Ethan Wolff-Mann,Yahoo Finance 2 hours 44 minutes ago
The accountant who blew the whistle on Bernie Madoff’s scheme is blowing the whistle again with a new report attacking GE’s (GE) accounting practices.
In a 175-page report posted online, forensic accountant Harry Markopolos and his fraud team allege that GE is committing $38 billion in accounting fraud.
“[I]t’s the biggest, bigger than Enron and WorldCom combined,” he wrote. “In fact, GE’s $38 Billion in accounting fraud amounts to over 40% of GE’s market capitalization, making it far more serious than either the Enron or WorldCom accounting frauds.”
Markopolos is calling GE “GEnron,” because the company appears to be “using many of the same accounting tricks that Enron did.”
Gee, is anyone surprised??? This is how Corporate America operates.
Once a government is committed to the principle of silencing the voice of opposition, it has only one way to go, and that is down the path of increasingly repressive measures, until it becomes a source of terror to all its citizens and creates a country where everyone lives in fear."
[Special Message to the Congress on the Internal Security of the United States, August 8, 1950]
Patriotism is supporting your country all the time, and your government when it deserves it - Samuel Clemens
“The mind of a bigot is like the pupil of the eye. The more light you shine on it, the more it will contract.”
Oliver Wendell Holmes Jr.
Facts do not cease to exist because they are ignored. - Aldous Huxley