shares saw their biggest drop in more than a decade Thursday after Madoff
whistleblower Harry Markopolos targeted the conglomerate in a new report,
accusing it of issuing fraudulent financial statements to hide the extent of
A website has
been set up to disseminate the report, www.GEfraud.com, where
Markopolos calls it “a bigger fraud than Enron.” The financial investigator,
who was probing GE for an unidentified hedge fund, writes that after more than
a year of research he has discovered “an Enronesque business approach that has
left GE on the verge of insolvency.”
“My team has
spent the past 7 months analyzing GE’s accounting and we believe the $38
Billion in fraud we’ve come across is merely the tip of the iceberg,”
Markopolos said in the 175-page report. Markopolos alleges that GE has a “long
history” of accounting fraud, dating to as early as 1995, when it was run by
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