GE's shares tanked 14% on the report where the company was accused of fraud, now its CEO is hitting back.
General Electric's CEO, Larry Culp, reportedly bought roughly $2 million of the company's stock after he and GE were accused of fraud, per CNBC. It comes after accounting expert, Harry Markopolos, released a 175-page report detailing how GE had been committing fraud, saying it was a bigger scandal than Enron and WorldCom combined. Culp hit back at Markopolos, saying that"this is market manipulation – pure and simple." View markets Insider for more stories.
General Electric's CEO, Larry Culp, reportedly bought roughly $2 million of the company's stock after he and GE were accused of fraud, per CNBC. It comes after accounting expert, Harry Markopolos, released a 175-page report detailing how GE had been committing fraud, saying it was a bigger scandal than Enron and WorldCom combined. Culp hit back at Markopolos, saying that"this is market manipulation – pure and simple." View markets Insider for more stories.
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GE CEO Larry Culp bought nearly $2 million worth of the company's stock after fraud accusationEarlier, Madoff whistleblower Harry Markopolos called the conglomerate 'a bigger fraud than Enron.'
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GE CEO calls Markopolos report 'market manipulation' and 'false'General Electric Co Chief Executive Larry Culp said on Thursday that a report al...
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GE CEO Slams Whistleblower Report As ‘Market Manipulation’The investigation claims GE is a “bigger fraud than Enron”
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Here's the full report calling GE 'a bigger fraud than Enron'These are the stocks posting the largest moves before the bell.
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Madoff Whistleblower alleges that GE is a 'bigger fraud than Enron''What he's alleging is a large-scale accounting fraud that totals about $38 billion worth over at General Electric,' reports CNBC's TheDomino. GE shares fell after Madoff whistleblower Harry Markopolos targeted the conglomerate in a new report.
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'Not the GE I know' — board member Leslie Seidman responds to Markopolos' fraud accusationsSeidman, a General Electric board director and chair of its audit committee, told CNBC on Thursday that Harry Markopolos' report is 'full of misleading, inaccurate and inflammatory statements.'
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