By Adam Sharp General Electric shares dropped 11% yesterday to $7.80 after famed fraud investigator Harry Markopolos released a report calling GE a “bigger fraud than Enron.” You may remember Mr. Markopolos as the man who tried to alert the Securities and Exchange Commission (SEC) to Bernie Madoff’s billion-dollar ponzi scheme a decade before it collapsed.
To be fair, it’s worth noting that Markopolos is working with an unnamed hedge fund that has shorted GE stock and stands to make money if GE shares drop. So Markopolos is not exactly an unbiased witness. Despite this, I’m inclined to listen to what the man has …read more
