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

100 Replies to “Madoff whistleblower claims GE is a bigger fraud than Enron

  1. 2:50 he doesn't want to bash short sellers. That's funny because they make money based on placing a bet on how low or high a stock is going to be.. Its ironic.

  2. Nothing knew, right?
    WE THE PEOPLE paying taxes EVERY year feeding this administration and organizations.
    So big tax breaks and also the bail out.

  3. Some frauds are so big that it will do more damage to stop it then to let it continue… Enron… Madoff…

  4. that is what the ELITE DO! wake up people!!!
    these long time CORPORATIONS are ALL frauds! this is how THEY DO! they will get a BAIL OUT TOO
    😂😂😂
    thus the SATANIC globe keeps on turning
    ba ba black sheep

  5. That fox news reporter cant speak or read english properly. Smh 1:03 un, sub, stantiated. Thats all of fox news for you tho for real.

  6. Sounds like someone with short interest did not like yesterdays 8% pop up in the price. If someone with short interest bashes a stock it is called manipulation and is a crime.

  7. Can't belive Fox business is saying what everyone knows, thst the stupid orange fool is still giving these corporations big tax breaks and incentives, they are making huge profits, invest on china (like himself and family does) at the expense of the tax payers, then get bankrupted to avoid pay taxes, and we bail those idiots out with more money….Trump and supporters say this is great for the economy

  8. It amazes me, how many of these so called journalists cant pronounce multi syllable words like unsubstantiated….this is what happens when schools just slide everyone through…its crazy how many college educate people cant read, or do math without a calculator,… these people cant even tell time unless its digital…..If this is progress, Im moving back to the trapline,….After Trump gets reelected again of course…wouldnt want to miss that show…lol

  9. GE violated the 'No Business with Iran Sanctions' during the Gulf War. Some of the illegal hardware sold to them was used to make IED's which wound up killing American Soldiers. I will NEVER purchase a GE Product. Noe even a light bulb.

  10. It appears businesses that don't support trump are going under.. GE did not support Trumps election they gave Hillary 253,000 Trump 31,000..

  11. Wow! Another major US corporation cooking the books and in position to rob stockholders and employees blind. WHAT A SHOCK!!! I bet the Orange Orangutan is on the Board of Directors!

  12. The best investment for your descendants:The 1983 Columbia University Yearbook.If you can ever get one,pay any price.When Obama is exposed a century or two hence,the price for that book will make the prices paid for George Washington's letters resemble penny stocks.

  13. If you've just found out that GE doesn't pay anything in taxes…wait until you see the rest of the defense industry lol

  14. GE spoke person. Right ……. they are full of it. It would nice to see the estate of Jack Welsh taken to the rafters.

  15. isreali attack, we traffic your blond blue eyes daughters, to make isreal great again.. thank you white christian Americans..shalom love from yours JE

  16. The only reason stock would drop that low and fast was if the story had some legitimacy behind it. Keep digging Fox! GE is hiding something and it may explain why prices have been going up on every product they sell and own. It rebounded fairly quick as well which only means hush money was involved so don't hush instead keep barking.

  17. wake and rise all these corporations are useing federal reserve money. all there bottom lines are false. whats the term. false profit s

  18. Track GE to Billionaire Warren Buffet's portfolio! Years ago I was ripped off by his housing and financing companies, and to finish the deal, the custom home had all GE appliances that had issues NEW. Will the victims he stiffed ever see justice? Likely not, given this country has laws for "them" and laws for "us"!!!!

  19. I can not understand why a great American company should be affected by the raving of Piramiders. Our American backbone should resist such nonsense. What do you really think? Get rid of these so call spectators; titled "head funds " They never really payoff in reality. Look around the world, they appear on the scene to help the Euro, but it ends up like Spain and others destroyed nations.

  20. All the documents are true and they want to crash the market. This is the huge plan to crash the US market so Trump looks bad…

  21. We can't trust traditional record keeping anymore, we need to move to open source blockchains. This is why the big auditing firms are looking at Ethereum.

  22. Correction he wasn’t looking into GE for a hedge fund he did the work first. Didn’t receive any money from them. Funded the 7 months of research himself with his team.

  23. USA is full of fraud too big to fail. And no one goes to prison for it. Is that American justice ? Bailing out the rich and jailing the poor ?

  24. ALL of the power companies. Water company, sewer, cable, internet, cell and land line, pharmacy, hospitals, ambulance, fuel companies. ALL of these evil businesses are all about their shareholders NOT for the people Never have been. INSURANCE companies Huge… Car dealers the greedy list of thief's is long. my opinion NEWS MEDIA's criminal

  25. If a company can show fake profits, like Walt Disney and GE and other companies even prior to 2001, then can we trust the mutual funds really have all that money that they say they do? You know they take their fee's.. Plus, they are in competition with each other as to who gets your contribution.. So, I just wonder! If people wanted to pull out, we know there is not enough money to go around.. BUT WHAT IF, they actually had less money in the fund that they claim they have! WOW! Talk about a scam!!

  26. GE deserves a payback for all the destruction they laid down upon the workers is over the years under Jack Welch. 🤐

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