-left corporation GE you mean the best friends with Obama GE you mean we don't pay a single cent in taxes but the liberals don't say a word because we're far left GE you mean that GE?

  2. If GE is right, IF they are right, this sounds like someone is trying to pull a huge corporate takeover. if they are lying, this is a major F up

  3. That moment when none of these accusations will go anywhere because General Electric has crucial secret contracts with the American military.

  4. Well if marco pollis was lying GE would mention a defimation lawsuit bc they lost millions in stocks…..but they didnt.

  5. The only accounting numbers that are relevant is how much earnings money is coming in and how much money is going out.
    If the difference is positive, then they are making a profit.
    If the difference is negative, then they are losing money.
    So, which is it, GE: Can you prove a profit with verifiable accurate numbers or not?

  6. They just need consolidated accounting software for their consumers, dealers and manufacturers in the automotive industry so they have transparency in the valuations for all parties investments so they can re-value their appreciation schedules and garage policies.

  7. One of the biggest company's / corporations in the world, with so many sisters-corps and countless bridged corporations, and partners-in crime, ha ha,this GE,makes g-zillion amount of money every quarter and at the end there year books are negative? simple WTF, but it needs to be to get multi governments handouts,the excess of money?Im sure the GE have the personal to take care of that un wanted $$$$$$$. Corporate shame….what. TH

  8. It appears the accounting examiner who came forward with this information is shorting the stock with a hedge fund is called market manipulation. He himself will be investigated by the SEC and the attorney general.

  9. The whistle blower was later found hanging from his toilet flush handle by a shoestring. It's been ruled a suicide…
    Correction, it was dental floss…

  10. I was thinking the same thing insider trading but what is a short side and maybe its worth it to get the truth out about these corporations… A good way for them to be held accountable. I mean if they are already being investigated then is it really a shock they are losing money?

  11. GE destroyed Erie, PA when they exported all their jobs. Tens of thousands of jobs, they employ less than 5k there now. Giant, sucking hole. Eat it GE.

  12. GE is satanic ILLUMIATI …. from Danial Payseur, who created America's Infrastructure… 1700s. 
    financed by satanic ILLUMINATI NWO IMF CFR zionist talmud FED GOV ROTSchilds…. 
    IRs anyone ?
    GE MUST BE disbanded. Wall Street ALAIS IG FARBEN Pharmaceutical of Holocaust Auschwitz…
    Also known as the FEDERAL Government, FEDERAL Res. IRS. Central Bank… OLIGARCHS
    ROTSchilds. US INC. Act of 1871… straw man, TITLE 28 3002 15 A.B.C. ….

  13. Can't be sure of that since all of the prosecutorial ENRON evidence was destroyed in WTC-7…how very convenient that Larry Silverstein decided to PULL IT in the Bush's. What a joke!

  14. Noam Chomsky warned of GE in his documentary. He said GE produces nothing anymore. I don’t want to misquote him but it was to the effect they just move money around to generate profits. It’s all financial transactions without producing goods.

  15. Never believe a Corporate Executive or a Lawyer, their one in the same. Under investigation for Accounting Fraud, go figure.

  16. Imagine your boss will get you hanged. You betraying the world. Let all cans of worms open or what you love will be killed with a plastic bag over head.

  17. You men like fox news is a bigger propaganda machine than Josef Goebbels' in the 30's and 40's? Now that I believe. My story, read your history book.

  18. Some folks say bail out…some say it is corporate socialism when tax payers are made to pay…some say fraud…some say payback…some say too big to fail…when the check gets written, everyone agrees…it was money taken from hard working tax payers like you and me…

  19. With all due respect to David speaking at the 3:01 mark, he’s not just coming out and “saying” something. They produced an entire report based on GE’s financial statements.

  20. GE had been around for well over a hundred years fueling America by churning out some of the countrys' best applainces. However, China purchased it in 2016 so there you have. Another piece of MADE IN AMERICA gone to China. I guess that's a good thing. I just hope GE appliances continue to be MADE IN AMERICA! 😀😗😔😒

  21. Wasn't it the head of GE that had a heap of prototypes made just to drive up share price (which he would've had major holdings of), then didn't follow through with (nor had any intention of) production? Sneaky.

  22. If GE felt that Markopolos was lying they would have a libel suit against him so freaking fast. Markopolos was a honest agent in the Enron scandal and nobody listened to him for YEARS. I believe him.

  23. GE HAS BEEN A CORRUPT OUTFIT FOR DECADES. GIVING AWAY TRADE SECRETS TO CHINA WILLINGLY AND WITHOUT EVEN BEING ASKED.

  24. Yeah. This is what happens when you have the last 3 presidents letting them get away with ANYTHING. Not to mention congress doing NOTHING to curtail this. This is not a shock at all.

  25. That;s why instead of investing in stocks. I invested most of my money in real estate. Whether the property values go up or down, at least i am holding tangible assets that I can use.

  26. GE is an $8 stock. They were a $30 stock in 2017. Stupid analysis by guests to be bashing the guy warning GE. Better analysis would be to bash GE's CEO and upper management

  27. The guy in the end is wrong. It wouldn’t be insider trading if it was on the long side since Markopolos only used public information on the company…

  28. GE is big nuclear. After Fukushima (Tepco is GE Japan), and the Russian's mysterious nuclear explosions, people are sick of wasting money on nuclear power and nuclear weapons, both of which are white elephants. All the promises of free electricity, and peace through strength, were all just hype to get taxpayers to accept wasting hundred of billions of dollars on nuclear for decades. Media never talks about the real issues. Westinghouse went bankrupt because of Fukushima. GE is next. It's all over but the cryin'. The US doesn't have the money to keep them afloat anylonger.

  29. If the whistleblower is wrong, then the hedge funds shorts will be wiped out. He is confident the shorts will be sustained and challenges others to prove him wrong.

  30. Let them fail. *NO BAILOUT*

    GE are monopolistic parasites anyways. The antitrust laws should have been used on them and many other of these monopolistic and "too big to fail" companies a long time ago.

  31. There is a huge risk that there are more companies doing the same. Figures do not seem to ad up when we look at huge companies especially within Bank and real estate sector. The Republican party took away the rules put in place during Obama to protect against repeating the bubble economy was taken away by the Republican party. There is now a high risk that history repeats itself with disasterus consequences. This time the USA has little or no posibility to borrow itself out of a similar disaster.

  32. Would explain why deposits get held so long to generate interest and prop them up, maybe? Should we even have accounts in the credit union? I have visions of waking up in the next recession with the credit union site down and accounts emptied. Not that there's much there to begin with for us. Whether the story is factual or not, a coming recession is and everyone will be affected in the financial sector.

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