REUTERS: General Electric shares fell 7.5per cent on Thursday after Harry Markopolos, the whistleblower in the Bernard Madoff Ponzi scheme case, said GE's financial filings were masking the depths of its financial problems.
The report says GE is insolvent and asserts that its industrial businesses have a working capital deficit of US$20 billion. The report adds that"GE's US$38 billion in accounting fraud amounts to over 40per cent of GE's market capitalization, making it far more serious than either the Enron or WorldCom accounting frauds."In a statement GE said:"We remain focused on running our business every day and ... will not be distracted by this type of meritless, misguided and self-serving speculation."
GE said Markopolos was known to work for unnamed hedge funds that typically benefit from short selling a company's stock.
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