General Electric accused of fraud "bigger than Enron" by Madoff whistleblowe

[Dorian Breh]

Though this was posted more recently this happened like 6 days or a week ago?

The stock rebounded on the day after the announcement because the market decided Markopolos had less credibility due to being paid by a hedge fund with a massive short position against GE stock

However since then the price has fallen back to almost he at the original low that occurred immediately after the fall.

One poster mentioned Fairfield - if this becomes worse for GE there are many other towns across the country that are economically dependent on the GE campuses that will become crime scenes if GE were to leave

 

[tru_m.a.c]

I remember when the GE HQ was in Fairfield, CT. They kinda fukked over the city and the surrounding towns. I know some friends that were negatively affected. I’m sure they are happy to see this development.

You can't post this and not drop details b

 

[tru_m.a.c]

Lol, I'm not surprised. GE became a behemoth in the 1980's and started diversifying into questionable fields. A corporate joke was a GE lawyer and accountant would be ideal for any company.

If something comes of this, I wonder how exposed the broader economy is to GE's bad debts.

All I need to know too

 

[Ciggavelli]

You can't post this and not drop details b

Not much to say. Fairfield and the surrounding area lost a ton of jobs. Not everybody can pack up and move to Boston. Fairfield, CT was, and is, a very affluent town, but no town can withstand that kinda loss without getting hurt. GE was kinda the lifeblood of the town. With those jobs gone, all other businesses that relied on those employees were hurt as well. It was a major blow to Fairfield and CT as a whole. Though, apparently taxes were the reason, so I guess Fairfield is kinda to blame. That’s not necessarily the employees fault though

 

[phcitywarrior]

All I need to know too

This could be another Lehman type situation. Companies's start dumping GE's bad debt because they don't want to get caught holding the bag. Then other companies start defaulting on their own obligations because they leveraged their growth on GE's corporate bonds. Then things start falling like dominoes.

We'll just have to wait and see.