Wednesday, August 5, 2009

GE committing fraud

This is neat.
Carry out an accounting fraud.
And then settle it at a price.

See this news from Financial Times: General Electric agreed to pay $50m on Tuesday to settle civil accounting fraud charges by US regulators, calling into question the conglomerate’s legendary ability to deliver consistent earnings growth.

The settlement with the Securities and Exchange Commission – which accused GE of bending the “accounting rules beyond breaking point” – involves a relatively small payment. But it is a blow for Jeffrey Immelt, chief executive, and Keith Sherin, chief financial officer.

Another Satyam / Enron, anyone?

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